2 Minutes 10-10-13 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — Thursday, October 10, 2013 6. NEW BUSINESS (CONT.) C. Airport Economic Development Area (1) continued... 700 block of W. Indiana and United Plumbing in the 900 block of W. Indiana. Additionally, the property at 1522 Prairie will be cleared of debris and overgrowth. Staff requests approval of Resolution No. 3177 and the Addendum to the Master Agency Agreement, in an amount not to exceed $70,000. Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the Commission approved Resolution No. 3177 approving and authorizing the execution of an Addendum to the Master Agency Agreement (Ignition Park South Demolitions Phase 4 Project). (2) Staff report on multi- tenant building in Ignition Park Mr. Fielding noted that the city has reached an agreement with a local developer to build and manage a 43,000 - square -foot multi -tenant building at Ignition Park, the city's state - certified technology park south of downtown. Great Lakes Capital of South Bend was one of the three developers to respond to a request for proposals to build and manage the building. Their proposal requested the least in terms of public investment. At the same time they offered the most competitive lease rates. Tenants will pay approximately $12 per square foot to occupy the building. It is important for the lease rate to match the market for start-up space in the area. Great Lakes will construct the single -story building at an estimated cost of $6 million. The company plans to build on eight acres of land in the center of the park, closer to Sample Street and also plans to pay the city about $26,000 per acre for the property. The city's investment in the project is expected to equal about 15% of the total cost, or about $900,000. Work on the project is expected to begin in the spring of 2014. As proposed the building will provide office and other space to technology start-ups in the second stage of incubation. In general, the tenants will be fledgling technology companies that need more space but that are not in a position to build on their own building yet. F Cubed, a graduate of Innovation Park at Notre Dame, is expected to be one of the first tenants in the building. The company, which has developed a bio -chip capable of detecting target DNA in blood and other samples, entered into an agreement with the city to move into the park in November. No other tenants have been announced at this time D. West Washington- Chapin Development Area There was no business in the West Washington- Chapin Development Area. 10