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South Bend Redevelopment Commission <br />Regular Meeting - April 6, 2001 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />With a five -year abatement, the taxes paid will be <br />approximately $7,564.89. Therefore, the cost of <br />the abatement will be approximately $8,589.30 <br />over the five -year period. <br />Mr. Hunt noted for the record that Mr. Jon Hunt, <br />Director of Community & Economic <br />Development, is a member of the Board of <br />Directors of American Home Dreams. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Caldwell and unanimously carried, the <br />Commission approved Resolution No. 1833 <br />approving an application for real property tax <br />deduction for property located in the Sample - <br />Ewing Development Area. (American Home <br />Dreams) <br />d. Commission approval requested for <br />Resolution No. 1834 establishing certain funds <br />and accounts in connection with the lease <br />dated as of November 1, 1993, as amended, <br />between the South Bend Redevelopment <br />Commission and the South Bend <br />Redevelopment Authority for the Century <br />Center Project. <br />Mr. Inks explained that in 1994, bonds were <br />issued on the expansion of the Century Center. <br />The City's controller's office has been reviewing <br />the bonds and talking to financial consultants <br />about the possibility of refunding the bonds to <br />achieve a lower interest rate. They deemed that <br />the time is appropriate to look into refunding the <br />bonds in an amount not to exceed $7,000,000. <br />Mr. Rompola noted that the South Bend <br />Redevelopment Authority will adopt the bond <br />in <br />COMMISSION APPROVED RESOLUTION <br />NO. 1833 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED IN THE SAMPLE -EWING <br />DEVELOPMENT AREA (AMERICAN HOME <br />DREAMS) <br />