2 Agenda 2-14-12 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — February 14, 2012 Redevelopment Commission agreed to cover $1,750,000 of the cost; the design for $250,000; the amount being bid is $1.5 million. $2 million of additional work will be funded by the team's new owner 3. Memorial Hospital — we're close to being ready to go out for bid for the facade and skyway work as well as a parking lot. 4. Senior Housing at LaSalle is moving along. Mr. Downes asked what the status was on the LaSalle Hotel. Mr. Relos noted that on February 23 the announcement will be made as to what projects were awarded New Market Tax Credits. They've been waiting to hear if they are awarded the credits so they can start working to sell them. Even if they don't get the credits, they are still very interested in the project and will look at other ways of financing the project. The award of tax credits should be announced the end of June 2012. Mr. Inks noted that the city received its first payment from A.J. Wright on the penalties assessed for its closing at the west side processing building. The check was for $354,660 (the first of nine payments annually) per the agreement. We are having some discussion about where those funds should be deposited. Staff put that question to the State Board of Accounts last year and they said they don't have to go back into the area TIF. In consultation with the City Controller, our recommendation is that those funds be authorized to be deposited into the EDIT fund of this city, which would give maximum flexibility in terms of how those funds can be used. Upon a motion by Mr. Downes, seconded by Mr. Alford and unanimously carried, the Commission authorized depositing the AJ Wright penalty funds to the EDIT account, subject to ratification at the 10 COMMISSION AUTHORIZED DEPOSITING THE Ai WRIGHT PENALTY FUNDS TO THE EDIT ACCOUNT, SUBJECT TO RATIFICATION AT THE NEXT REDEVELOPMENT COMMISSION MEETING