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South Ben Redevelopment Commission <br />M <br />Regular eting —July 12, 2012 <br />6. NEW OUSINESS (CONT.) <br />C. West Washington- Chapin Development Area <br />(2 ) continued... <br />street parking for residents and visitors, <br />necessary site utility upgrades, sidewalks and <br />curbs, landscaping and lighting, exterior tuck <br />pointing and cleaning, and new thermo <br />windows. <br />On May 31, 2012, the Commission approved <br />Resolution No. 3035 and an Addendum to <br />the Master Agency Agreement, for the Board <br />of Public Works to oversee the <br />Commission's improvements. <br />To take full advantage of the tax credits to <br />make this project successful, the total cost of <br />$3.4 million must be spent by South Bend <br />Heritage Foundation. The attached <br />Disbursement Agreement allows SBHF to <br />incur all costs of the project, and thereby earn <br />the full amount of tax credits. The spending <br />of Commission funds will be governed by the <br />Disbursement Agreement, which allows <br />funds to be deposited in an escrow account, <br />and disbursed only with Commission <br />approval, ensuring the use is as, previously <br />agreed to in the Development Agreement. <br />Mr. Inks noted that when the Commission <br />funds projects with TIF, all of the <br />construction work typically goes through the <br />city's Board of Public Works and is overseen <br />by the Board of Works. Disbursements are <br />also approved by the Board of Works. That <br />will be the case here. It will be bid through <br />the city's Board of Public Works using the <br />city's bid process, and the draws will be <br />approved by city engineers that the work has <br />been completed properly. The only <br />23 <br />