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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 />(5) continued... <br />street vacation subject to an MOU or an <br />agreement with the Redevelopment <br />Commission on this project. <br />4. Construct the proposed <br />communication and power duct bank from <br />the Lafayette Boulevard AEP substation <br />north to a point of connection with the Ivy <br />Tower or Union Station facility; extend it <br />south to Sample Street as part of the conduit <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 />Mr. Relos noted that it is the intent of staff <br />and the development team to make periodic <br />progress reports to the Commission as action <br />items are achieved. <br />Mr. Downes stated that the city has made <br />18 <br />