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Community & Economic Development 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fox 574/235 -9021 To: South Bend Redevelopment Commission From: Don Inks Subject: Proposed Use of Certified Tech Park Funds Date: March 27, 2012 Background • The Certified Technology Park ( "CTP ") is established in December 2008 through an Agreement between the Indiana Economic Development Commission ( "IEDC') and the City of South Bend Redevelopment Commission ( "RDC "). • The area of the CTP is defined to include both Innovation Park at Notre Dame ( "IPND ") and Ignition Park ( "IP "). • IPND boundaries include the site of the current and future IPND park buildings, as well as the retail /office building on the southwest comer of Angela and Eddy Streets ( "Office Building") and Raclin- Carmichael and Harper Halls ( "ND /IU Medical Campus "). • Section 7 of the CTP Agreement defines the CTP Incremental Tax Financing Fund ( "State CTP Funds "), which can be funded with the incremental personal income and sales taxes generated by employment and sales within the CTP. • The base fiscal year used in order to calculate the increment is June 30, 2008. • The first fiscal year for the increment calculation was June 30, 2011 • The maximum aggregate amount of State CTP Funds that can be recaptured is limited to $5 million. Proposed Uses of CTP Funds 3.26.12.doc Whet We Do Todw Makes A Dlffeneneet 4�' (�)