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South Bend Redevelopment Commission <br />Regular Meeting -January 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />I. South Side Development Area <br />() continued... <br />The principal and term is the same in the <br />amended and restated resolution. The <br />maximum interest rate has been raised to 8%, <br />given current conditions. The resolution also <br />acknowledges the agreement between the <br />Commission and developer that if TIF is ever <br />not sufficient to make the bond payment, the <br />developer will make up the difference. <br />Mr. Inks noted that we have already taken <br />bids for the widening of Ireland Road, just <br />west of Michigan Street. We are nearly <br />ready to award the bid. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved Resolution No. 2225 <br />amending Resolution No. 2074, the Erskine <br />Commons bond resolution. <br />J. Northeast Neighborhood Development Area <br />There was no business for the Northeast <br />Neighborhood Development Area. <br />K. Other <br />(1) Commission approval requested to set a <br />Public Hearing for 10:00 a.m. on February <br />17, 2006 regarding Resolution No. 2206 <br />designating and declaring the Douglas <br />Road Economic Development Area, <br />approving an Economic Development <br />Plan, and establishing an allocation area <br />for purposes of tax incremental financing <br />and authorizing publication of a Notice of <br />COMMISSION APPROVED RESOLUTION N0.2225 <br />AMENDING RESOLUTION N0.2O74, THE ERSKINE <br />COMMONS BOND RESOLUTION <br />33 <br />