Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting –May 21, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />K. Ratification of Temporary Use Agreements <br /> <br />I.S.JS/J <br />ratified the Temporary Use Agreement with <br />NC FOR USE OF THE T OSEPH TEFFERSON <br />B.FF <br />LVD PARKING LOT FOR OOTBALL RIDAYS <br />Downtown South Bend, Inc. for use of the St. <br />BPS3,S10 <br />LOCK ARTIES EPTEMBER EPTEMBER <br />Joseph St/Jefferson Blvd. parking lot for Football <br />S24,2010 <br />AND EPTEMBER <br />Fridays Block Parties September 3, September 10 <br />and September 24, 2010. <br /> <br /> <br />L. Other <br /> <br />(1) Resolution No. 2678 setting a public <br />hearing for 10:00 a.m., June 18, 2010, on <br />the appropriation of Tax Increment <br />Financing revenues from various <br />allocation areas for the payment of certain <br />obligations and expenses related to their <br />respective allocation areas and other <br />related matters. <br /> <br />Mr. Inks noted that more TIF revenue was <br />received than was anticipated in the South <br />Side Development Area Allocation Areas 2 <br />and 3. Also, in the Douglas Road Economic <br />Development Area we have received some <br />reimbursement from Mishawaka. Those <br />funds need to be appropriated. <br /> <br />Mr. Inks noted that in the South Side <br />Development Area the excess TIF revenue is <br />significant. We expect to be able to pay in <br />full one of the outstanding bond issues <br />related to the Erskine Commons project. <br />There were two bonds issued for that project: <br />an Economic Development Commission <br />bond with a pledge of TIF, which was <br />subordinate to a TIF revenue bond. The TIF <br />revenue bond was in the amount of $2, <br />440,000. Virtually that whole bond is still <br />outstanding. It was a unique structure: a <br />variable rate bond that is essentially floating <br /> 24 <br /> <br />