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• 0II: Community & Economic Development 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Bill Schalliol, AIDED Subject: Renaissance District Memorandum of Understanding Date: March 22, 2012 At the Commission meeting on March 13th, the South Bend Redevelopment Commission unanimously approved a five point term agreement relative to the first Phase of the Renaissance District Project proposed for the southern end of the central business district. The action requested by staff at that meeting was Commission approval of the terms that would make up the action points within a Memorandum of Understanding to be brought to the Commission for approval. Staff and the project team are working on the final version of the MOU which will be sent to the Commissioners before the meeting. The terms approved at the Commission meeting, and shown as follows, are the action points contained within the attached Memorandum of Understanding: > Phase 1 of the project includes a request to the Redevelopment Commission for the following: 1. Sell the former Millennium Environmental (ME) property to Union Station Technology Center (USTC) for $42,500 (commission offering price) 2. Once site remediation is complete at the ME site, work with Indiana Department of Environmental Management to provide USTC with a comfort letter allowing USTC to purchase the Millennium Site without any environmental liability or claims of lien holders 3. Initiate and support the vacation of United Drive; work with adjacent property owners to maintain reasonable access 4. Construct the proposed communication and power duct bank from the Lafayette Blvd AEP substation north to a point of connection with the Ivy Tower or Union Station facility; extend south to Sample Street as part of the conduit construction project for Ignition Park 5. The construction of the power duct bank also includes the acquisition and installation of proposed components to support an upgrade of equipment capable of up to five Megawatts ( "5 MW ") as part of the IC Power System and it is contemplated that the cost of the proposed system will be $2.2 million dollars. > Phase 1 of the project requires the following from the USTC: 1. The $2.2 million would be repaid to the City over a 10 year period through a formula defined in the MOU which the City will measure the taxable investment and if there is a shortfall, the USTC will repay the difference in value. Staff would respectively request Commission approval of the Memorandum of Understanding. It is the intent of staff and the development team to begin the implementation of these action ideas and periodic progress reports will be made to the Commission as action items are achieved. What We Do Today Makes A Difference!