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South Bend Redevelopment Commission <br />Regular Meeting –January 18, 2008 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. South Bend Central Development Area <br /> <br />(2) continued… <br /> <br />that Mr. Tarner has not expressed any <br />interest in doing that. <br /> <br />CA <br />Mr. Downes made a motion to approve the <br />OMMISSION APPROVED THE GREEMENT FOR <br />SCS <br />ERVICES BY AND BETWEEN THE ITY OF OUTH <br />Agreement for Services by and between the <br />B,DR, <br />END EPARTMENT OF EDEVELOPMENT <br />City of South Bend, Department of <br />SB <br />ACTING BY AND THROUGH THE OUTH END <br />Redevelopment, acting by and through the <br />RC <br />EDEVELOPMENT OMMISSION AND <br />South Bend Redevelopment Commission and <br />DSB,I. <br />OWNTOWN OUTH END NC <br />Downtown South Bend, Inc. Mr. King <br />seconded the motion. The motion carried on <br />a vote of four to one with Mr. Peczkowski <br />opposed. <br /> <br /> <br />(3) Commission approval requested for <br />Resolution No. 2431 continuing certain <br />funds and accounts in connection with the <br />Lease dated as of May 1, 1997, as amended <br />by an addendum to lease dated <br />January 15, 1998, between the South Bend <br />Redevelopment Commission and the <br />South Bend Redevelopment Authority for <br />the Morris Performing Arts Center <br />project. <br /> <br />Mr. Inks noted that the interest rate <br />environment is favorable for the refunding of <br />the bonds for renovation of the Morris <br />Performing Arts Center. The expected net <br />savings is $450,000. The new bonds will be <br />outstanding for about nine years. It’s an <br />annual savings in debt service of about <br />$100,000. <br /> <br />Mr. Inks noted that the Commission has not <br />had involvement with this bond since it was <br />sold. TIF is not used for repayment of the <br /> 8 <br /> <br />