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South Bend Redevelopment Commission <br />Regular Meeting –June 18, 2010 <br /> <br />7. PROGRESS REPORTS (CONT.) <br /> <br />Foundation was already an eligible entity. They were <br />certified several years ago when the New Market Tax <br />Credit program started. South Bend Heritage was <br />willing to submit the application on the city’s behalf. <br />Their application is built around the projects the city <br />wants to see done. We, therefore, feel it is appropriate <br />that the city incur the legal costs for that application. <br /> <br />Mr. Inks asked the Commission to recognize the city’s <br />responsibility for the application and authorize staff to <br />put together a short letter agreement that we would bring <br />back for ratification. That agreement would be between <br />the Redevelopment Commission and South Bend <br />Heritage Foundation to cover only $15,000 for the <br />application’s legal fees. Mr. Inks noted that there’s no <br />guarantee the application will be successful. It’s a very <br />competitive process. But we think it’s worth the <br />opportunity to generate $10M for projects. If we are not <br />successful this year, we can reapply next year. <br /> <br />Mr. Varner asked if the projects have to be specified. <br />Mr. Inks responded that they want a list of projects that <br />we would use the money for, but we are not bound by <br />that list. The application is only meant to demonstrate <br />to the Feds that we have a backlog of projects that could <br />use the credits. <br /> <br />C <br />Upon a motion by Mr. Downes, seconded by Mr. Varner <br />OMMISSION APPROVED THE PAYMENT OF THE <br />NMTC <br />LEGAL FEES FOR EW ARKET AX REDITS <br />and unanimously carried, the Commission approved the <br />AND AUTHORIZED THE DRAFTING OF A LETTER <br />payment of the legal fees for New Market Tax Credits <br />SBH <br />AGREEMENT WITH OUTH END ERITAGE <br />and authorized the drafting of a letter agreement with <br />F <br />OUNDATION TO BE THE APPLICANT AND <br />South Bend Heritage Foundation to be the applicant and <br /> <br />RECIPIENT OF FUNDS <br />recipient of funds. <br /> <br /> <br />8. NEXT COMMISSION MEETING <br /> <br />NCM <br />The next meeting of the Redevelopment Commission is <br />EXT OMMISSION EETING <br />a Rescheduled Meeting, Friday, July 9, 2010 at <br />10:00 a.m. <br /> <br /> <br /> 31 <br /> <br />