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South Bend Redevelopment Commission <br />Regular Meeting — November 4, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Sample -Ewing Development Area <br />(1) continued... <br />Studebaker Corridor Area A. The Section <br />108 Loan will be principally paid back from <br />funds from the CREeD District established in <br />the area, as well as TIF funds generated in <br />the Sample -Ewing Development Area. The <br />CREeD District expires in 2016, so TIF will <br />be used for repayment after that. This is a <br />subordinated Section 108 Loan to a Section <br />108 Loan that already exists for the area. <br />Ms. Greene noted that staff is in the process <br />of finalizing the loan agreements with HUD. <br />It is possible HUD may not require the <br />pledge of TIF funds. If that is the case, the <br />Commission may withdraw the pledge. <br />Mr. King clarified that the pledging of TIF is <br />an enabling action. The funds will not be <br />committed until the loan documents are <br />approved by whatever body approves them. <br />Ms. Greene agreed, stating that if any of the <br />actions necessary to affect the loan did not <br />happen, the pledging of TIF would be <br />nullified. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved Resolution No. 2195 <br />pledging certain tax increment revenues to <br />the repayment of a Section 108 Loan from <br />the U.S. Department of Housing and Urban <br />Development. <br />8 <br />COMMISSION APPROVED RESOLUTION NO. 2195 <br />PLEDGING CERTAIN TAX INCREMENT REVENUES <br />TO THE REPAYMENT OF A SECTION 108 LOAN <br />FROM THE U.S. DEPARTMENT OF HOUSING AND <br />URBAN DEVELOPMENT. <br />