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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 />(h) Commission approval requested for <br />Resolution No. 2406 appropriating tax <br />increment financing revenues from <br />Allocation Area No. 3 fund for the <br />payment of certain obligations and <br />expenses related to the South Side <br />Development Area Allocation Area No. 3. <br />Mr. Peczkowski asked if the $800,000 was <br />interest only. Mr. Inks responded that this is <br />the first year we are paying on the principle. <br />Mr. Peterson noted that this is a taxable <br />bond. We give all the money to the Trustee <br />who provided security for the bond. When <br />there is enough money to entirely pay off the <br />bond, it will be paid off. Until then the <br />Trustee invests it. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. King and unanimously carried, the <br />Commission approved Resolution No. 2406 <br />appropriating tax increment financing <br />revenues from Allocation Area No. 3 fund <br />for the payment of certain obligations and <br />expenses related to the South Side <br />Development Area Allocation Area No. 3 <br />(2) Public Hearing on Resolution No. 2404 <br />appropriating monies for the purpose of <br />defraying the expenses of certain local <br />public improvements for the fiscal year <br />beginning January 1, 2008 and ending <br />December 31, 2008, including all <br />outstanding claims and obligations, fixing <br />a time when the same shall take effect. <br />COMMISSION APPROVED RESOLUTION NO. 2406 <br />APPROPRIATING TAX INCREMENT FINANCING <br />REVENUES FROM ALLOCATION AREA NO. 3 <br />FUND FOR THE PAYMENT OF CERTAIN <br />OBLIGATIONS AND EXPENSES RELATED TO THE <br />SOUTH SIDE DEVELOPMENT AREA ALLOCATION <br />AREA No. 3 <br />26 <br />