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South Bend Redevelopment Commission <br />Regular Meeting — September 13, 2011 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(1) Resolution No. 2939 pledging certain tax <br />increment revenues on a subordinate basis <br />to the payment of certain City of South <br />Bend, Indiana Economic Development <br />Revenue Bonds expected to be issued for <br />the South Bend Career Academy project. <br />Mr. Inks noted that Resolution No. 2939 <br />pledges the loan of a total of $1.5 million to <br />be paid over 3 years to the South Bend <br />Career Academy. The Academy will pay 4% <br />interest on the loan. The total cost to acquire, <br />renovate, equip and provide for first semester <br />operating cash for the Academy totals $13.9 <br />million. Construction financing has been <br />provided by the Garatoni Family Foundation. <br />End financing is expected to come from <br />various bonds ($9.5 million, including the <br />TIF Pledge), federal funding of $150,000, <br />seller financing of $750,000 and private <br />contributions totaling $3.5 million (including <br />$1.0 million from the Garatoni Family <br />Foundation). <br />Mr. Inks noted that the South Bend Career <br />Academy is a public, vocationally oriented <br />charter school located in the Blackthorn <br />Office Park. It opened in August for grades <br />7 thru 9 with a target enrollment of 125 <br />students in each grade. Grades 10 thru 12 <br />will be added successively over the next 3 <br />years. As a public school it will be open <br />without charge to any Indiana resident. Its <br />operations will be funded by state tuition <br />payments beginning in January of 2012. <br />In addition to offering Indiana's "Core 40" <br />academic program, the Career Academy will <br />14 <br />