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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />Mr. Varner said that there is another $1.6M <br />or $1.8M that is due the NFF. Where will <br />that come from? Mr. Leone responded that <br />he believes that would be part of the <br />negotiation with the NFF for an the extension <br />to use the facility in 2011. <br /> <br />Mr. Varner asked what are the city’s <br />contingencies on that? He doesn’t want to <br />see the NFF end up with a claim on part of <br />the PSD fund and then the city has to use <br />TIF revenues to pay for the Coveleski bond. <br /> <br />Mr. Leone responded that the risk may be <br />more of a statutory risk, that the legislature <br />may decide that because the PSDF actually <br />takes a portion of the state’s income in sales <br />tax revenue, the legislature may decide the <br />state needs the money more than localities <br />do. That may be something that is <br />changeable over timewe don’t know what’s <br />C <br />going to happen legislatively, so this offers <br />us some protection. PSDF expires in 2018 <br />unless the legislature takes action to extend <br />it. <br /> <br />Mr. Inks noted that the projections only go <br />through 2018. The PSDF has a $1M cash <br />balance, so there would be several years <br />before any likely problem might occur. It is <br />highly unlikely that this won’t work out as <br />we anticipate. In that unlikely event, we’re <br />asking for TIF to be a fallback. <br /> <br />CRN.2814 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />TIF <br />DETERMINING TO APPLY REVENUES TO THE <br />Ms. King and unanimously carried, the <br />RD <br />PAYMENT OF THE EDEVELOPMENT ISTRICT <br />Commission approved Resolution No. 2814 <br />RBP <br />EVENUE ONDS IN THE EVENT ROFESSIONAL <br />determining to apply TIF revenues to the <br />SCDA <br />PORTS AND ONVENTION EVELOPMENT REA <br />payment of the Redevelopment District <br /> <br />REVENUES ARE INSUFFICIENT <br />Revenue Bonds in the event Professional <br />Sports and Convention Development Area <br />revenues are insufficient. <br /> 19 <br /> <br />