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South Bend Redevelopment Commission <br />Regular Meeting — October 7, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Housing <br />(3) Commission approval requested for Loan <br />and Grant in connection with the South <br />Bend Home Improvement Program for <br />property located at 437 S. Carlisle Street. <br />(Kirk E. Wright) <br />Mr. Inks noted that the loan is in the amount <br />of $8,750. The grant is $8,610.56 <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Downes and unanimously carried, the <br />Commission approved the Loan and Grant in <br />connection with the South Bend Home <br />Improvement Program for property located at <br />437 S. Carlisle Street. (Kirk E. Wright) <br />ILC. South Bend Central Development Area <br />(1) Commission approval requested for Grant <br />Agreement by and among the City of <br />South Bend, Indiana, the South Bend <br />Redevelopment Commission and <br />Downtown South Bend, Inc. <br />Ms. Laurent noted that the Grant Agreement <br />governs funding for Downtown South Bend, <br />Inc. The agreement covers the $525,000 <br />budgeted for the 2005 fiscal year and <br />represents a significant step toward increased <br />accountability for the organization, which <br />receives funding from both COIT ($250,000) <br />and the SBCDA TIF ($275,000). TIF funds <br />are typically used for projects that DTSB <br />oversees and the COIT funds are used for <br />operational expenses. Since the scope of <br />activities and legal framework for the <br />agreement has been reached, it will be the <br />policy going forward that no expenditures <br />8 <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN CONNECTION WITH THE SOUTH BEND HOME <br />IMPROVEMENT PROGRAM FOR PROPERTY <br />LOCATED AT 437 S. CARLISLE STREET. (KIRK E. <br />WRIGHT) <br />