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South Bend Redevelopment Commission Regular Meeting — October 25, 2011 Ms. Jones noted that most tax money comes from business, not residential. It was nearly 20 years ago that residential taxes were excluded from TIF. Mr. Varner asked Mr. Kain if he could bring a copy of the pro -forma to the next Commission meeting. Mr. Kain responded yes he will. Upon a motion by Mr. Downes, seconded by Ms. King and unanimously carried, the Commission approved Resolution No. 2951 expanding the boundaries of the South Bend Central Development Area, expanding the Allocation Area for the purposes of tax increment financing and amending the Development Plan for the South Bend Central Development Area. (2) Staff report on disposition of property (310 E South, 602 Carroll, 628 Rush, 609 Columbia and 620 Columbia. Mr. Sikora noted that on June 28, 2011 the Redevelopment Commission approved bid specifications, fair - market valuation, and advertising of legal notices to begin the disposition process for five properties in the Monroe Park neighborhood of the South Bend Central Development Area. No bids were received for any of the properties at the July 26, 2011 meeting. The law states that after a thirty -day period the properties could be sold at a negotiated price less than the Minimum Offering Price. On September 27, 2011 the Redevelopment Commission approved a contract with Bruce Gordon to list and market four of the five properties. We have now received offers on all five of the properties. 10 COMMISSION APPROVED RESOLUTION NO. 2951 EXPANDING THE BOUNDARIES OF THE SOUTH BEND CENTRAL DEVELOPMENT AREA, EXPANDING THE ALLOCATION AREA FOR THE PURPOSES OF TAX INCREMENT FINANCING AND AMENDING THE DEVELOPMENT PLAN FOR THE SOUTH BEND CENTRAL DEVELOPMENT AREA.