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South Bend Redevelopment Commission <br />Regular Meeting –March 19, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />F. Douglas Road Economic Development Area <br /> <br /> <br />There was no business in the Douglas Road <br />Economic Development Area. <br /> <br /> <br /> G. Ratification of Crowe Project Assignments <br /> <br />Mr. Inks noted that staff believes the Commission <br />will have the ability to repay as much as 100% of <br />the TIF bonds related to Erskine Commons, but <br />because of all the assessment appeals, we’ve asked <br />Crowe to make sure we are reserving a proper <br />amount of money to safeguard ourselves for future <br />debt service payments on the remaining bond issue <br />that will be outstanding. We don’t want appeals <br />that may be granted to hinder our ability to make <br />the next debt service payment. <br /> <br />Mr. Varner asked why the Southside TIF area is in <br />this position, but not the others. Mr. Inks <br />responded that in the Southside TIF we have one <br />large general TIF district and two smaller ones: for <br />Erskine Village and Erskine Commons. It is those <br />smaller TIF areas that have performed at or above <br />the expected level of development. The <br />assessments have been very good there, and tax <br />revenues are significantly higher on both projects <br />than we expected. All the infrastructure <br />improvements have been made in those TIF areas. <br />So, the only use of those TIF funds is to repay the <br />debt. <br /> <br />C <br />Upon a motion by Mr. Downes, seconded by Mr. <br />OMMISSION RATIFIED THE PROJECT <br />C <br />ASSIGNMENTS WITH ROWE <br />Alford and unanimously carried, the Commission <br />ratified the project assignments with Crowe. <br /> <br /> <br />H. Other <br /> <br />(1) Resolution No. 2662 setting a public <br />hearing on the appropriation of monies <br /> 8 <br /> <br />