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South Bend Redevelopment Commission <br /> Regular Meeting–April 10, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (7) continued... <br /> contemplates the Commission doing the <br /> following two items: <br /> 1. Obtain a Phase I and II <br /> Environmental Survey of the Ivy Tower <br /> Building, and enter into an Environmental <br /> Agreement regarding remediation of the Ivy <br /> Tower Building and property. The studies <br /> contemplate two potentially significant <br /> environmental issues on-site—asbestos and <br /> lead based paint. Based on an estimate <br /> provided by the environmental consulting <br /> team, the projected cost of total building <br /> remediation is $2,611,189 with $655,754 for <br /> asbestos remediation and $1,955,435 for lead <br /> based paint abatement. <br /> As a component of the environmental <br /> remediation of the site, the City will enter <br /> into an Environmental Agreement ("EA") <br /> regarding the Ivy Tower Building. <br /> 2. Upon closing on the Ivy Tower <br /> Building purchase by USTC, provide <br /> $3,500,000 of improvements to structurally <br /> stabilize and enhance the building for its <br /> reuse. <br /> 3. Work with Union Station or its <br /> affiliate on planning the Ivy Tower <br /> improvements in order to best adapt the Ivy <br /> Tower Building as a collaborative, multi- <br /> tenant facility to revitalize the Renaissance <br /> District. <br /> The total Commission investment in to Phase <br /> 15 <br />