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to c (!�) Community & Economic Development ' na 1200 Couniy -City Building, 227 West Jefferson, South Bend, Indian 46601-1830 Phone 574/235-9371 Fox 574/235 -9021 To: South Bend Redevelopment Commission From: Don Inks Subject: F Cubed — Process for Disposition of Equipment and a Temporary Use Agreement Date: November 26, 2012 Attached for your review is Resolution 3109 authorizing the disposition process for the equipment purchased in accordance with the terms of the Memorandum of Understanding (MOU) with F Cubed approved by the Redevelopment commission on 11/8/12. F Cubed is one of the first companies to graduate from Innovation Park. They would like to locate their growing business in Ignition Park when a multi -tenant facility is available for them to lease space. In the interim they will be locating in the former St. Joseph High School. As part of our efforts to retain this company in South Bend, and eventually have them locate in Ignition Park, the MOU commits Redevelopment to acquiring certain scientific equipment and providing an opportunity for F Cubed to lease the equipment. The cost of the equipment is not to exceed $138,000. The disposition process will include the advertising of an Offering Sheet which sets the price based on the actual cost of the equipment. It also requires any prospective purchaser to locate in Ignition Park and use the equipment to create at least 13 new jobs related to the technology or biotechnology areas, and make new capital investment of at least $2.6 million in the Airport Economic Development Area. Since the Disposition process is expected to run into late January or early February of 2013, a temporary Use Agreement is being proposed so F Cubed may take possession and use of the equipment while the disposition process is being completed. F Cubed has an immediate need for the equipment and is the anticipated end user in accordance with the MOU. Staff requests approval of Resolution 3109 authorizing the disposition process to proceed, and requests approval of the temporary Use Agreement. What We Do Today Makes A Dtfference r