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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 /> period. In the event Union Station fails to <br /> make such improvements, the Commission <br /> without any prejudice to enforce the <br /> Agreement against Union Station, may only <br /> enforce this Agreement against Kevin M. <br /> Smith for any deficiency in the required <br /> amount of improvements over the five (5) <br /> year period. <br /> 4. Provide the Commission with an <br /> annual report concerning the progress of <br /> Union Station's Phase II Commitments. To <br /> the extent possible, this report shall be at a <br /> regularly scheduled Commission meeting. <br /> Phase II of the Renaissance Center project is <br /> key to the success of the overall project. By <br /> having 800,000 square feet of adjacent space <br /> to the USTC which can be utilized in a multi- <br /> tenant format allowing a variety of uses, <br /> producers, and end users to meet and <br /> collaborate in one area, the opportunity for <br /> innovation,job creation and spin-off <br /> development is maximized. Furthermore, the <br /> opportunity to reutilize existing structures <br /> with targeted investment as opposed to <br /> acquiring, razing, and waiting for new <br /> development to occur, or allowing the new <br /> development to happen on our fringes in <br /> greenfield areas, is a maximization of <br /> resources and opportunities for the City of <br /> South Bend. <br /> Staff requests Commission approval of Phase <br /> II of the Renaissance District project and the <br /> Memorandum of Understanding. <br /> 17 <br />