06-28-12 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting—June 28, 2012 6. NEW BUSINESS (CONT.) A. Public Hearings (2) Consideration of Resolution No. 3036. Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED RESOLUTION No.3036 Mr. Alford, the Commission approved, on a CONFIRMING A RESOLUTION AMENDING THE vote of four to one, Resolution No. 3036 DEVELOPMENT PLAN FOR THE SOUTH BEND CENTRAL DEVELOPMENT AREA AND ADDING confirming a resolution amending the ONE OR MORE PARCELS TO THE LIST OF PARCELS Development Plan for the South Bend TO BE ACQUIRED(331-335 S.MAIN,GATES Central Development Area and adding one or SALES LOT). more parcels to the List of Parcels to be Acquired. Mr. Davis was opposed. (3) Public Hearing on Resolution No. 3041, a Supplemental Appropriation Resolution of the South Bend Redevelopment District. Ms. Leonard Inks noted that Resolution No. 3041 will appropriate an additional $822,500 in the South Bend Central TIF district. The funds were received because the city paid off an old bond in early 2012. That payoff then released the debt service funds which were then put back into the TIF fund. The funds can now be appropriated. Of the $822,500, $529,649 will be used for debt service on the refinanced bond. That is necessary because when the cash was physically moved, the amortization schedule was recalculated and staff did not notice. The city still needs to pay the full amount. An additional $292,000 will remain from the $822,500 and will be added to the development opportunity reserve fund for a total in that account of$457,000. Mr. Inks noted for the record that the public hearing file is complete and contains a copy of Resolution No. 3040, determining to make the appropriation and setting the public 6