12-19-03 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting— December 19, 2003 6. NEW BUSINESS E. Airport Economic Development Area (4) continued... Upon a motion by Mr. Blake, seconded by Mr. Faccenda and unanimously carried, the Commission approved the acceptance of a counter -offer in the amount of $106,800 related to the acquisition of property in the Airport Economic Development Area. (Gaby property) (5) Commission approval requested for Resolution No. 2026 amending Resolution No. 1965 entitled "A bond resolution of the South Bend Redevelopment commission authorizing the issuance of CW Tax Increment Revenue Bonds, Series 2003, of the South Bend Redevelopment District" as previously amended by Resolution No. 2004 and Resolution No. 2017. Mr. Rock reported that the City of South Bend is paying off two (2) bonds in the Airport Economic Development Area and issuing a new bond in the amount of approximately $14M. Resolution No. 2026 establishes the City of South Bend Controller as Registrar and Paying Agent for the new bond issue, resulting in an annual savings of an estimated $3,000 to $3,500. Upon a motion by Mr. Faccenda, seconded by Mr. Blake and unanimously carried, the Commission approved Resolution No. 2026 amending Resolution No. 1965 entitled "A bond resolution of the South Bend Redevelopment commission authorizing the issuance of Tax Increment Revenue Bonds, 20 COMMISSION APPROVED THE ACCEPTANCE OF A COUNTER -OFFER IN THE AMOUNT OF $106,800 RELATED TO THE ACQUISITION OF PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. (GABY PROPERTY) COMMISSION APPROVED RESOLUTION No. 2026 AMENDING RESOLUTION No. 1965 ENTITLED "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS, SERIES 2003, OF THE SOUTH BEND REDEVELOPMENT DISTRICT" AS PREVIOUSLY AMENDED BY RESOLUTION NO. 2004 AND RESOLUTION NO. 2017.