2 May 24, 2011, Minutes - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —May 24, 2011 Road. There is currently no Olive Road in that stretch. We want to put one in as part of the long -term transportation plan for the development of Blackthorn and the Portage Prairie development creating a new north/south corridor. The property required to construct the extended Olive Road is outside the city limits. It is, therefore, being acquired through the Board of Public Works, but the Board of Public Works would be using TIF funds. There is a scheduled closing for this property May 26, 2011, and we haven't come to the Commission yet to do an Addendum to the Master Agency Agreement requesting the Board of Public Works to act on its behalf. But the project is moving forward. We're at the point where we need to buy it. Mr. Inks wanted to bring that to the Commission's attention before the closing. Staff will be coming back the next meeting with a retroactive action to be taken unless you have concerns about proceeding at this point. Mr. Varner asked what resources were being used to pay for the acquisition and extension. Mr. Inks responded that they will be TIF resources. Mr. Varner expressed concern about an audit. Mr. Inks responded that our legal department is looking at the legalities. The anticipation is that we'll use TIF funds to close on this. Approximately $269,000 for the Right of Way for approximately 269,000 square feet. Funds are appropriated. 8. NEXT COMMISSION MEETING The next meeting of the Redevelopment Commission is NEXT COMMISSION MEETING scheduled for Tuesday, June 14, 2011 at 4:00 p.m. 9. ADJOURNMENT There being no further business to come before the ADJOURNMENT Redevelopment Commission, Ms. King made a motion that the meeting be adjourned. Mr. Downes seconded the motion and the meeting was adjourned at 4:55 p.m. 26