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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br /> <br />Ms. King asked if the owner of the building <br />is a party to the agreement. Mr. Nussbaum <br />responded that it is not. She asked if that was <br />an issue for any of the parties. Mr. <br />Nussbaum responded that it is not. <br /> <br />Mr. Varner pointed out that the owner of the <br />building benefits from the agreement in that <br />it gets another ten-year lease for its building. <br /> <br />Mr. Varner stated that the $6.5M is a cash <br />infusion, period. <br /> <br />Mr. Nussbaum clarified that Commission <br />approval of the Memorandum of <br />Understanding is not the final approval of the <br />deal. It is a step in the process. On <br />December 7 the Area Plan Commission will <br />consider a very narrow issue whether <br />C <br />amending the South Bend Central <br />Development Area Development Plan to add <br />the parking garage to the List of Properties to <br />be Acquired conforms to the development <br />plan. Then, the $6.5M will have to be <br />appropriated. The South Bend Common <br />Council will be addressing the appropriation <br />on December 13. Then, the Commission <br />will hold a special meeting on December 28 <br />for a public hearing on amending the <br />Development Plan. Today’s actions are very <br />important steps in the process, but they are <br />not the only public steps to the process. <br /> <br />Mr. Varner wanted to clarify that the total of <br />the cash contribution from the city is $6.5M. <br />There will be nothing additional? Mr. Inks <br />responded that of the $6.5M total, $5.3M will <br />come from UDAG and $1.2M from COIT. <br />The cash balance in the UDAG fund today is <br />$2.6M. So, about $2.7M will be loaned from <br />COIT. On day one COIT will be putting in <br /> 14 <br /> <br />