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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 /> II of the project is projected to be <br /> $6,150,000. <br /> In exchange for financial participation by the <br /> City and Redevelopment Commission in <br /> Phase II of the project, the Union Station <br /> Technology Center group or its affiliate will <br /> do the following: <br /> 1. Take all reasonable steps to close on <br /> the purchase of the Ivy Tower Building to <br /> facilitate the USTC, as well as to provide an <br /> opportunity for other businesses to expand <br /> and relocate within the Ivy Tower Building, <br /> including but not limited to, providing the <br /> Commission with a Business Plan which <br /> shows the cooperative reuse of multiple <br /> businesses within the Ivy Tower Building, as <br /> well as providing reasonable space within the <br /> Ivy Tower Building for use by the <br /> Commission and other public agencies. <br /> 2. Make no less than $1,000,000 in <br /> improvements each year in the Renaissance <br /> District for a ten (10)year period, and <br /> provide the Commission on an annual basis <br /> with proof of compliance with this <br /> Commitment. <br /> 3. To secure a return to the Commission <br /> for its Commitment, in Section l(a)(ii), <br /> Kevin M. Smith shall guarantee Union <br /> Station will make no less than Three Million <br /> Five Hundred Thousand and 00/100 <br /> ($3,500,000.00)Dollars in improvements in <br /> the Renaissance District over a five (5) year <br /> 16 <br />