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06-08-07 Redevelopment Commission Minutes
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06-08-07 Redevelopment Commission Minutes
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6/8/2007
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06-08-07 Redevelopment Commission Agenda
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting June 8, 20 <br />6. NEW BUSINESS (CONY.) <br />A. , Public Hearings <br />(3) continued... <br />have more money than we had anticipated in. <br />the Sample-Ewing Development Area <br />account. So we're appropriating them for <br />uses in the Sample- Ewing Development <br />Area. It's completely independent of the <br />Airport froni our perspective. It's just we <br />have more money than we expected. because <br />of the penalty s1tuation and. we're asking to <br />appropriate that money for a use in Sample- <br />Ewing that we ident1fied as a use before in <br />the of lglnal budget process earlier this year in <br />another source to use instead of using the <br />city's precious capital. dollars, using the <br />TI F's own resources to cover its debt service <br />payment. <br />Mr. 'ee o vs is What's the prognosis of <br />this. Are we still. going to be paying off debt <br />in the foreseeable future on this area: <br />Mr. Inks: Yes. <br />Mr. ecz ows l: Axed we're using yip all the <br />funds, pretty much, of the extra that we had <br />in order to cover this and then somewhere <br />down the road maybe we are going to be <br />tapping into city funds? <br />Mr. Irks: At this point, the Sample -Ewing <br />Development Area as a stand -alone area does <br />not and for the foreseeable future wi.11 not <br />have the capacity to cover its debt service. <br />It's short about $300,000 a year. Now v that <br />situation will probably improve somewhat as <br />the AJ Wright tax abatement phases out. <br />22 <br />
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