6.F.(1) Certified Technology Park Agreement

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L~~ ~ ~ ~~ Staff Report to Redevelopment Commission Certified Technology Park Agreement and Grant Agreement Prepared by Don Inks 12-2 08 On August I S, 2008, the Redevelopment Commission approved the Certified Technology Park Application and the related Grant application. These ~ycre submitted to the Indiana Economic Development Corporation (IEDC). For the past scyeral ~e~eeks ~~~e have been working with the IEDC to draft the Certified Technology Park Agreement and the Technology Development Grant Fund Grant Agreement. These agreements are noy~~ ready for consideration by the Redevelopment Commission. The Certifiicd "hechnology Agreement ~a-ill also require the approval of the South Bend Common Council. Follo~ying arc highlights from the two Agreements. Certified Technolo~v Park Agreement 1. includes the State allowed maximum term of d years. ending 12 ~ 1 l~ ?. Requires City to complete acquisition. demolition and remediation. and invest an additional SG million in infrastructure or other construction costs . Allo~~~~ City to capture the maximum (allowed by State lacy) 5~ million in sales and income taxes 4. Allows City to capture Personal Property tax increment in addition to the SS million in sales and income taxes 5. Does not allow for City to captw~e Real Property tax increment exclusively fr~r Tech Park, but does not prohibit collecting this as part of the Northeast Neighborhood TIF. The Norflieast Neighborhood ~1~IF could fund activities in the Tech Park to the extent they arc T1F eligible activities. 6. City is to complete acquisition. demolition and remediation activities by .Imle 1.201 1. and Ann Kolata has said this is more than sufficient time to complete 7. City to im~est its additional S6 million by 1 2'31 ' 12 to achic~~c shop el ready condition 8. City required to make an Annual Report beginning ~- 15%10 (tor calendar 2009). including total employmult and payroll for all businesses in the Park and number of jobs created during the year. nature and extent of an_v technology transfer, nature and extent of am non-technology businesses in the Park. use and outcome of any State monies used, an analysis of Park's o~crall contribution to the technology based economy in ]ndiana (i.e. capital im estment and product de~~elopmu~t or commercialization)