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South Bend Redevelopment Commission Regular Meeting —June 26, 2014 6. NEW BUSINESS (CONT.) B. Airport Economic Development Area (2) continued... Authority team to identify funding to assist in infrastructure upgrades at the airport that will help attract a new Fixed Base Operator (FBO) to Corporate Wings. Corporate Wings is a full service international aviation service company specializing in private jet charters, acquisition, maintenance and financing. Corporate Wings is planning to repurpose the former DHL facility with extensive internal and external renovations totaling $6.5M over the next twelve months. Their commitment will create eighteen newjobs, including aircraft technicians, managers and customer service staff. And, it is anticipated that many of the upgrades will allow the airport to continue to attract additional flights from new carriers in and out of the airport in the future. Staff negotiated terms where the Redevelopment Commission would assist the Airport Authority in completion of several construction projects in an amount not to exceed $1.5M. These projects include, but are not limited to, design, fence modifications, site preparation, ramp construction, asphalt paving, and construction administration, and site enhancements. All of the projects will fall under the guidelines of the FFA. Staff requests permission to move forward with a development agreement outlining these terms. Ms. Schey asked whether this is for consumer or private use. Mr. Randy Jones responded that the role of the FBO is to provide services to private and commercial aviation uses. Corporate Wings is the gas station, the maintenance facility, the garage, and the concierge for the city. Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission approved there terms outlined above and authorized staff to prepare a development agreement with Corporate Wings. Mr. Fielding also reported on a project on agreement to terms that will make South Bend the base of future jet engine compulsion research for aerospace companies, including the General Electric Corporation. In collaboration with five public and private partners, we've been able to attract a commitment from General Electric for $13.5M worth of funding for research that will be conducted in a new facility at Ignition Park. This project represents development of the nation's foremost research and test facility for advancing technology used in massive gas turbine engines used by commercial military aircraft power plants in the oil and gas industry. We are pleased to announce that we have successfully negotiated investment from multiple partners: the Indiana Economic Development Corp (IEDC) committing to $2M in cash reimbursement, and the University of Notre Dame also agreeing to $3.4M in cash reimbursement to the Redevelopment Commission to assist with the purchase of equipment for the facility. After the partner contributions, total funding being requested from the Redevelopment Commission long term will be $2.1 M. Staff is requesting consideration to initially invest $7.5M into the cost and implementation of a 10