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South Bend Redevelopment Commission <br />Regular Meeting -December 7, 2007 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(1) continued... <br />(fJ continued... <br />revenues from the Allocation Area No. 1 <br />fund for the payment of certain obligations <br />and expenses related to the South Side <br />Development Area Allocation Area No. 1. <br />The next resolution being considered is <br />Resolution No. 2403, South Side <br />Development Area Allocation Area No. 2 <br />Mr. Inks noted that this is the Erskine <br />Commons allocation area. There are two <br />pieces of outstanding debt in the area. One is <br />a senior TIF revenue bond of $2,440,000. <br />The structure on that debt currently calls for <br />interest only payments. The Trustee has an <br />account with capitalized interest from the <br />bond issue that is sufficient to cover all the <br />interest payments through 2008. In 2009 the <br />appropriation we will come back with will <br />include a request for interest on that debt. <br />Mr. Inks noted that there is also a junior <br />Economic Development bond with a <br />payment of $140,000 due in August. The <br />amount listed in the Notice of Hearing was <br />$206,000. We would like to revise down the <br />allocation to the actual payment that is due, <br />$140,000. <br />Ms. Jones asked if anyone wished to speak <br />regarding Resolution No. 2403. There was <br />no one who wished to speak. <br />OBLIGATIONS AND EXPENSES RELATED TO THE <br />SOUTH SIDE DEVELOPMENT AREA ALLOCATION <br />AREA NO. 1. <br />PUBLIC HEARING ON RESOLUTION No.2403 <br />24 <br />