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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 />(g) Commission approval requested for <br />Resolution No. 2403 appropriating tax <br />increment financing revenues from the <br />Allocation Area No. 2 fund for the <br />payment of certain obligations and <br />expenses related to the South Side <br />Development Area Allocation Area No. 2. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2403 <br />appropriating tax increment financing <br />revenues from the Allocation Area No. 2 <br />fund for the payment of certain obligations <br />and expenses related to the South Side <br />Development Area Allocation Area No. 2. <br />The next resolution being considered is <br />Resolution No. 2406, South Side <br />Development Area Allocation Area No. 3. <br />Mr. Inks noted that Allocation Area No. 3 <br />has one piece of debt outstanding, an <br />Economic Development bond. The terms of <br />that bond require us to pay to the Trustee on <br />an annual basis all of the TIF revenues <br />collected in the area. We anticipate that in <br />2008 the area will generate $800,000. We <br />request that full amount be appropriated so <br />that it may be paid to the Trustee under the <br />terms of the bond issue. <br />Ms. Jones asked if there was anyone who <br />wished to speak regarding Resolution <br />No. 2406 There was no one who wished to <br />speak. Ms. Jones closed the public hearing <br />on the TIF resolutions. <br />COMMISSION APPROVED RESOLUTION NO. 2403 <br />APPROPRIATING TAX INCREMENT FINANCING <br />REVENUES FROM THE ALLOCATION UREA NO.2 <br />FUND FOR THE PAYMENT OF CERTAIN <br />OBLIGATIONS AND EXPENSES RELATED TO THE <br />SOUTH SIDE DEVELOPMENT UREA ALLOCATION <br />UREA NO.2 <br />PUBLIC HEARING ON RESOLUTION N02406 <br />PUBLIC HEARING ON RESOLUTION NO.2406 <br />25 <br />