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South Bend Redevelopment Commission', Regular Meeting — October 25, 2012 6. NEW BUSINESS (CONT.) C. Airport Economic Development Area (4) continued... related to the development of this site. If the Development Agreement comes into default, the indemnity will terminate unless USTC makes additional investment in the property or pays liquidated damages under this provision. The provision states that if the Commission spends $8M on remediation of the site and USTC has invested less than that amount, then the difference would be the liquidated damages or the investment USTC would have to make to avoid termination of the Indemnification Agreement. Mr. Smith gave an update on the project. He admitted it has been an arduous task to get this project to this point. The Ivy Tower building has been one of the most challenging buildings in the city to bring to its full potential. With this public /private partnership that we've been able to establish,.it will set the foundation for multiple years of development in the Renaissance District. He is also proud that the collaboration with the city on this development has set a foundation for future, similar public /private partnerships. He's proud of what he and the city have been able to accomplish. With these documents completed, he expects to finalize the plans within three or four months. He appreciates everyone's hard work. Because of this step, USTC will have two of the top biomedical companies in the state locating in his project. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Environmental Agreement with the City of South Bend Board of Public Works and Union Station Properties, LP regarding the Ivy Tower Building. 5. OLD BUSINESS A. South Side Development Area (1) Staff recommendation on decision for Fellows Street project. Ms. Jones laid out the format for the presentation and discussion of this item. The staff will first make its presentation, followed by questions by the Commissioners, followed by one half hour of public comment, divided into fifteen minutes for those in favor and fifteen minutes for those opposed. each speaker from the public will be limited to two minutes. Mr. Ford noted that the Fellows Street project has been moving forward for a long time, spanning two city administrations. When the new leadership of the Department of Community Investment came on board we realized there was insufficient communication on this project between various departments and with the neighbors of the area. Out of concern for neighbors, Commissioners, Council members, the Mayor and other groups we took a new, broader look at the project We began by looking at some additional alternatives to address the traffic concerns while reducing the number of home owners