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South Bend Redevelopment Commission <br />Regular Meeting — August 28, 2014 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(3) continued... <br />half of the estimated $5M in CTP proceeds to support both Innovation Park and Ignition <br />Park. Given the extraordinary need of the Turbo Project in Ignition Park, Notre Dame and <br />the City have agreed that an additional $700,000 of CTP funds will be used by the City to <br />support the project. So, this agreement amends the original terms from a maximum of <br />$2,5M to be spent by the City to a maximum of $3.2M. <br />Upon motion by Ms. Schey, seconded by Mr. Downes and unanimously carried, the <br />Commission approved the Amendment to the Memorandum of Understanding with the City <br />of South Bend and the University of Notre Dame du Lac related to revenues from the <br />Certified Technology Park. <br />Dr. Varner asked how much of the $3.2M remains for expenditure. Mr. Fielding responded <br />all of the funds remain as nothing has been spent from this fund yet. <br />D. West Washington- Chapin Development Area <br />There was no business in the West Washington- Chapin Development Area <br />E. South Side Development Area <br />(1) Resolution 3227 designating and declaring a certain area as a redevelopment area for <br />the purpose of amending the boundaries of the South Side Development Area and its <br />Allocation Area and to amend the Development Plan for the South Side Development <br />Area <br />Consideration of Resolution No. 3229 — Upon motion by Mr. Downes, seconded by Mr. Inks <br />and a majority approval, the Commission approved Resolution No. 3229 designating and <br />declaring a certain area as a redevelopment area for the purpose of amending the boundaries <br />of the South Side Development Area and its Allocation Area and to amend the Development <br />Plan for the South Side Development Area. Ms. Schey cast a dissenting vote stating that it is <br />because the geographic area of the TIF has increased. She looks forward to the continuing <br />discussion on the matter and may change her mind at her later opportunities to vote on the <br />issue. <br />(2) Resolution 3226 approving and authorizing the execution of an Amendment to the <br />Addendum to the Master Agency Agreement (Michigan & Chippewa Intersection <br />Modification Project) <br />10 <br />