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South Bend Redevelopment Commission Regular Meeting — September 13, 2011 6. NEW BUSINESS (CONT.) C. Airport Economic Development Area (1) continued... Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved Resolution No. 2939 pledging certain tax increment revenues on a subordinate basis to the payment of certain City of South Bend, Indiana Economic Development Revenue Bonds expected to be issued for the South Bend Career Academy project for a total of $1.5 million to be paid over three years. (2) 2 "d Amendment to Listing Agreement with CB Richard Ellis for the Hotel LaSalle and the vacant lot at Colfax and Hill Streets. Mr. Relos noted the Commission currently has a Listing Agreement with CB Richard Ellis to market the LaSalle Hotel and the vacant lot at Colfax and Hill Streets. In this challenging real estate market, staff believes CBRE is doing a good job marketing these two properties. We would like to extend it to August 31, 2012. Upon a motion by Ms. King, seconded by Mr. Downes and unanimously carried, the Commission approved the 2 "d Amendment to Listing Agreement with CB Richard Ellis for the Hotel LaSalle and the vacant lot at Colfax and Hill Streets. (3) Staff report on final relocation costs for Sinco Pool. Mr. Relos noted that on November 2, 2010, the Commission authorized the acquisition of 19 COMMISSION APPROVED RESOLUTION NO. 2939 PLEDGING CERTAIN TAX INCREMENT REVENUES ON A SUBORDINATE BASIS TO THE PAYMENT OF CERTAIN CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BONDS EXPECTED TO BE ISSUED FOR THE SOUTH BEND CAREER ACADEMY PROJECT FOR A TOTAL OF $1.5 MILLION TO BE PAID OVER THREE YEARS. COMMISSION APPROVED 2ND AMENDMENT TO LISTING AGREEMENT WITH CB RICHARD ELLIS FOR HOTEL LASALLE AND THE VACANT LOT AT COLFAX AND HILL STREETS.