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2 Minutes 4/23/10 Meeting
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2 Minutes 4/23/10 Meeting
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South Bend Redevelopment Commission <br />Regular Meeting –April 23, 2010 <br /> <br />7. PROGRESS REPORTS (CONT.) <br /> <br />funding has been from a Section 108 Loan that the city <br />sought in 2005. The Section 108 Loan was approved for <br />$9.2M. The department has drawn about $7.2M on that <br />loan and is at the stage where we need to make a <br />decision on the final draw. Staff has decided to not <br />draw the final $2M. That loan was taken out before the <br />Airport Economic Development Area was merged with <br />the Sample-Ewing Development Area. Prior to the <br />merger there was no TIF being generated in the Sample- <br />Ewing Development Area. The loan was the only <br />source of funding available. We now have significant <br />funds available in the Airport Economic Development <br />Area TIF. The budget created for 2010 did not <br />anticipate any revenues from 2010 taxes because the <br />Auditor’s Office has been behind in billing for taxes for <br />several years. Property tax bills seem to be back on <br />schedule, so we expect our budget for the Airport area <br />will be up $4-5M with the first installment of 2010 <br />taxes. We believe the $2M remaining on the loan can <br />be foregone. <br /> <br />Ms. Jones asked the repayment schedule for the $7.2M <br />we have used. Mr. Inks did not remember, but thought <br />it was a pretty short timeline. The source of repayment <br />is to be CReED. The CReED had been estimated to be <br />coming in at $1M per year, sufficient to repay the <br />Section 108 Loan. But, given the downturn in the <br />economy, the CReED is only returning about $650,000 <br />per year. It may be necessary to use TIF to supplement <br />repayment of the loan. <br /> <br />Mr. Inks noted that all the Section 108 Loan work went <br />through the Board of Public Works, not the <br />Commission. In the future the Commission can expect <br />to see more of Ms. Kolata’s work on the Commission <br />agenda. <br /> <br />Mr. Downes asked for a progress report at a future <br />meeting on Geri Hathaway’s work on behalf of Ignition <br />Park. Mr. Inks said he would arrange that. <br /> 26 <br /> <br />
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