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South Bend Redevelopment Commission <br />Regular Meeting —March 27, 2012 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(4) continued... <br />4. that can be recaptured is <br />limited to $5 million. <br />Current status: <br />The first Certified Tech Park Funds were <br />received from the State on 12/20/11 in the <br />amount of $812,791. This amount represents <br />income taxes withheld from wages paid to <br />employees located at the "Office Building," <br />IPND and the ND /IU Medical Campus. <br />None of the funds were generated by any <br />activity at Ignition Park or any of the retail <br />stores. <br />Use of funds: <br />• State CTP Funds can be used for a <br />limited number of purposes, all of <br />which must be activities with the CTP <br />boundaries. The list of permitted uses <br />includes: <br />1. Acquisition, construction, <br />improvement, planning or <br />equipping of facilities. <br />2. Repayment of debt incurred <br />for financing associated with <br />the above. <br />3. Establishment of augmenting <br />a debt service reserve <br />associated with debt. <br />4. Operation of facilities <br />• Notre Dame has immediate uses for <br />the State CTP Funds, including: <br />10 <br />