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South Bend Redevelopment Commission <br />Special Meeting —June I, 200' <br />2. NEW BUSINESS <br />A. Airport Economic Development Area <br />(1) continued... <br />Mr. k s: No. All the debt payments are <br />current. we do have a shortfall in terns of <br />the TIF revenue generated by the Sample- <br />Ewing Development Area to cover all the <br />debt service requirements in that area. But <br />the city is currently funding those shortfalls <br />through the city's capital budget. This year <br />the amount of that was Just under $300,000. <br />It will actually be less than anticipated <br />because we've had some SEDA revenue that <br />we didn't anticipate. In the future it goes <br />down to about $200,000 in 2008 and around <br />100 000 in 2009 and should be about break <br />every in 2010. That's all as the tax abatement <br />on the AJ Wright project phases out and the <br />revenues increase for SERA and we'll get to <br />abreak even point in about 2010. <br />Mr. Pec ko sl i : Assuming they're here in <br />2010. <br />Mr. Inks: They'll be here in 2010. what's <br />happened is that the investment required to <br />create the sites for new investment and new <br />jobs has put us in a position right now of <br />being about $300,00 short on the debt <br />service. But that is being covered by other <br />city sources. No debt at this point is in <br />default. <br />Mr. Pec kowsl i : But Sample -Ewing itself is <br />not generating any positive TTF income right <br />now. <br />Mr. Inks: At this point, that's correct. <br />9 <br />