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South Bend Redevelopment Commission <br />Regular Meeting -December 7, 2007 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(3) continued... <br />have designed the parcels into square parcels, <br />which could be combined making them <br />easier to sell. <br />Mr. Peczkowski asked why we were leasing <br />the property back from Transpo rather than <br />just selling them what they need. Ms. Kolata <br />said the transaction was complicated. <br />Transpo had some additional funding that <br />they could contribute to the project, which , <br />under this arrangement, they will get back in <br />a form that will go toward operating <br />subsidies over a period of years. That will <br />enable them to keep their fares lower. With <br />the competitive terms of the lease, Transpo is <br />basically providing us a more attractive <br />financial situation-the financial equivalent <br />of an interest free loan--for 20 years and we <br />are providing the first 12 acres at no cost to <br />them. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. King and unanimously carried, the <br />Commission approved Resolution No. 2417 <br />approving an Addendum to the Agreement <br />for the transfer of real property from the City <br />of South Bend, Indiana Redevelopment <br />Commission. (Transpo) <br />(4) Commission approval requested for <br />Resolution No. 2418 related to acquisition <br />of property in the Airport Economic <br />Development Area. (River of Life Church) <br />Mr. Witwer said Resolution No. 2418 sets <br />the offering price for the River of Life <br />COMMISSION APPROVED RESOLUTION NO. 2417 <br />APPROVING AN ADDENDUM TO THE AGREEMENT <br />FOR THE TRANSFER OF REAL PROPERTY FROM <br />THE CITY OF SOUTH BEND, INDIANA <br />REDEVELOPMENT COMMISSION. (TRANSPO~ <br />41 <br />