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South Bend Redevelopment Commission <br />Regular Meeting -January 5, 2007 <br />6. NEW BUSINESS (CONT.) <br />F. South Side Development Area <br />continue ... <br />Mr. Inks noted that Resolution No. 2295 sets <br />the public hearing on the allocation for <br />January 19, 2007 at 10:00 a.m. and sets the <br />maximum allocation for Resolution No. 2306 <br />at $750,000. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved Resolution No. 2295 <br />setting a public hearing on the appropriation <br />of tax increment financing revenues from <br />Allocation Area No. 3 fund for the payment <br />of certain obligations and expenses related to <br />the South Side Development Area Allocation <br />Area No. 3 and other related matters and set <br />the public hearing on Resolution No. 2306 <br />for 10:00 a.m., January 19, 2007. <br />(4) Commission approval requested for <br />Contract of Purchase and Sale in the <br />South Side Development Area (315 W. <br />Ireland & 329 W. Ireland Road.) <br />Mr. Peterson noted that this is the last leg in <br />the three-way Kokoku transaction. At the <br />December 15 meeting the Commission <br />approved the counter offer from Joe Grabill <br />for the Commission to acquire the right of <br />way by exchanging the property we received <br />from Lock Joint Tube for the right-of way. <br />Joe Grabill has signed this Contract for <br />Purchase and Sale, so we should be able to <br />close on this transaction within a week. The <br />Commission's commitment is to Quit Claim <br />over what we received from him and he will <br />provide a Warranty deed to the Commission. <br />COMMISSION APPROVED RESOLUTION N0.2295 <br />SETTING A PUBLIC HEARING ON THE <br />APPROPRIATION OF TAX INCREMENT FINANCING <br />REVENUES FROM ALLOCATION AREA N0.3 <br />FUND FOR THE PAYMENT OF CERTAIN <br />OBLIGATIONS AND EXPENSES RELATED TO THE <br />SOUTH SIDE DEVELOPMENT AREA ALLOCATION <br />AREA N0.3 AND OTHER RELATED MATTERS AND <br />SET THE PUBLIC HEARING ON RESOLUTION <br />N0.2306 FOR IO:~~ A.M., JANUARY 19, 2~~7 <br />11 <br />