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03-27-14 Redevelopment Commission Minutes
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03-27-14 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting —March 27, 2014 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(1) continued... <br />Mr. Varner asked whether the Commission's having had title to the property put the <br />Commission permanently in the chain of liability. Ms. Kolata responded that it does. <br />However, if you get some certification from the state that you have met the cleanup goals, <br />that gives you a higher level of confidence that there is nothing more there. It doesn't give <br />you a guarantee that something else won't come up. Part of our agreement with Union <br />Station Technologies is that we will be responsible for any environmental cleanup. <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br />Commission accepted the proposal from Weaver Boos Consultants for services related to a <br />Comfort Letter, Indiana Brownfield Program Letter and Associated Phase I Environmental <br />Site Assessments and Phase II Soil and Groundwater Sampling (Union Station Technology <br />Center project, and Millennium Environmental) <br />(2) Development Agreement for multi - tenant building at Ignition Park. <br />Mr. Fielding noted that in the summer of 2013 the Department of Community Investment <br />released a request for proposals (RFP) on the Commission's behalf for a multi- tenant facility <br />to be built at Ignition Park. In October staff recommended the Commission move forward <br />with development by Great Lakes Capital. Since then we've had increased interest in <br />Ignition Park. The proposed single building has now morphed into a campus of multi- tenant <br />buildings. Staff is presenting today a Development Agreement for the larger project, a <br />minimum of three buildings. The city's investment will be 15% or a maximum of $900,000 <br />per building. The developer commits to a minimum of 40,000 sft per building with an <br />approximate value of $6,000,000 per building. The original four acres listed in the RFP will <br />be sold for $1.00 with the additional 9 acres being sold to the developer at $25,000 per acre. <br />The purchase price will be paid upon completion of the first building as they move into <br />more permanent financing. Mr. Fielding noted that the agreement includes clawback <br />provisions based on the timing of that payment. <br />Great Lakes Capital is also committed to an additional eleven acres north of this parcel. <br />This includes an option for parcel 2. They are paying $1,000 per acre for that option. Then <br />they have 60 months from completion of building one to take down that option or it will <br />expire. Staff requests approval of the development agreement. <br />Mr. Fielding noted that staff will be supporting tax abatement for buildings one and two. <br />Tax abatement is not intended as an incentive to the developer, but to buy down the lease <br />rate for tenants. <br />11 <br />
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