9/13/2009 Can O' Worms #14 Whereas Why And Wherefore
As many of you may recall, Intelliplex Park received a two-year tech park recertification from the Indiana Economic Development Corporation in October 2007. A number of conditions were attached to that abbreviated recertification. The state listed the conditions in an agreement signed by Shelbyville officials. In order for Intelliplex to continue its designation as a state-certified technology park, the city must be in compliance with all terms of the agreement by October 5, 2009. If you're curious to learn what conditions the city must meet during the next couple of weeks, you can read the terms in the 2007 Memorandum of Understanding that follows:
Intelliplex Recertification Memorandum of Understanding
WHEREAS, in August 2003 the Indiana Department of Commerce (IDOC) granted Certified Technology Park (CTP) designation to Intelliplex Park located in Shelbyville, Indiana (City);
WHEREAS, the aggregate local investment in land and infrastructure at Intelliplex exceeds $11.7 million, and the City and Shelby County have each committed, on an annual basis, $125,000 of economic development Income Tax revenues for up to twenty-two (22) years to service the debt funding the original investment in Intelliplex;
WHEREAS, in August 2003 the IDOC committed $1,200,000 from the Technology Development Grant Fund to support the development of Intelliplex;
WHEREAS, the infrastructure supporting Intelliplex has been substantially in place since March 2005;
WHEREAS, the Indiana CTP program was established to support the attraction and expansion of high wage, technology based businesses in Indiana, to promote collaboration between Indiana's research community and the private sector towards the development of new commercial opportunities, and to take advantage of the unique characteristics and specialties offered by the public and private resources available in the area in which the CTP is located;
WHEREAS, the Indiana Economic Development Corporation (IEDC) and the City desire for Intelliplex to be occupied predominantly by high wage, technology based businesses;
WHEREAS, in 2007 the Indiana General Assembly enacted legislation requiring communities in which CTPs have been established to apply to the IEDC for recertification of their CTP every four years following designation of the CTP in order to ensure that all of Indiana's CTPs are operating in a manner consistent with the program's mission and are achieving the program's objectives; and
WHEREAS, the IEDC and the City recognize that the strategic locational advantages and substantial investment in infrastructure at Intelliplex create a significant opportunity to attract and grow high wage, technology based businesses.
NOW THEREFORE, in consideration of the preceding circumstances, the IEDC and the CITY agree that the IEDC will grant Intelliplex a two-year recertification lasting from October 4, 2007 to October 5, 2009 (Recertification Period). The following terms shall apply during the Recertification Period:
TERM #1: The City or the City's designee shall continue to employ the services of a recognized real estate developer or other professional advisor to assist in marketing Intelliplex to technology based businesses.
TERM #2: The City shall retain the services of a private developer or other party to commence construction of a flexible-use facility. This facility shall offer laboratory space or other facilities and amenities suitable for housing high wage, technology businesses.
TERM #3: The City shall attract one or more additional technology based businesses or support the expansion of the existing technology based businesses which would result in the aggregate creation of at least fifty (50) full time net new Indiana jobs in Intelliplex paying an average wage that meets or exceeds the Indiana average wage (Technology Jobs). At least fifty (50) Technology Jobs must be in place prior to the end of the Recertification Period.
TERM #4: The City, the Shelbyville Redevelopment Commission, and/or any other entity are PROHIBITED from issuing any debt or any other obligation to be paid through revenues deposited in a CTP incremental tax financing fund established under IC 36-7-32-22 or take any other action that would preclude the revocation of Intelliplex's CTP status if it fails to meet any of the conditions herein.
TERM #5: The IEDC reserves the right to deny the local recapture of state sales tax and state personal income tax revenue generated by any new business that the IEDC determines to be a non-technology based business, with such determination being made at IEDC's sole discretion.
TERM #6: The IEDC and the City shall establish mutually agreeable reporting procedures to ensure compliance with the requirements herein.
TERM #7: If at the end of the Recertification Period the IEDC determines that the City has failed to comply with any of the terms contained herein, Intelliplex's designation as a CTP may be terminated at the sole discretion of the IEDC.
Nathan J. Feltman
Indiana Secretary of Commerce
CEO, Indiana Economic Development Corporation
Scott Furgeson, Mayor
City of Shelbyville
Philip Haehl, President
Shelbyville Redevelopment Commission
Posted: Tuesday, September 15, 2009
Article comment by:
This is a public venture using our tax dollars. Why didn't this get published in our city paper long ago? Maybe because our local newspaper is really a MAC DADDY publication? The new gal running things is nice enough but she's just a pretty face sitting in the bosses chair waiting for word from above regarding what can be reported on. Where O Where has the Deprez family gone - O Where O Where can they be?