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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 />6. NEW BUSINESS <br />E. Airport Economic Development Area <br />(2) continued... <br />Agreement to Extinguish Right to Purchase <br />and Mutual Release is the result of a series <br />of long term negotiations. The agreement <br />has been reviewed by Legal Counsel and <br />approval is recommended. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved the Agreement to <br />Extinguish Right to Purchase and Mutual <br />Release by and among the City of South <br />Bend by and through its Redevelopment <br />Commission and Sycamore Knoll, Inc. <br />(3) Commission approval requested for <br />amended Letter of Agreement from <br />Baker & Daniels to serve as Legal Bond <br />Counsel for the Airport Tax Increment <br />Finance (TIF) Revenue Bond Financing. <br />Mr. Rock reported that the Commission <br />previously approved a Letter of Agreement <br />for Baker & Daniels to serve as Legal Bond <br />Counsel for the Airport TIF Revenue Bond <br />Financing in the amount of $18,000. It is <br />requested that the agreement be increased to <br />an amount of $45,000 due to the selling of <br />the bonds through the Indiana Bond Bank <br />and the accompanying excessive time and <br />preparation work. <br />Ms. Greene noted that numerous changes <br />have taken place with respect to the Airport <br />and Downtown bonds, with Bond Counsel <br />putting forth extraordinary efforts in both <br />17 <br />COMMISSION APPROVED THE AGREEMENT TO <br />EXTINGUISH RIGHT TO PURCHASE AND MUTUAL <br />RELEASE BY AND AMONG THE CITY OF SOUTH <br />BEND BY AND THROUGH ITS REDEVELOPMENT <br />COMMISSION AND SYCAMORE KNOLL, INC. <br />
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