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06-18-10 Redevelopment Commission Minutes
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06-18-10 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting –June 18, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. South Side Development Area <br /> <br />(1) continued… <br /> <br />Mr. Inks noted that Erskine Commons has <br />performed very well from a tax standpoint. It <br />has tripled the tax revenue we expected to get <br />from the project. Consequently, when we <br />issued bonds, they were at terms that went <br />out 25 years. We believe by February 2011 <br />we may have sufficient resources to pay off <br />both the TIF Revenue Bond that we are <br />directly obligated to pay, as well as the <br />Economic Development Commission bonds <br />to which we have a pledge of the TIF <br />revenue obligated. If both those bonds can <br />be paid off, we will have the opportunity to <br />rescind the TIF allocation area, which would <br />put the increment back into the main South <br />Side Allocation Area. <br /> <br />Mr. Inks noted that the public hearing file is <br />complete, containing a copy of Resolution <br />No. 2679, a copy of the Notice of Hearing, <br />and affidavits from the Tri-County News and <br />South Bend Tribune that the Notice of <br />Hearing was published in those newspapers <br />on May 28, 2010. <br /> <br />PHRN.2679 <br />Ms. Jones opened the public hearing for <br />UBLIC EARING ON ESOLUTION O <br />anyone who wished to speak regarding <br />Resolution No. 2679. There was no one who <br />wished to speak. Ms. Jones closed the public <br />hearing for whatever action the Commission <br />wished to take. <br /> <br />CRN.2679 <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROPRIATING TAX INCREMENT FINANCING <br />Mr. Varner and unanimously carried, the <br />AAN.2 <br />REVENUES FROM LLOCATION REA O <br />Commission approved Resolution No. 2679 <br />FC <br />UND FOR THE PAYMENT OF ERTAIN <br />appropriating tax increment financing <br />OSS <br />BLIGATIONS RELATED TO THE OUTH IDE <br /> 20 <br /> <br />
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