RM 09-25-87 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Me ing - September 25, 1987 6. NEW BUSINESS (Cont.) c. (-om nuea.. . purchased from Nelson Fuel and the Norfolk Southern Railroad. Resolution No. 813 would allow the Civil City to be re' ursed by the Commission from Tax Increment Financing revenues that are ge rated by the new development of Air o, New Energy, and Mastic to pay back the loan from the State. Ms. Schwartz explained that the only difference between the processes in the two resolutions is that Resolution No. 812 is a total reimbursement of e nditures made all at once. Resolution No. 813 basically reimburses the City over a period of years that coincide with the City's need for those funds to pay back the State loan. She pointed out that this is the first time tha the State of Indiana has used this mechanism with a local Redevelopment Commission for a reimbursement of Tax Increment Financing funds. They see this as a test and model to be used in future projects across the state where a state loan being repaid by tax increment finacing is associated with a red velopment project and not just an economic development project. Ms. Auburn declared a conflict of int rest on Resolution No. 812 and Resolution No. 813 and refrained from discussion and voting. Upon a motion by Mr. Combs, seconded by Mr. Piasecki and carried, the Commission approved Resolution No. 812, authorizing reimbursement to the City of South Bend for expenditures made within the Rum Vil aae Industrial Park. d. Commission or nt to the Cit tures made wi for of South Bend in the Rum State Loan) -12- COMMISSION APPROVED RESOLUTION NO.812 AUTHORIZING REIMBURSEMENT TO THE CITY OF SOUTH BEND FOR EXPENDITURES MADE WITHIN THE RUM VILLAGE INDUS- TRIAL PARK