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South Bend Redevelopment Commission <br />Regular Meeting — September 13, 2011 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(1) Public Hearing on Resolution No. 2936 <br />appropriating tax increment financing <br />revenues from Allocation Area No. 1 Fund <br />for the payment of certain obligations and <br />expenses related to the Airport Economic <br />Development Area Allocation Area No. 1. <br />Ms. Leonard -Inks noted this Is the third <br />appropriation of the Airport Economic <br />Development monies for 2011. This will <br />appropriate the remaining funds in the <br />AEDA TIF: $500,000 or $600,000. On <br />December 31, 2011, the city will receive <br />another $5,200,000. <br />Mr. Varner asked if all projects would be <br />completed this year to which Ms. Leonard - <br />Inks replied that we may need to encumber <br />some. Mr. Inks responded that the city is not <br />encumbering just to tie up funds. These are <br />actual contracts that have been bid and <br />awarded for projects. The city is not <br />encumbering any funds that there is no actual <br />contractual obligation to proceed with. There <br />are items in our budget that have not been <br />encumbered such as the first piece of <br />infrastructure for Ignition Park. The city is in <br />the process of designing that but has not bid <br />the job out. There were enhancements to the <br />Data Realty Building that have not been <br />encumbered but it is in the budget. In past <br />years, there were a list of projects that were <br />hoped to be done but all of them were not <br />gotten to. This year staff has only been <br />appropriating as we need the money for <br />specific projects. The money that has been <br />appropriated to date is completely tied up in <br />projects that have been approved by the <br />5 <br />