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South Bend Redevelopment Commission <br />Regular Meeting –May 7, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />F. Northeast Neighborhood Development Area <br /> <br /> <br />There was no business in the Northeast <br />Neighborhood Development Area. <br /> <br /> <br />G. Douglas Road Economic Development Area <br /> <br /> <br />There was no business in the Douglas Road <br />Economic Development Area. <br /> <br /> <br />7. PROGRESS REPORTS <br /> <br />PR <br />Mr. Inks reported on the use of remaining Section 108 <br />ROGRESS EPORTS <br />funds for work in Studebaker Corridor. There are about <br />$682,000 in outstanding contracts that will be paid for <br />from TIF funds instead of using Section 108 loan funds. <br />In addition, there is about $1.1M of other project costs <br />not yet obligated, but that need to be funded. TIF funds <br />will be used to fund those projects also. Those costs are <br />in addition to the budgeted costs for TIF for 2010, <br />including the demolition of Underground Pipe and <br />Valve. <br /> <br />Mr. Inks also reported that staff expects the city to <br />receive at least its spring installment of the pay 2010 <br />property taxes on time this year. Those are funds that <br />were not counted on in the budget because they had not <br />been received on time the last three years. That should <br />be about $4M- $5M of additional revenue in the Airport <br />Economic Development Area TIF. Therefore, there <br />should be ample TIF funds to pay for the $1.8M of <br />expenses being picked up from the Section 108 Loan <br />Studebaker Corridor projects. <br /> <br />Mr. Varner asked the status of the children’s dispensary <br />at Hansel Center. Mr. Relos responded that Notre Dame <br />is still hammering out the Memorandum of <br />Understanding with the Commission, the benefactor <br />from California, etc. They are also still trying to <br />complete their fundraising. It is going more slowly than <br />hoped. <br /> 15 <br /> <br />