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South Bend Redevelopment Commission <br />Regular Meeting —April 26, 2011 <br />Blackthorn operations and capital through <br />2016 which shows we expect sufficient cash <br />flow to support these payments. In addition, <br />we have added additional anticipated capital <br />needs to the forecast. If net operating income <br />does not meet projections, these additional <br />capital purchases will need to be adjusted. In <br />any case, we would expect the $9,400 /year <br />payment requested here would not cause an <br />undue burden on Blackthorn operations. <br />Mr. Varner asked why we wouldn't deplete <br />Blackthorn's capital funds before tapping <br />TIF funds. Ms. Leonard responded that the <br />capital funds are earmarked for other capital <br />expenditures. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission authorized the expenditure of <br />Airport Economic Development Area Tax <br />Increment Financing funds for the purchase <br />of capital equipment for Blackthorn Golf <br />Course. <br />(5) Lease Agreement with Oliver Plow <br />Partners, LP for Lot #2, Oliver Industrial <br />Park. <br />Mr. Sikora noted that the "Contract for <br />Purchase and Sale" of 4.64 acres of land in <br />Oliver Industrial was approved during the <br />Redevelopment Commission meeting on <br />April 12, 2011. As part of its commitment, <br />the Commission agreed to spend up to <br />$200,000 to complete necessary site <br />improvements. Redevelopment staff, in <br />conjunction with the Department of <br />Engineering, have been working closely with <br />the developer to identify those improvements <br />and associated costs and to outline the <br />bidding process and construction timelines. <br />17 <br />COMMISSION AUTHORIZED THE EXPENDITURE OF <br />AIRPORT ECONOMIC DEVELOPMENT AREA TAX <br />INCREMENT FINANCING FUNDS FOR THE <br />PURCHASE OF CAPITAL EQUIPMENT FOR <br />BLACKTHORN GOLF COURSE <br />