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South Bend Redevelopment Commission <br />Regular Meeting; October 9, 2007 <br />2. NEW BUSINESS (CONT.) <br />B. Northeast Neighborhood Development Area <br />{1} continued <br />Mr. Pec kowsl i asked about the term lease <br />rental , stipulating that the Redevelopment <br />Authority is the Lessor and the Commission <br />is the Lessee. Mr. Hill agreed. The <br />Redevelopment Authority issues the bonds. <br />The Authority emst as a building corporation <br />for the Redevelopment Commission. That is <br />its sole statutory purpose. It will be the <br />issuer of the bonds. The Commission will <br />collect the tax increment and make lease <br />payments to the Authority which will make <br />the principle and interest payments, through a <br />trustee. <br />Mr. Peczkowski questioned the use of the <br />term lease. It seems to be different than <br />the standard use. Mr. Hill responded that the <br />Commission will lease the improvements that <br />will be constructed, such as the parking <br />garage, the housing units and parking lots. <br />Mr. Pec l owsl i asked, then, if Kite is <br />responsible for all the items not listed in the <br />lease. Mr. Hill agreed that they are. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2387 <br />approving a proposed Lease between the <br />South Bead Redevelopment Authority, as <br />Lessor, and the Redevelopment Commission, <br />as Lessee, for certain land and public <br />improvemen ts, approving preliminary plans, <br />specifications and cast estimates, setting a <br />public hearing on the proposed Lease <br />pursuant to IC 36-7-14-25.2, and authorizing <br />COMMISSION APPROVED ESDI.UTI N No. 2357 <br />APPROVING A PROPOSED LEASE BETWEEN THE <br />SOUTH BEND REDEVELOPMENT AUTHORITY, AS <br />LESSOR, , AND THE REDEVELOPMENT <br />IT <br />COMMISSION, AS LESSEE, FDIC CERTAIN LAND <br />AND PUBLIC IMPROVEMENTS, APPROVING <br />PRELIMINARY Y PLANS, SPECIFICATIONS AND COST <br />ESTIMATES, , SETTIN i A PUBLIC HEARING ONTHE <br />PR POSM LEASE PURSUANT TO IC 36-7-14- <br />25. , AND AUTHORTZrNG PUBLICATION OF <br />NOTICE OF THE PUBLic HEARING AND SETTING <br />THE PUBLIC HEARING FOR 10:00 A.M. <br />NOVEMBER Z, 2007 <br />