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South Bend edevelopment Commission <br />Rescheduled Regular Meeting - December 20, 1985 <br />6. NEW BUS$NESS (Cont.) <br />f. Continued... <br />Mr. Hunt explained that Resolution No. 758 <br />allows the Commission and staff to move ahead <br />with acquisition by eminent domain of the <br />parcel noted in Proclaimer Certificate No. 3 <br />should that be needed. <br />Upo a motion made by Mr. Donoho, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Co ssion approved Resolution No. 758 <br />relating to acquisition of property located <br />within the South Bend Central Development Area <br />by nent domain. <br />g. Conkission approval requested for Resolution <br />No. 759 authorizing reimbursement to the City <br />of South Bend for expenditures made within the <br />Rum Village Industrial Park. <br />Ms. Schwartz clarified that there are <br />currently two permitted uses of Tax <br />Incremental Funds by the Commission, bond <br />issues and reimbursement of expenditures, and <br />two different kinds of bond issues. In one <br />type of bond issue, which the Commission is <br />using now, the bond principal and interest are <br />paid back out of the incremental revenues <br />wi out general obligation backing of the <br />Red velopment district. The other is a bond <br />wi th the backing of the general obligation of <br />the Redevelopment district. The Commission is <br />also permitted by State law to reimburse the <br />City for funds expended by the City for public <br />improvements within the allocation area. In <br />the Rum Village Industrial Park, in the <br />development of the public improvements <br />associated with the New Energy project, there <br />werE a number of activities which the City <br />pai for from its cumulative sewer fund <br />sev ral years ago. The Department has kept <br />track of those expenditures and now have <br />rec ived the first payment into the Tax <br />Incremental Fund for the Rum Village <br />Allocation Area. What Resolution No. 759 <br />acccmplishes is appropriating those monies <br />bacR to the cumulative sewer fund as a <br />reinbursement for those expenditures. None of <br />the expenses paid for by the Urban Development <br />Action Grant will be reimbursed. <br />Q-C <br />COMMISSION APPROVED <br />RESOLUTION NO. 758 RELATING: <br />TO.ACQUISITION OF PROPERTY <br />LOCATED WITHIN_THE'.SOUrH <br />BEND :CENTRAL DEVELOPMENT <br />AREA BY EMINENT DOMAIN <br />