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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 />I. Other <br /> <br />(3) continued… <br /> <br />Mr. Varner asked about the shortage of TIF <br />in the Northeast due to the third hotel not <br />being yet built. Mr. Inks responded that the <br />cash we are expecting to bring in for that <br />allocation area will be about $300,000 short <br />of meeting the bond obligation for Eddy <br />Street Commons in 2011. We are in the <br />process of renegotiating the development <br />agreement for Eddy Street Commons. We <br />have been fortunate, given the economic <br />times, that our construction costs have been <br />significantly lower than anticipated. We <br />believe there is close to $2,000,000 of <br />unspent funds that were committed to the <br />project by the city. Those funds will be held <br />as a reserve to make up the shortfall in the <br />early years of the project. We do not expect <br />there to be a call on any other city resources <br />for 2011, 2012, 2013. <br /> <br />Mr. Varner asked what changes are being <br />made in the development agreement. Mr. <br />Inks responded that the original agreement <br />called for the city to contribute all of the <br />committed money to the project. If we’d <br />built everything that was expected, there was <br />still an obligation on the part of the city to <br />look for additional improvements in the area <br />to finish spending that money. Both parties <br />have decided that that’s not in anyone’s best <br />interest. That money will be freed up to take <br />care of the shortfall in debt service. <br /> <br />Ms. Spivey asked whose responsibility it is <br />for the upkeep of the roundabout at the <br />Airport. Mr. Inks responded that the Airport <br /> 29 <br /> <br />
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