Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting —June 26, 2014 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(2) continued... <br />megawatt jet propulsion engine rig that will serve as the basis for testing and research. <br />$3.4M of that will be reimbursed. The development of this $36M facility and the attraction <br />of a Fortune 100 company to our community would not have been possible without our <br />partners stepping in to assist with the cost of construction and equipment. In addition to the <br />potential corporate attraction to support this center, we've been able to secure a commitment <br />to create 57jobs through 2018 with an average wage of $38 /hr. <br />It is anticipated that the facility will be housed in a second multi - tenant facility at Ignition <br />Park, to be constructed by Great Lakes Capital, Thirteen acres of Ignition Park were sold to <br />Great Lakes Capital under a development agreement to construct a multi- tenant campus. In <br />addition, the development of facility and the location of a 10 megawatt jet testing rig will <br />require the construction of a new power facility to serve the project. This will serve the <br />future expansion of the entire Renaissance District. ALP has agreed to cover the cost of the <br />new facility. Negotiations for the location of that substation are ongoing. The Commission <br />may be asked to contribute land for the substation. Staff requests approval to move into <br />final negotiations and prepare finalized written agreements later this summer. <br />Mr. Varner clarified that the research will be testing components, not jet engines. Also, lie <br />thought it was interesting to note that this seems to him like a replacement of Honeywell and <br />Bendix who, before their demise, made components for Lockheed. This feels like the <br />rebirth of that. Good for us. <br />Mr. Varner asked over what period the reimbursement will occur. Mr. Fielding responded <br />that we are expecting the reimbursements from all partners would be made by the end of <br />2014. <br />Ms. Jones asked the total Commission investment. Mr. Fielding responded that the <br />Commission's initial investment will be $7.5, but after reimbursements, the Commission <br />outlay will be about $2.1 M. <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission authorized staff to enter into final negotiations and document preparation with <br />a short term commitment of the Commission being $7.5M and, after partnership <br />contributions, a net commitment of $2.1 M. <br />(3) Staff report on appraisals of Blackthorn Golf Course <br />Mr. Relos noted that on April 24, 2014, the Commission authorized staff to hire two <br />appraisers to value the Blackthorn Golf Course and its improvements. Those two appraisers <br />6 <br />