6C(1) - Laserfiche WebLink

Home Browse Search

C C1/ r44° Department of "'(79'$ Community Investment �nct dP Memorandum Monday,April 21, 2014 TO: Redevelopment Commission FROM: Brock Zeeb, Director of Economic Resources SUBJECT: Renaissance District Update &Action Items For the past several months, Staff has been working with the Union Station Technology Center (USTC) team to move forward plans for the redevelopment of the Renaissance District (District). The items listed below represent clarification of each party's responsibilities for infrastructure improvements and environmental remediation. The items are: 1) 2nd Amendment to the Environmental Indemnity Agreement (EIA). This amendment outlines City plans to remediate the Ivy Tower site, adds clarity on USTC's requirements as Bona Fide Purchaser, and adds Building 84 as the purchaser and owner of the site. 2) Consent to Collaterally Assign EIA. Per the EIA, USTC must seek our approval to assign it to another party. USTC needs to assign the EIA to its lender. This does not change the EIA, but provides USTC's protection to its lender. 3) USTC's Business Plan has been attached for the Redevelopment Commissions review, it conforms with the Development Agreements in place. 4) Budget increase for MOU 1. This MOU covered electrical and connectivity infrastructure improvements for the District. These improvements were expanded to include Ignition Park, which caused an additional $221,674.35 in costs. The Board of Public Works has approved these cost and engineering has review and agreed with the change orders, pending Commission approval. It should note the additional funding will close out all obligations under MOU 1. Staff requests approval of the 2nd Amendment to the EIA, Consent to Collaterally Assign EIA, a $221,674.35 budget increase for MOU 1, and review of USTC's Business Plan for the District. 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV