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South Bend Redevelopment Commission <br />Regular Meeting -May 19, 2006 <br />6. NEW BUSINESS (CONT.) <br />J. Northeast Neighborhood Development Area <br />() continued... <br />determined that some of the landfill <br />extended onto this property. The application <br />is for a loan to remediate the property by <br />capping the landfill and extending the <br />methane gas collection system and tying it <br />into the system that was installed at <br />Fredrickson Park. <br />One of the reasons for applying for the loan <br />is that the Redevelopment Commission is <br />considered a separate legal entity from the <br />City of South Bend. Because it is a separate <br />entity, a portion of these loan funds can <br />actually be granted to it, up to a maximum of <br />$100,000. It will be a loan from the city of <br />the redevelopment Commission, but a <br />portion of it will be forgiven. We are asking <br />that the maximum of $100,000 be forgiven. <br />We do not have the exact cost estimates for <br />the remediation. There were some soil <br />borings done on the property in 2004 to <br />determine that the landfill extended onto the <br />property but the depth and extent of the <br />landfill still needs to be determined. Phase II <br />testing is scheduled to take place within the <br />next couple of weeks. Once that is finished <br />we'll have an idea of the remediation cost <br />and how much we need to borrow. The <br />expectation is that total remediation costs <br />will be about $200,000. The intent is to pay <br />back the loan within one year at 0% interest. <br />The repayment will be from COIT which has <br />already been appropriated for this project. <br />32 <br />