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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 />1. Payment of the operating <br />expenses of the IPND facility. <br />2. Equipping the IPND facility. <br />3. Planning /engineering costs of <br />Phase II of IPND. <br />Mr. Inks noted that in the original submittal <br />to the State of Indiana for designation as a <br />Certified Technology Park, there was a <br />request for an operating grant for this first <br />building at Innovation Park. The business <br />plan that was submitted, along with the <br />application, showed that during the lease -up <br />period, there were anticipated to be <br />significant losses from operating that facility. <br />That grant for operating costs never came <br />through. At this point, the University, or its <br />Foundation, has been funding the operating <br />losses at Innovation Park. <br />Proposal: <br />The Mayor has reviewed and supports the <br />proposal that the city and Notre Dame share <br />equally in the aggregate $5 million amount of <br />State CTP Funds. <br />• On an annual basis, if either party <br />does not have needs to consume 50% <br />of the State CTP Funds received that <br />year, the other party may draw <br />unused funds to the extent they can be <br />spent on permitted uses. <br />• Once either party has drawn an <br />aggregate $2.5 million in State CTP <br />Funds, no additional funds may be <br />