Committee backs amendment to recertify Ignition & Innovation as Level 2 certified technology park

The Community Investment Committee voted to forward a resolution authorizing a first amendment to the certified technology park (CTP) agreement that would recertify Ignition and Innovation Park as a Level 2 CTP.

Joe Molnar, assistant director of Growth and Opportunity, described the two‑site CTP: Ignition Park (approximately 140 acres, former Studebaker campus) and Innovation Park (Notre Dame partnership). He said the original CTP had a lifetime cap of $5,000,000 that was reached years ago and that recent state legislation allowed recertification and a new Level 2 designation. The Level 2 recertification would be retroactive to July 1, 2023, and would allow an annual not‑to‑exceed allocation of $250,000 of eligible revenues to be reinvested in park infrastructure, environmental remediation, public works and other uses authorized by state law.

Molnar said the funds flow through the redevelopment commission, similar to TIF, and must be budgeted and approved by the RDC for reinvestment in the park. He said the recertification would help the city capture revenue to support utilities and other public improvements needed to attract businesses to available lots in Ignition Park.

The committee voted to send the amendment (Bill 25-23) to the full council with a favorable recommendation.

Ending: Staff said they expected the IEDC to complete the certification after local authorization and that the recertified CTP could be used as a redevelopment financing tool once the IEDC certifies the park retroactively to July 1, 2023.