08-25-08 Council Meeting Agenda & Packet

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South Bend Common Council RE: University Of Notre Dame, Innovation Park At Notre Dame, Inc. August 12, 2008 Page 2 administration space and "Greenhouse" incubator facility (approximately 6,000 sq. ft.) will be on the first level. The second and third levels will be designed as "build -to- suit" tenant areas for general office space and dry or wet lab configurations. The building and equipment will be owned by the University and !eased to the park. The mission of the park is to transform research into marketable enterprises. The park will accomplish this by providing convenient access to necessary space, administrative services, and internet connectivity in combination with the active engagement of expert technical support, professional business advice and introduction to private risk capital. At the same time, the park will not actively provide the means to advance basic research off campus, or to seek to become a long -term landlord for start-up or other commercial ventures on this site. Instead, the park will encourage the continuous development of its core research/technology platforms and facilitate an accelerated exploration of potential commercial applications, leading to the eventual transplantation of these enterprises into the park's extension at Innovation Park At Notre Dame At Sample Street (i.e. Studebaker Corridor) and other areas. The new equipment to be installed on the site has a total estimated cost of no less than $500,000. It includes equipment to serve the park's tenant - clients in order to facilitate acceleration of their business potential. It is anticipated the tenant - clients will also install equipment used in their individual ventures. This equipment will include such items as specialized bench equipment for wet or dry lab applications. Examples of this equipment may include optical microscopes, probe stations, gas chromatographs, mass spectrometers, centrifuges, chemical hoods, vacuum pumps and similar equipment. This equipment is essential to demonstrate proof of concept for a particular new product or process prior to the completion of a business plan for normal market entry. All of this equipment will be housed in the facilities to be built at the Innovation Park at Notre Dame. The petitioner has also submitted a separate tax abatement petition for real property for the project. Total taxes to be abated during the (5) five -year abatement period are estimated at $19,550. Total taxes to be paid during the (5) five -year abatement period are estimated at $15,763. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will directly create seventeen to twenty -three (17 - 23) new, permanent, full -time jobs and one (1) part-time permanent job within the first year representing a new annual payroll of approximately $1,150,000 to $1,450,000. The total possible gains in employment resulting from firms created at the park cannot be estimated at this time. Because this is a new project no existing jobs will be maintained.