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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />equipment will be owned by the university <br />and leased to Innovation Park. <br />The mission of the park is to transform <br />research into marketable enterprises. The <br />park will accomplish this by providing <br />convenient access to flexible space, <br />administrative services, and Internet <br />connectivity in combination with the active <br />engagement of expert technical support, <br />professional business advice and introduction <br />to private risk capital sources. At the same <br />time, the park will not actively provide the <br />means to advance basic research off campus, <br />or to seek to become along-term landlord. <br />Instead, the park will encourage an <br />accelerated exploration of potential <br />commercial applications, leading to the <br />eventual transplantation of these enterprises <br />into the park's extension at Innovation Park <br />At Notre Dame At Sample Street (i.e. <br />Studebaker Corridor) and other areas. <br />The estimated cost for construction of the <br />four buildings in Phases I to IV is <br />$10,000,000 - $60,000,000. <br />The new equipment to be installed on the site <br />has a total estimated cost of no less than <br />$500,000. It includes equipment to serve the <br />park's tenant-clients in order to facilitate <br />acceleration of their business potential. It is <br />anticipated the tenant-clients will also install <br />equipment used in their individual ventures. <br />This equipment will include such items as <br />specialized bench equipment for wet or dry <br />10 <br />