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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 /> Authority team to identify funding to assist in infrastructure upgrades at the airport that will <br /> help attract a new Fixed Base Operator(FBO)to Corporate Wings. Corporate Wings is a <br /> full service international aviation service company specializing in private jet charters, <br /> acquisition, maintenance and financing. Corporate Wings is planning to repurpose the <br /> former DHL facility with extensive internal and external renovations totaling $6.5M over <br /> the next twelve months. Their commitment will create eighteen new jobs, including aircraft <br /> technicians, managers and customer service staff. And, it is anticipated that many of the <br /> upgrades will allow the airport to continue to attract additional flights from new carriers in <br /> and out of the airport in the future. <br /> • <br /> Staff negotiated terms where the Redevelopment Commission would assist the Airport <br /> Authority in completion of several construction projects in an amount not to exceed $1.5M. <br /> These projects include, but are not limited to, design, fence modifications, site preparation, <br /> ramp construction, asphalt paving, and construction administration, and site enhancements. <br /> All of the projects will fall under the guidelines of the FFA. Staff requests permission to <br /> move forward with a development agreement outlining these terms. <br /> Ms. Schey asked whether this is for consumer or private use. Mr. Randy Jones responded <br /> that the role of the FBO is to provide services to private and commercial aviation uses. <br /> Corporate Wings is the gas station,the maintenance facility, the garage, and the concierge <br /> for the city. <br /> Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried,the <br /> Commission approved there terms outlined above and authorized staff to prepare a <br /> development agreement with Corporate Wings. <br /> Mr. Fielding also reported on a project on agreement to terms that will make South Bend the <br /> base of future jet engine compulsion research for aerospace companies, including the <br /> General Electric Corporation. In collaboration with five public and private partners, we've <br /> been able to attract a commitment from General Electric for$13.5M worth of funding for <br /> research that will be conducted in a new facility at Ignition Park. This project represents <br /> development of the nation's foremost research and test facility for advancing technology <br /> used in massive gas turbine engines used by commercial military aircraft power plants in the <br /> oil and gas industry. We are pleased to announce that we have successfully negotiated <br /> investment from multiple partners: the Indiana Economic Development Corp (IEDC) <br /> committing to $2M in cash reimbursement, and the University of Notre Dame also agreeing <br /> to $3.4M in cash reimbursement to the Redevelopment Commission to assist with the <br /> purchase of equipment for the facility. After the partner contributions,total funding being <br /> requested from the Redevelopment Commission long term will be $2.1M. Staff is <br /> requesting consideration to initially invest $7.5M into the cost and implementation of a 10 <br /> 5 <br />