Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—March 13, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (7) continued... <br /> construction project for Ignition Park. <br /> 5. Construction of the power duct bank <br /> also includes the acquisition and installation <br /> of proposed components to support an <br /> upgrade of equipment capable of up to five <br /> Megawatts ("5 MW") as part of the IC Power <br /> System. It is contemplated that the cost of the <br /> proposed system will be $2.2 million dollars. <br /> Phase 1 of the project requires the following <br /> from the USTC: <br /> 1. The $2.2 million would be repaid to <br /> the City over a 10 year period through a <br /> formula defined in the MOU. The city will <br /> measure the taxable investment. If there is a <br /> shortfall, the USTC will repay the difference <br /> in value. <br /> Staff today requests support for the land sale, <br /> the vacation of United Drive, and a $2.2 <br /> million dollar investment in the power and <br /> conduit network onto the site. The $2.2 <br /> million dollars would be repaid to the City <br /> over a ten year period through a formula <br /> being developed which will be defined in the <br /> MOU which will allow the city to measure <br /> the taxable investment and for all the <br /> development that happens in the RD to a <br /> point that would pay back that $2.2 million <br /> dollars. Any difference between the value of <br /> the taxable investment and the $2.2 million <br /> dollars would be paid by USTC. A way to <br /> guarantee the money for Phase I has covered <br /> itself, allows for power to be brought to the <br /> 28 <br />