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South Bend Redevel- opment Commission <br />Regular Me ting - January.16, 1981 <br />7. PROGRESS REPORTS (continued) <br />Mr. McMahon continues.... <br />It can only be used for legitimate debts for that re- <br />development district and it cannot be used any other <br />place n the city. It can't be used in other rede- <br />velopment areas, it has to be in that redevelopment <br />area and only for those improvements particularly tied <br />into tat program. <br />We wou d expect that it will be much more of a benefit <br />to the property owners to participate in an increment <br />program as opposed to abatement, based on their up -front <br />cash requirements. The two tools are locally controlled <br />and do not use federal funds or federal support. <br />Mr. Buller: The.First Bank /Marriott Complex has both <br />abatem nt and it is also in an increment area. <br />Mr. McMahon: We have no program for the increment at <br />this t me and any program that would be developed would <br />have t anticipate the abatement. <br />8. NEXT COMMISSION MEETING <br />The ne it Regular Commission Meeting will be held at NEXT COMMISSION MEETING <br />10:00 .m. February 6, 1981. <br />9. ADJOURNMENT <br />There being no further business to come before the <br />Commission, Mr. Cira made a motion that the meeting ADJOURNMENT <br />be adjourned. The motion was seconded by Ms. Auburn <br />and unanimously carried. The meeting was adjourned at <br />10:58 a.m. <br />, Prl'.sident Porick M. <br />21 <br />n, Executive Director <br />