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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 />(3) continued… <br /> <br />areaTIF revenues. Resolution No. 2435 <br />recognizes that we are receiving other city <br />funds for the completion of Eddy Street <br />Commons. It includes an amortization <br />schedule for the $6,727,397 that is expected <br />to go into the project. It includes capitalized <br />interest and an assumed interest rate of 5% <br />and schedules payments through the fifteen <br />years after the TIF cash flows start and <br />recognizes that TIF revenue will be used to <br />make those payments. <br /> <br />CRN.2435 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />C <br />REGARDING REIMBURSEMENT OF CERTAIN ITY <br />Mr. King and unanimously carried, the <br />SB <br />OF OUTH END FUNDS ADVANCED FOR THE <br />Commission approved Resolution No. 2435 <br />ESCP <br />DDY TREET OMMONS ROJECT <br />regarding reimbursement of certain City of <br />South Bend funds advanced for the Eddy <br />Street Commons Project. <br /> <br />Mr. Blake suggested that staff make public <br />the schedule of economic impact this project <br />is expected to have on the community. He <br />felt that it has not been adequately publicized <br />how big of an impact the project will have. <br />This is a really great project with a really <br />significant impact. <br /> <br /> <br />G. Douglas Road Economic Development Area <br /> <br /> <br />There was no business in the Douglas Road <br />Economic Development Area. <br /> <br /> <br />7. PROGRESS REPORTS <br /> <br />PR <br />Mr. Inks noted that the Commissioners requested an <br />ROGRESS EPORTS <br />update on the Studebaker Auto Parts building. A memo <br /> 19 <br /> <br />