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Redevelopment Commission Meeting <br />Regular Meeting — August 20, 2004 <br />would be Economic Development <br />Commission (EDC) bonds. The EDC may <br />authorize the issuance of bonds by the City <br />which will be loaned to Anchor South Bend <br />LLC, the developer of the Erskine Commons <br />project. Originally bonds like this were to be <br />paid entirely by the developer, with no <br />obligation to a city. Increasingly, however, <br />developers have requested that cities use TIF <br />revenues generated by the project to help pay <br />off the bonds. So the expectation is that the <br />first TIF generated would be used to pay the <br />City's TIF revenue bonds. Remaining TIF <br />would be used to repay the EDC bonds. This <br />would be in lieu of tax abatement which <br />could be granted to such a project. <br />The Commission's job is to pledge TIF <br />revenues to payment of the EDC bond. The <br />EDC will approve the bond at its meeting <br />later today. The Common Council must <br />approve the EDC's action by its own <br />ordinance. <br />Ms. Greene noted Mr. Rompola's <br />extraordinary responsiveness in providing <br />many documents needed for these actions in <br />a short period of time. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 2087 <br />pledging certain tax increment revenues to <br />the payment of the City of South Bend, <br />Indiana, Taxable Economic Development <br />Revenue Bonds, Series 2004 (Erskine <br />Commons Project <br />I. Northeast Neighborhood Development Area <br />J. Other <br />17 <br />COMMISSION APPROVED RESOLUTION NO. 2087 <br />PLEDGING CERTAIN TAX INCREMENT REVENUES <br />TO THE PAYMENT OF THE CITY OF SOUTH BEND, <br />INDIANA, TAXABLE ECONOMIC DEVELOPMENT <br />REVENUE BONDS, SERIES 2004 (ERSKINE <br />COMMONS PROJECT <br />