Designating Tax Abatement - Requesting a Special Exception - University of Notre Dame DU LAC, and Innovation Park at Notre Dame, Inc

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E. The Petitioner intends to construct the Innovation Park on approximately 12-acres of vacant property located near the campus of University of Notre Dame at significant cost, and to compete for tenants who seek to locate to technology parks to further research and development activities; F. The construction of the Innovation Park is speculative in that Petitioner must attract tenants with research and development expertise to locate within the Innovation Park as opposed to other competing technology parks affiliated with Universities within and outside of Indiana; G. The Petitioner is committed to operating the Innovation Park in a manner that will benefit the City of South Bend and surrounding areas through the anticipated introduction and transfer of new technologies and systems to the private sector and marketable enterprises; H. The designation of the Innovation Park and Studebaker Industrial Park as complimentary sites for the Certified Technology Park is intended to enable emerging businesses to locate to and remain in the City of South Bend; I. The products/marketable enterprises which result from operations at the Innovation Park are anticipated to contribute to increased employment opportunities available in the City and surrounding areas, thus leading to improved employment opportunities for the local work force; J. The property is located within the Northeast Neighborhood Development Area, an area within the city that has been targeted by the Common Council for consideration of tax abatement for redevelopment and rehabilitation; K. The Petitioner anticipates that construction of the first building in the Innovation Park could begin as early as fall, 2008, at significant cost as described in the Petitions; and L. The Petitioner is respectfully requesting a Special Exception under the City of South Bend's Tax Abatement Ordinance, for the Common Council to consider designating the Property as an economic revitalization area and approving real and personal property tax abatements for the Innovation Park. SECTION III. The foregoing facts, taken together, lead the Common Council to conclude that compelling reasons exist to approve a Special Exception to permit further consideration of designating the Property as an economic revitalization area for real and personal property tax abatement consideration, all in accordance with Article 6, Division 9, Section 2-84 of the South Bend Municipal Ordinance and Indiana Code 6-1.1-12.1-1 et seQ. SECTION IV. The Common Council hereby approves the Special Exception, for the purpose of permitting the Council to proceed with consideration of the Petition on its merits.