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