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(oC (s) <br /> Department of <br /> Community Investment <br /> Memorandum <br /> April 24, 2014 <br /> TO: Redevelopment Commission <br /> FROM: David Relos, Economic Resources�Q <br /> SUBJECT: Amendment to Economic Development Memorandum of Understanding <br /> and Equipment Lease Agreement — F Cubed, LLC <br /> On November 8, 2012, the Commission approved Resolution No. 3105, authorizing an <br /> Economic Development Memorandum of Understanding (MOU) with F Cubed, LLC <br /> (F3), one of the first companies to graduate from Innovation Park. F3 is in the business <br /> of making molecular diagnostic equipment for use in environmental monitoring, food <br /> safety applications, and medical diagnostics. F3 is currently housed at the University of <br /> Notre Dame's Hillcrest Hall (the old St. Joseph High School building). <br /> As part of the MOU, F3 agreed to locate in Ignition Park when a multi-tenant building is <br /> available, thereby being able to locate their facilities in South Bend. F3 agreed to create <br /> 13 jobs and invest capital of $2,647,550. The Commission agreed to acquire equipment <br /> in a not-to-exceed amount of$138,000. <br /> On November 29, 2012, the Commission approved Resolution No. 3109, approving the <br /> disposition of the equipment acquired, and on January 10, 2013, no bids were received. <br /> After the disposition process was complete and if no bids were received, the MOU <br /> called for the Commission and F3 to enter into a lease for the equipment. <br /> Additionally, to clarify certain aspects within the Equipment Lease Agreement, the MOU <br /> will be amended and provided prior to the meeting on the 24th <br /> Staff requests approval of the Equipment Lease Agreement and Amended MOU. <br /> 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV <br />