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South Bend Redevelopment Commission <br />Regular Meeting —October 19, 2007 <br />6. NEW BUSINESS (CONY.) <br />G. Douglas Road Economic Development Area <br />(2) continued... <br />Properties would serve as the guarantee on <br />this bond. Will Holladay be building the <br />street? Mr. Peterson responded that the City <br />of South Bend will construct the road. The <br />reason. Holladay would guarantee the bond is <br />because there isn't a long history of <br />increment in the Douglas Road Economic <br />Development Area. It wouldn't readily <br />appear that there woLild be enougli uicren -ie nt <br />to support payments on. th.e bond. When <br />olladay's new development comes on line, <br />there wi I l be enough increment to repay the <br />bond. <br />Mr. lee zl .owsl .1 asked what Holladay is <br />Putting at risk. . Mr . Peterson responded. that <br />Tat security Holladay will put up is what is <br />still being worked out. <br />Ms. Jones opened the Public Hearing for <br />whoever w shed to be heard concerning <br />Resolution No. 2391. Hearing no ore, she <br />asked if the Commissioners wished to <br />continue the h eari ng until 10 : 00 a.rn., <br />November 2, } . <br />Upon a motion by Mr. King, seconded by COM I ISS ION CONTINU E 'ri-ih PUB uc HEARING <br />ING <br />Mr. Downes and unanimously carried, the ON RESOLUTION No. 23 91 UNTII- 1 (x:00 A. M. , <br />Commission continued the Public Heafing on NOVEMBER 2, 2007 <br />Resolution No. 2391 until 10:00 a.rrm., <br />November 2. 2007. <br />(3) Commission approval requested for <br />Resolution loo. 2391. <br />Item 6.G.(3) was tabled to November 2, 2007 ITEM 6.G. (3) WAS TABLED <br />12 <br />