Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting— December 19, 2003 <br />6. NEW BUSINESS <br />E. Airport Economic Development Area <br />(1) continued... <br />of the funds on hand with the bond trustee. <br />By approval of Resolution No. 2024 the <br />Commission is defeasing the bonds, giving <br />notice to the trustee that the bonds are being <br />paid off early and putting the dollars into an <br />escrow account to be dispersed in February <br />2004. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2024 <br />authorizing the redemption of certain South <br />Bend Redevelopment Authority Lease <br />Rental Revenue Bonds, approving and <br />authorizing the execution of Escrow Deposit <br />Agreements, and certain other matters. <br />(2) Commission approval requested for <br />Agreement to Extinguish Right to <br />Purchase and Mutual Release by and <br />among the City of South Bend by and <br />through its Redevelopment Commission <br />and Sycamore Knoll, Inc. <br />Ms. Greene reported that the Agreement is <br />related to a transaction approved by the <br />Commission in 1996. The property is <br />located in the Airport Economic <br />Development Area. Originally, the <br />Commission was going to sell an additional <br />parcel of property to an adjacent property <br />owner, Sycamore Knoll. There were <br />subsequently conflicts with respect to an <br />existing pipeline that could not be moved in <br />order to accommodate the transaction. The <br />16 <br />COMMISSION APPROVED RESOLUTION NO. 2024 <br />AUTHORIZING THE REDEMPTION OF CERTAIN <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />LEASE RENTAL REVENUE BONDS, APPROVING <br />AND AUTHORIZING THE EXECUTION OF ESCROW <br />DEPOSIT AGREEMENTS, AND CERTAIN OTHER <br />MATTERS. <br />