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& e3 (�� <br />4S°UTBe <br />Department of <br />a Community Investment <br />1865 <br />Memorandum <br />Monday, January 13, 2014 <br />TO: Redevelopment Commissioners <br />FROM: Chris Fielding <br />SUBJECT: Emu solutions <br />Emu Solutions is a high tech computer hardware /software company born from Intellectual Property <br />being licensed out of Innovation Park. Emu Solutions, Inc. develops hardware and software <br />technologies used for Big Data analytics. The company's patented technologies eliminate <br />the bottleneck that occurs when data flows between a computer's processor and its <br />memory. This problem, referred to as the "memory wall," is particularly important when <br />working with Big Data problems. <br />Emu's founders, including Peter Kogge, PhD., Jay Brockman, PhD., and Ed Upchurch, PhD., <br />have more than 75 years of combined experience in both industry and academia in <br />numerous areas related to high end computing. Dr. Kogge, developer of the space shuttle <br />1/0 processor, the world's first multicore processor, and a number of other important <br />innovations, was named the recipient of the IEEE Computer Society's 2012 Seymour Cray <br />Computer Engineering Award. <br />Emu Solutions has submitted a Petition for Incentives through 2017 pledging to create 25 new jobs <br />with hourly wages ranging from $20 to $70 per hour for technical staff, $20 to $75 per hour for <br />Managerial staff and $15 to $30 for administrative staff. In addition, Emu Solutions commits to <br />investing $3,978,000 in South Bend for space and equipment to establish a headquarters. <br />The DCI has been in negotiations with Emu leadership and is requesting permission to move forward <br />with the preparation of a development agreement committing $500,000 of AEDA TIF funding to <br />purchase 2 servers to be leased back to Emu for a nominal fee after disposition procedures are <br />completed. The RDC would retain ownership of the equipment through the three year lease period, <br />and upon proof of satisfying total investment and job creation projections shall sell the equipment to <br />the company for the sum of $1. It is anticipated that standard clawback provisions will be built into <br />the development agreement that would require cash penalties in the event either commitment <br />should fall short of promises. <br />Upon approval by the RDC today, a development agreement will be drafted by City legal <br />representation and brought back for approval and execution at a date in February 2014 <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574- 235 -9021 1 SOUTHBENDIN.GOV <br />