2. Minutes of 2-8-11 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting -February 8, 2011 Mr. Inks noted that this public hearing is for all of the TIF funds, including the Airport Economic Development Area, the South Bend Central Development Area, the West Washington-Chapin Development Area, the Downtown Medical Area, the Northeast Neighborhood Development Area, and the South Side Development Area No. 1, South Side Development Area No. 2 (Erskine Commons), South Side Development Area No. 3 (Erskine Village), Douglas Road Economic Development Area, and the Northeast Neighborhood Residential Area. Mr. Inks noted that historically we have optimistically allocated all of the funds expected to be received in an allocation area in a given year. Then, unable to manage all of the projects we thought we could, we have had funds left over at the end of the year. The City Controller has asked that we appropriate a realistic amount. So, of the $72M in TIF available from all TIF Areas, we are only appropriating about $35M. If the work progresses well and we feel we can complete additional work, we may appropriate additional funds later in the year. But we feel that with existing staff, the $35M is a realistic amount to expect to spend. Ms. Leonard noted that the Commissioners received this morning a revised Resolution No. 2825, increasing the appropriation by $5,000. The entire appropriation for that TIF area is all going to debt service. Ms. Leonard noted that the amount to be appropriated for the Airport Economic Development Area is $13,745,000; in the South Bend Central Development Area the amount appropriated is $6,320,000; in the 6