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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 />