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South Bend edevelopment Commission <br />Regular Me ing - December 6, 1985 <br />Ms. Schwartz reported that the TIF bonds are PROGRESS REPORTS <br />getting ready for printing. The bonds will <br />then be available for a final closing with <br />Merrill Lynch who was awarded the bid. We did <br />receive notification of approval on the <br />interes rate from the State Board of Tax <br />Commissioners. <br />Ms. Je e Derbeck asked about the letter <br />Transpo received from the Urban Mass <br />Transportation Administration. <br />Mr. Nintz stated that the Commission received <br />a copy Of the letter from Transpo. The <br />Commission is willing to work with Transpo to <br />solve the situation any way that is possible. <br />Mr. Hunt clarified the article in the South <br />Bend Tribune that a portion of the grant from <br />UMTA was used to purchase new buses and for <br />capital improvements. The article left the <br />impression that the money was lost when it <br />actuall was used for other purposes. Transpo <br />must co up with a plan within 90 days or <br />have a hance of losing the grant funds. <br />Mr. Hunt$ read the following letter into the <br />record: <br />November 22, 1985 <br />Mr. J'os ph ZaVisca, General Manager <br />South B nd Public Transportation Corporation <br />901 E. orthside Blvd. <br />South Bind, IN 46624 <br />Dear Mr.l ZaVisca: <br />Du ing the triennial review of the South <br />Bend Public Transportation Corporation <br />represer.tatives of this office expressed <br />concern over the lack of progress on the South <br />Bend downtown transfer center. <br />Ouz records indicate a total of $1.9 <br />million in UMTA funds has been obligated for <br />this pr iect since the original grant was <br />approved in 1981. To <br />-5- <br />