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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 />(3) continued... <br />an interim action taken authorizing the funds <br />to be deposited into the EDIT fund, but since <br />it wasn't a formal agenda item at that <br />meeting, the request was to put it on as a <br />formal agenda item for ratification. <br />Mr. Varner asked whether funds were A. J. <br />Wright's settlement in lieu of meeting its <br />goals for jobs created and if it is still paying <br />property taxes on the building. Mr. Inks <br />answered yes, they are still paying property <br />taxes on the building and those payments are <br />sufficient to cover the payments on the <br />bonds. <br />Ms. Jones asked if in the long -term <br />budgeting that was done for the TIF, is there <br />a compelling reason to keep the payment for <br />the TIF? Mr. Inks responded no. <br />Mr. Davis stated that this is refreshing news <br />and asked if there is any way this information <br />could be sent to the public that the taxes and <br />penalties are being paid due to the fact of <br />jobs lost? There was no immediate response <br />to that, but everyone agreed it would be good <br />public relations to get the word out. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission ratified its earlier decision to <br />deposit the A. J. Wright penalty payment this <br />year to the EDIT fund in the amount of <br />$354,660 and authorized the same amount <br />for each of the next eight years to be <br />deposited in the EDIT fund. <br />16 <br />COMMISSION RATIFIED ITS EARLIER DECISION TO <br />DEPOSIT THE A. J. WRIGHT PENALTY PAYMENT <br />THIS YEAR TO THE EDIT FUND IN THE AMOUNT <br />OF $354,660 AND AUTHORIZED THE SAME <br />AMOUNT FOR EACH OF THE NEXT EIGHT YEARS <br />TO BE DEPOSITED IN THE EDIT FUND <br />