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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 />(2) continued… <br /> <br />improvements that Kite is going to construct <br />would be adequate to make principal and <br />interest payments on the bonds. The tax levy <br />backup is included for purposes of enhancing <br />the marketability of the bonds. It is being <br />approved by the Commission in this <br />resolution solely in that context. This <br />resolution would authorize the tax levy if <br />there is a shortfall in funds. Kite and the city <br />have worked exhaustively to make sure that <br />the assessments would come on time to make <br />the bond payments. <br /> <br />CRN.2434 <br />Upon a motion by Mr. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />ESTABLISHING CERTAIN FUNDS AND ACCOUNTS <br />Mr. Downes and unanimously carried, the <br />IN CONNECTION WITH THE LEASE DATED AS OF <br />Commission approved Resolution No. 2434 <br />O15,2007SB <br />CTOBER BETWEEN THE OUTH END <br />establishing certain funds and accounts in <br />RCS <br />EDEVELOPMENT OMMISSION AND THE OUTH <br />connection with the lease dated as of October <br />BRA <br />END EDEVELOPMENT UTHORITY FOR THE <br />ESCP <br />15, 2007 between the South Bend <br />DDY TREET OMMONS ROJECT <br />Redevelopment Commission and the South <br />Bend Redevelopment Authority for the Eddy <br />Street Commons Project. <br /> <br /> <br />(3) Commission approval requested for <br />Resolution No. 2435 regarding <br />reimbursement of certain City of South <br />Bend funds advanced for the Eddy Street <br />Commons Project. <br /> <br />Mr. Inks noted that the city is committing <br />$5M to this project, in addition to $1.7M for <br />the Triangle development. As we presented <br />that financing structure to the Common <br />Council, the Council requested that it be <br />made clear that that money was a loan and <br />that they would be repaid from project <br /> 18 <br /> <br />