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South Bend Redevelopment Commission <br />Regular Meeting —March 13, 2012 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(2) continued... <br />could occur. For the record, the 30 day <br />period is now over and the Commission may <br />consider any negotiated deal that is <br />presented. <br />Upon a motion by Mr. Varner, seconded by COMMISSION ACCEPTED THE REPORT THAT NO <br />Mr. Downes and unanimously carried, the BIDS WERE RECEIVED BY DECEMBER <br />Commission accepted the report that no bids 27,201 1 AND ACKNOWLEDGES THAT THE 30 DAY <br />were received by December 27, 2011 and WAITING PERIOD <br />acknowledges that the 30 day waiting period. <br />(3) Staff report on A. J. Wright payment. <br />Mr. Inks noted that the city has received the <br />first of nine annual payments from A.J. <br />Wright. The amount was $354,660, and we <br />will receive the same amount in each of the <br />next eight years. The State Board of <br />Accounts suggested the Redevelopment <br />Commission be asked the question of where <br />these funds should be receipted to. Putting <br />the monies in the General Fund, EDIT or <br />COIT all provide the same and greatest <br />flexibility for their use. Putting the monies in <br />the Airport TIF makes sense since that was <br />the source of funding for the A.J. Wright <br />project, and the TIF is still paying the bonds <br />related to that project. TIF, however, is more <br />limited in how it can be used. Mr. Inks <br />would recommend depositing to the EDIT <br />account since it has good flexibility and <br />connotes an intended use for economic <br />development purposes. <br />This item was brought to the Commission as <br />an added item at the last meeting. There was <br />15 <br />