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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />. South Bend Central Development Area <br /> C <br /> <br />(4) continued… <br /> <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 />$3.9M and UDAG will put in $2.6. At the <br />end of the process it will be $5.3M from <br />UDAG and $2.7M from COIT. The UDAG <br />fund has a major loan that is being repaid <br />over the next seven or eight years. That loan <br />would bring in an additional $3M to the <br />UDAG fund. That will be the repayment <br />source for COIT. <br /> <br />Mr. Downes asked for clarification on what <br />upscale hotel and upper upscale hotel means. <br />Mr. Nussbaum explained that in the hotel <br />industry the Marriott would be classified as <br />an upper upscale hotel, based on amenities <br /> 16 <br /> <br />