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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 /> building and allows the first phase of the <br /> project to be built. <br /> Staff requests approval of the concept and <br /> will bring back an MOU for approval at a <br /> later meeting. <br /> Mr. Downes asked if the funds used would <br /> be TIF dollars. Mr. Schalliol responded they <br /> would be AEDA TIF funds. <br /> Mr. Downes asked if there would be an <br /> annual taxable investment over a ten year <br /> period. Mr. Inks responded that there would <br /> be. There will be private investment in the <br /> amount of$7.5 million. <br /> Mr. Downes asked if the MOU would <br /> stipulate a look back after three or four years. <br /> Mr. Schalliol responded that it would be a <br /> graduated phase-in. <br /> Mr. Schalliol noted that Phase 2 and Phase 3 <br /> of the project are discussed below. The <br /> details have not been worked out, but will be <br /> presented later when they are. <br /> Phase 2 of the project anticipates a future <br /> request to the Redevelopment Commission to <br /> consider the following: <br /> 1. Obtain a Phase I& II Environmental <br /> Survey of the Ivy Tower Building, and enter <br /> into an Environmental Agreement regarding <br /> remediation of the Ivy Tower Building and <br /> property. A total cost for the environmental <br /> 29 <br />