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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –February 6, 2008 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />F. Northeast Neighborhood Development Area <br /> <br />(1) continued… <br /> <br />and authorized execution of the finalized <br />Development Agreement, subject to final <br />approval by counsel. <br /> <br /> <br />(2) Commission approval requested for <br />Resolution No. 2434 establishing certain <br />funds and accounts in connection with the <br />lease dated as of October 15, 2007 between <br />the South Bend Redevelopment <br />Commission and the South Bend <br />Redevelopment Authority for the Eddy <br />Street Commons Project. <br /> <br />Mr. Inks noted that this resolution is <br />commonly referred to as the “pledge <br />resolution.” <br /> <br />Mr. Hill noted that the Whereas clauses refer <br />to all the previous actions the Commission <br />has taken related to this project. The <br />operative sections are on page three. <br />Section 1 creates and establishes the Eddy <br />Street Commons principal and interest <br />account in the Redevelopment District Bond <br />Fund which is the account that would pay <br />principal and interest on the bonds. The <br />bonds would be issued under the authority of <br />the Redevelopment Authority. <br /> <br />Section 2 refers to a tax levy. When the <br />Department of Local Government Finance <br />approved the financing, they determined that <br />this was not a controlled project, meaning <br />this is not a project that anticipates the use of <br />tax levy proceeds. The project is structured <br />so that the tax increment produced by the <br /> 17 <br /> <br />