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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 />(2) continued... <br />Mr. Inks asked what term is expected for the tax abatements. Mr. Fielding responded that <br />their contractors cost estimates are not in yet, but staff is estimating between seven and nine <br />years. <br />Mr. Downes asked about the time for completion of building one. Mr. Fielding responded <br />that they hope to start this summer, with completion expected eight to nine months <br />thereafter. The development agreement stipulates it must be built by fall 2015 or the <br />clawback will be exercised. <br />Ms. Jones asked whether there is a schedule for when jobs are expected to be added as a <br />result of the project. Mr. Fielding responded that there is not. It is anticipated that each <br />building will result in a minimum of 40 -45 employees. The national average for office <br />buildings is one employee for every 175 sft. We are making a very conservative estimate of <br />one employee for every 1,000 sft. <br />Mr. Varner noted that the cost per acre is quoted in the agreement at two different amounts. <br />Mr. Fielding responded that staff noticed that error and it has been corrected. <br />Mr. Varner asked what types of improvements will be funded by the city's investment. Mr. <br />Fielding responded site improvements, utility extensions, curbs, roads, possibly fagade <br />enhancements, though we would rather not put it toward that. However, some of the <br />buildings may be visible from multiple streets so we would want the fagade to look nice <br />from front and back. <br />Mr. Varner asked whether the city has to spend the full amount committed. Mr. Fielding <br />responded that there is a required minimum and a cap for both the city and the developer. <br />Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br />Commission approved the Development Agreement with Great Lakes Capital for multi - <br />tenant buildings at Ignition Park. <br />(3) Staff update. <br />Mr. Zeeb gave the update on Blackthom Golf Course. He noted that on February 22, 2013 <br />the Blackthorn Golf Course bonds were paid off. On March 20, 2013 the Redevelopment <br />Authority the transfer of ownership back to the Redevelopment Commission. The <br />ownership transfer was approved by the Commission on March 28, 2013, seventeen parcels. <br />The golf course has requested additional capital investment from TIF. Prior to making any <br />additional investment into the asset, we need to understand the overall value. Staff will be <br />sending out requests for proposals for an appraisal of the property. Staff will provide an <br />