09-19-03 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting— September 19, 2003 6. NEW BUSINESS F. Airport Economic Development Area (1) continued... Since that time, we've been able to get them down to 125 percent, which is the industry standard. You may recall earlier in the spring we started to process a bond issue for the Airport for a variety of road projects. What we did was go back and express to them since we're doing a new bond issue we don't want to have to adhere to 150 percent requirement because it is not an industry standard and it's not reasonable to do in light of everybody else in the world using 125 percent. They finally agreed to that, so what we are doing here is reducing the parity requirement for any future Airport bond issue from 150 percent to 125 percent. That is the purpose of amending Resolution No. 2003. Upon a motion by Mr. Kahn, seconded by Mr. Blake and unanimously carried, the Commission approved Resolution No. 2003 amending Resolution No. 1830 entitled "A Resolution of the Redevelopment Commission of the City of South Bend, Indiana, amending Resolution No. 1823 entitled "Resolution of the Redevelopment Commission of the City of South Bend, Indiana, pledging Tax Increment Finance revenues for the payment, if necessary, of the principal of and interest on a loan from the Environmental Remediation Revolving Loan Fund administered by the Indiana Development Finance Authority". 15 COMMISSION APPROVED RESOLUTION NO. 2003 AMENDING RESOLUTION NO. 1830 ENTITLED "A RESOLUTION OF THE REDEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, AMENDING RESOLUTION NO. 1823 ENTITLED "RESOLUTION OF THE REDEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, PLEDGING TAX INCREMENT FINANCE REVENUES FOR THE PAYMENT, IF NECESSARY, OF THE PRINCIPAL OF AND INTEREST ON A LOAN FROM THE ENVIRONMENTAL REMEDIATION REVOLVING LOAN FUND ADMINISTERED BY THE INDIANA DEVELOPMENT FINANCE AUTHORITY ".