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Redevelopment Commission Meeting <br />ILRegular Meeting — July 16, 2004 <br />6. NEW BUSINESS CONT. <br />I. South Side Development Area <br />(1) continued... <br />the issuance of City of South Bend, <br />Indiana, Redevelopment District Tax <br />Increment Revenue Bonds and related <br />matters. <br />Mr. Rompola, explained that the proposed <br />bonds are for a project at the southwest <br />corner of the intersection of Ireland and <br />Michigan Streets. Resolution No. 2072 <br />authorizes the issuance of the bonds for <br />public improvements needed for the project <br />and schedules two public hearings. It is <br />contemplated that there would be an <br />additional bond issue through the <br />Economic Development Commission <br />(EDC) for the on -site improvements. The <br />Redevelopment Commission's role in the <br />EDC bond would be to pledge the tax <br />increment revenues from the project for <br />repayment of both bonds. The bonds for <br />the public improvements would be senior, <br />sold to the market. The EDC bonds would <br />be junior to the Redevelopment <br />Commission bonds. <br />There is a special meeting of the <br />Redevelopment Commission scheduled for <br />July 27 at 8:00 a.m. to adopt the final bond <br />resolution, hold the public hearing and <br />appropriate the proceeds of the bonds, and <br />hold a public hearing to amend the South <br />Side Development Area to split out a TIF <br />area with the same boundaries as the <br />project. The revenues from that TIF area <br />would be used to pay for these bonds. <br />13 <br />