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South Bend Redevelopment Commission <br />Regular Meeting –January 15, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Public Hearings and Commission action on <br />appropriation resolutions. <br /> <br />(1) continued… <br /> <br />dedicating all revenue to debt service. <br /> <br />In the Douglas Road Development Area the <br />projects anticipated for this area are <br />complete. We are now in the process of <br />reimbursing the City of South Bend for the <br />public works that were done using city funds <br />and paying back the loan from Mishawaka <br />that was used for part of the project. The <br />reimbursement to the City of South Bend and <br />the City of Mishawaka loans carry 5% <br />interest rates. We are making the scheduled <br />payments on the City of South Bend <br />reimbursement and dedicating all excess cash <br />to repayment of the Mishawaka loan. <br /> <br />Mr. Varner asked what projects in the AEDA <br />will rise to the top of the list. Mr. Inks <br />responded that the focus will be on getting <br />Ignition Park squared away. The <br />Commission has already authorized <br />acquisition and demolition of more property <br />to the south and east; demolition of the two <br />remaining buildings on the Ignition Park site, <br />SASCO and Underground Pipe & Valve; <br />anything that seems appropriate at LaSalle <br />Square; and possibly the designing the <br />interchange for Portage Prairie and looking <br />for additional funds to construct it. <br /> <br />Mr. Varner asked about the status of the <br />city’s 10-year contract for the Metronet, <br />particularly TIF funds expended. He also <br />wants to know when the city will begin to <br />receive payback. Mr. Inks said he will try to <br /> 12 <br /> <br />