HomeMy WebLinkAbout6C(1) Staff reporton Certified Technology Park~ ~ C ~~
Staff Report to Redevelopment Commission
Certified Technology Park Operating Grant Application
Prepared by Don Inks
7/6/ 10
In August, 2008 the Redevelopment Connnission applied to the Indiana Economic
Development Corp. (IEDC) to establish a Certified Technology Park and requested both
capital and operating grants related to the Technology Park. IEDC approved the
establishment of the Technology Park and provided a $2.0 million capital grant, but did
not approve the requested $1.84 million operating grant. IEDC wanted to see progress
made to construct the facility at Innovation Park and progress on leasing that facility.
The first building at Innovation Park was completed and opened in the fall of 2009.
Since then, three tenants have been announced and others are pending announcement. In
addition, several companies are Clients of Innovation Park, receiving services but not
occupying space.
Given the progress made since IEDC approved the Technology Park in 2008, it is
appropriate to again seek the Operating Grant funds. The new Application is attached,
and shows a request for $1,744,200 in Operating Grant funds.
Staff recommends approval.
Indiana Economic Development Corporation
Certified Technology Park
Technology Development Grant Fund Application
A. Applicant (Redevelopment Commission):
Narne: South Bend Redevelopment Commission
Street Address: 227 W. Jefferson, Suite 1200
City, County, Zip Code: South Bend, St. Joseph 46601
Contact: Name Don Inks and Patrick McMahon
Title: Director of Redevelopment and Executive Director of Project Future
Phone:(574) 235-9339 and (574) 234-6590 Fax: (574)_235-9021 and (574) 236-1060
Email: dinks(~usouthbendin.~ov and pmcmahon@projectfuture.org
B. Certified Technology Park Designation:
Date of Applicant's designation as an Indiana Certified Technology Park: Approved Sept. 2008
C. Use of Funds
The IEDC has established the following requirements for evaluating applications for designation at a CTP and
grants from the TDGF. Please include with your application a Business Plan describing how the requested TDGF
grant will satisfy these requirements.
1. Submission of a viable business plan that establishes a clear strategy for long-term growth;
2. Demonstration that designation of the CTP creates an opportunity to attract a specific high-tech
business;
3. Agreement on behalf of the applicant that funds from the CTP's tax increment account and grants
awarded from the Technology Development Grant Fund will be expended according to CTP
guidelines
4. Agreement on behalf of the applicant that IEDC may revoke the tax increment and recapture rights of
the technology park in the event of noncompliance with any part of the agreements of the community,
Redevelopment commission, or any tenant of the park;
5. Evidence of local government financial participation in the establishment of the CTP;
6. An agreement with an Indiana institution of higher education requiring that institution to make a
meaningful monetary or in kind contribution to the park;
7. Agreement between IEDC and the applicant regarding
a. The types of businesses eligible to locate in the park; and
b. The types of businesses located within the park from which revenue maybe recaptured for use
within the park.
B. Operating Costs
Operating Expenditures (includes business plans, marketing studies, mentor identification, securitization of capital,
legal services, and other reasonable and necessary expenditures associated with the operation of activities within
the Certified Technology Park):
Annual operating expenditures for payroll, non-salary expenditures, building maintenance, and utilities are
estimated to be between $0.8 and $1.2 million in the first few years.
List expenditures considered for TDGF reimbursement:
1. CAPITAL COSTS-NOT APPLICABLE IN THIS REAPPLICATION
Note: Eligible capital costs must be matched. from other sources in an amount equal to the lesser of Two Million
Dollars ($2,000,000) or Fifty Percent (50%) of the total capital costs.
Leasing Costs
Period Costs Incurred TDG Funding
Requested Funding Amount
Matched From
Other Sources Total Period
Leasing Costs
July 1, 2007 - June 30. 200R $ $ $
July 1, 2008 - June 30, 2009 $ $ $
TOTALS: $ $ $
Ca ital Asset Purchase Costs
Period Costs Incurred TDG Funding
Requested Funding Amount
Matched From
Other Sources Total Asset
Purchase Costs
July 1.2007 - June 30. ?00q $ S S
July 1, ?008 - June 30. ?009 $ $ $
TOTALS:
9/05
H. Cel-tification of Applicant
I certify that submission of this application has been duly authorized by the governing body of the applicant, and
that the applicant has the legal capacity to execute the application. I understand the Indiana Economic
Development Corporation retains the right to award less than the requested amount and to make conditional
awards.
Signature:
Printed name and title: Stephen J. Luecke, Mayor
Date:
9/05
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