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South Bend Redevelopment Commission Regular Meeting — Thursday, November 14, 2013 7. PROGRESS REPORTS (CONT) been done is preparation for the PCB removal, which is about to begin. This is the first and largest component of the environmental remediation. The next major component is the asbestos removal which is expected to be completed by September 2014. Any other remediation will be rolled into the proposed revenue bond. Staff is working on a new development agreement that reflects the use of a revenue bond. The new development agreement will have a new timeline Ms. Schey asked if Kevin Smith will be making this an internet hub. Mr. Zeeb responded that the Ivy Tower building will be an extension of the Union Station Technology Center (USTC) building which is a data hub, but also a mixed use building with other tenants. The Ivy Tower building might have residential on the top floor. Mr. Varner asked what the proposed revenue source for the revenue bonds is. Mr. Relos responded that Mr. Smith place them and he feels that he has a large enough revenue stream to support the repayment. Mr. Varner asked with regards to the environmental costs, did the Commission agree to fund all of the environmental remediation. Mr. Relos responded that it did. Mr. Varner asked if we are within budget for the project at this point in time. Mr. Relos responded that we are. Ms. Schey asked if the budget was $8million. Mr. Relos responded that it is closer to $6 million for the total city commitment. But only half of that is for environmental. (3) Salvation Army Mr. Relos noted that staff is working with Salvation Army for its use of the Schillings building for the "Toys for Tots" drive. We hope to have at the next Redevelopment Commission Meeting a ratification of a temporary use agreement. (2) Staff update on the Hoffman Hotel Mr. Downes asked for an update on the Hoffinan Hotel. Mr. Kain responded that the Hoffinan Hotel is a tax credit project so the developer has applied for tax credits. The deadline was November I". The credits are announced typically by the end of February. If they receive the credits, they will move ahead. If not, they will reapply in the next round. Mr. Downes asked if there is a development agreement in place yet. Mr. Kain responded that there is not. Mr. Downes asked if this will come back to the Commission. Mr. Kain responded that the Redevelopment Commission does not own the Hoffman Hotel. Mr. Relos responded that Hollingsworth has an Option Agreement with the owners. If they get the tax credits in February 12