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South Bend Redevelopment Commission <br />Regular Meeting —June 20, 2003 <br />6. NEW BUSINESS <br />G. South Side Development Area <br />(1) continued... <br />"Erskine Village ". Staff has been working <br />on a Development Agreement consistent <br />with that MOU and had hoped to have the <br />Development Agreement details finalized <br />for presentation to the Commission today. <br />By approving Resolution No. 1983, the <br />Commission would approve the execution of <br />a Development Agreement once it is <br />completed consistent with the MOU. This <br />would expedite matters and avoid the need <br />for a Special Meeting. If there are any <br />changes from the MOU or as discussed in <br />today's meeting, we would then request <br />IL another public meeting to bring the revised <br />agreement to the Commission for approval. <br />Essentially, the key point that the <br />Commission should be aware of is the <br />Commission's role in the Development <br />Agreement would be the traditional role of <br />infrastructure public improvement work in <br />the project, such as utility relocations, <br />streetscape and some site preparation. The <br />intent of public participation is to bring the <br />development site for the project to a level <br />playing field with respect to redevelopment <br />of the site. <br />The financing will be divided up into <br />two (2) phases consistent with the project as <br />described in the agreement. On the front <br />end there would be an industrial <br />development bond issued which the <br />developer would purchase. The second <br />iL phase of the project would be financed <br />18 <br />