Laserfiche WebLink
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 />• drawn by that party without approval <br />of the other party. <br />Mr. Downes asked what happens when the <br />$5 million is gone. Mr. Inks responded that <br />there will be no more supplement. <br />Mr. Varner stated he thought it important that <br />the city secure its interests. He is happy with <br />the 50/50 split. <br />Mr. Davis expressed his assumption that this <br />only works if there are plans going on for <br />both Innovation Park and Ignition Park. Ms. <br />Jones answered that this is not necessarily <br />true. The city is allowed to recapture the <br />money spent on design plans /engineering <br />costs. <br />Mr. Varner wondered whether he misread: he <br />thought once the $2.5 million benefited <br />Innovation Park, then the balance was <br />available for Ignition Park. Mr. Inks said <br />that is correct. However, the language does <br />say if Innovation Park requires the $2.5 <br />million, needs additional funding, then the <br />Innovation Park could ask the city for <br />additional funding. The city would not have <br />to approve the request. <br />Mr. Davis asked if such request would have <br />to come back to the Redevelopment <br />Commission. Mr. Inks responded that it <br />would. <br />Mr. Downes clarified that these funds cover <br />12 <br />