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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS (CONT.) <br />H. Northeast Neighborhood Development Area <br />() continued... <br />Commission. It used to hold the Sears Parts <br />store and now has the Boy Scouts building <br />on it. <br />This project has been in the works for some <br />time. The actual loan and grant were <br />approved by the Board of Public Works last <br />fall, prior to the remediation taking place, but <br />the final documents were not in place until <br />EPA finished its review of them a couple of <br />weeks ago. <br />The transaction is such that the Commission <br />will borrow $176,000 from the revolving <br />loan fund at an interest rate of 1 % for a term <br />of 28 months. Associated with that is a <br />Promissory Note that says the Commission <br />will repay the city calling for two payments, <br />one by July 31, 2008 and the second by <br />July 31, 2009. Each payment is in the <br />amount of $89,322.19. In addition to the <br />loan, $100,000 from the loan fund is a grant <br />to the Commission towards the cost of <br />remediation. <br />Ms. Kolata noted that the remediation is <br />virtually complete. Only half of the parking <br />lot was done in the fall. The remaining half <br />needs to be done. The old Fredrickson Park <br />was an unlicensed landfill. When the City <br />remediated Fredrickson Park, capped the <br />landfill and put in a methane gas collection <br />system, they became aware that the landfill <br />extended onto what we call the Sears <br />property. At that time we determined that we <br />would purchase the Sears property and <br />32 <br />