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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 /> 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 57 jobs 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. AEP 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,he <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$2.1M. <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$2.1M. <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 />