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South Bcnd Rcdc~clc~pmcnt Cununission <br />Regular Meeting -December i_ ?p08 <br />6. NE~~' BIiSINESS (CONT.) <br />F. Northeast Neighborhood Dc~~elopnunt ,4rca <br />(I) continued... <br />Agreement. These agreements arc now ready <br />fix consideration by the Rede~clopment <br />Commission. The Ccrtitied Tcchnolo~~v <br />A~~reement wilt also require the a~ipro~~al of <br />the South Bcnd Common Council. <br />Follo~ring arc highlights froth the t~a~o <br />Agreements. <br />Ccrtitied Tcchnolo~~x~ Park A~=rccmcnt <br />1. Includes the State allo~~~ed maximum term <br />of4vcars.auiina I?-X1'1?. <br />?. Requires City to c~~mplete acquisition. <br />demolition and rcmcdiation. and im~cst an <br />additional S6 million in infrastructure or <br />other construction costs. <br />~. Allo~~°s Cit~;~ to capture the maximum <br />(allo~~~ed by Shrte la~~~) S~ million in sales <br />and income taxes. <br />d. Allu«~s City to caphu~e Personal Property <br />tax increment in addition to the S~ million in <br />sales and income takes. <br />5. Does not alloe~~ for Cite to capture Kcal <br />Property tax increment cxclusi~ cl~ 1or Tcch <br />Park, but does not prohibit collecting this as <br />part of the Northeast 'V~eighborhood TIF. <br />The Northeast'~ci~hborhood TIF could fund <br />actin itics in the Tcch Park to the extent they <br />arc TIC cli~~ible acti~~itics. <br />6. City is to complete acquisition, demolition <br />and rcmcdiation acti~itics by June 1. ?01 I. <br />7 <br />