HomeMy WebLinkAbout6A2 RDC Memo_DevelopmentAgreement_Aunalytics_2024-05-07_signed
Redevelopment Commission Agenda Item
DATE: 5/7/24
FROM: Erik Glavich, Director, Growth & Opportunity
SUBJECT: Aunalytics, Inc. Development Agreement
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Development Agreement for property located at 1440 Ignition Drive, South
Bend, Indiana 46601 (Aunalytics, Inc.)
SPECIFICS: The Commission will consider a Development Agreement with Aunalytics, Inc., a
local company that provides data, analytics, and IT services. Aunalytics is based in Ignition Park.
This Agreement specifies that (1) the Funding Amount provided by Redevelopment Commission
will not exceed $1.5 million and (2) the Private Investment by the Developer will be no less than
$8.5 million. The RDC funding will support the first phase of a project that will ultimately exceed
$30 million. Moreover, as part of this first phase, Aunalytics commits to hiring 25 full -time
employees in South Bend and will provide discounted AI services for employers based in South
Bend and the surrounding area until the cumulative total of discounts equals the RDC funding.
The Developer agrees to complete the project by the end of 2026. The Funding Amount will be
used to purchase new servers.
Staff recommends approval of this Development Agreement.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
Approved Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
5/9/24