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12-19-03 Redevelopment Commission Minutes
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12-19-03 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting— December 19, 2003 <br />Ms. Greene noted that the $310,000 the <br />Commission will be investing in the Palais <br />retail space is money that the Commission is <br />required to invest to make the area useful for <br />any future business venture and is not being <br />utilized specific to The Vine project. <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved the Lease Agreement <br />between The South Bend Redevelopment <br />Commission and Formatt, Inc. d/b /a The <br />Vine. ( Palais retail space) <br />D. Sample -Ewing Development Area <br />There was no business in the Sample -Ewing <br />Development Area. <br />E. Airport Economic Development Area <br />(1) Commission approval requested for <br />Resolution No. 2024 authorizing the <br />redemption of certain South Bend <br />Redevelopment Authority Lease Rental <br />Revenue Bonds, approving and <br />authorizing the execution of Escrow <br />Deposit Agreements, and certain other <br />matters. <br />Mr. Rock reported that Resolution No. 2024 <br />will pay off two (2) bonds in the Airport <br />Economic Development Area. The bonds <br />include the 1993 bond in the amount of <br />$3,190,000 and the 1997 bond in the amount <br />of $1,823,741.25. These bonds will be paid <br />with net cash. The cash amount for paying <br />off the 1993 bond is $2,673,735.11 with the <br />balance of the funds on hand with the bond <br />trustee. The cash amount for paying off the <br />1997 bond is $1,805,395.99 with the balance <br />15 <br />COMMISSION APPROVED THE LEASE AGREEMENT <br />BETWEEN THE SOUTH BEND REDEVELOPMENT <br />COMMISSION AND FORMATT, INC. D /B /A THE <br />VINE. (PALAIS RETAIL SPACE) <br />THERE WAS NO BUSINESS IN THE SAMPLE -EWING <br />DEVELOPMENT AREA. <br />
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