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South Bend Redevelopment Commission <br />Regular Meeting -December 5, 2008 <br />6. NEW BUSINESS (CONT.) <br />F. Northeast Neighborhood Development Area <br />(1) continued... <br />Agreement. These agreements are now ready <br />for consideration by the Redevelopment <br />Commission. The Certified Technology <br />Agreement will also require the approval of <br />the South Bend Common Council. <br />Following are highlights from the two <br />Agreements. <br />Certified Technology Park Agreement <br />1. Includes the State allowed maximum term <br />of 4 years, ending 12/31/12. <br />2. Requires City to complete acquisition, <br />demolition and remediation, and invest an <br />additional $6 million in infrastructure or <br />other construction costs. <br />3. Allows City to capture the maximum <br />(allowed by State law) $5 million in sales <br />and income taxes. <br />4. Allows City to capture Personal Property <br />tax increment in addition to the $5 million in <br />sales and income taxes. <br />5. Does not allow for City to capture Real <br />Property tax increment exclusively for Tech <br />Park, but does not prohibit collecting this as <br />part of the Northeast Neighborhood TIF. <br />The Northeast Neighborhood TIF could fund <br />activities in the Tech Park to the extent they <br />are TIF eligible activities. <br />6. City is to complete acquisition, demolition <br />and remediation activities by June 1, 2011, <br />7 <br />