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South Bend <br />Regular Mei <br />6. NEW BU <br />c. Col <br />elopment Commission <br />- November 27, 1987 <br />(Cont.) <br />Mr. Nimtz explained that this method of <br />financing is a revenue supported bond, <br />not requiring taxation. However, the <br />lease would be backed by a general <br />obligation of the Redevelopment <br />Co ssion if there was a shortfall in <br />rev nues. <br />Mrs. Kolata noted that the two City -owned <br />garages are booked to over - capacity with <br />regular parkers. New office buildings <br />scheduled for the downtown and <br />prospective businesses looking for space <br />in e downtown are concerned with the <br />lac of parking. <br />Mr. 3uentert asked why private enterprise <br />didn't build a parking garage if it was <br />such a wonderful idea. <br />Ms. kuburn stated that when she first <br />moved to South Bend there were a group of <br />people trying to prevent the building of <br />Century Center. Fortunately, there were <br />others with future vision determined to <br />move forward. She chose to stay in South <br />Bend partly because of its future- <br />orierited citizens. <br />Upon a motion by Mr. Donoho, seconded by <br />Ms. Auburn and unanimously carried, the <br />Commission authorized the staff to <br />recaTmend to the Common Council the <br />establishment of a Redevelopment <br />Au rity, pursuant to law, with all the <br />righ s, powers and privileges thereto <br />appe tainincf. . <br />fission approval requested for <br />Lution No. 822 approving application <br />for teal property tax abatement <br />consideration for Kieffer /Zimoe <br />Mrs. i Kolata explained that the Commission <br />prevously authorized its President to <br />sign a petition for tax abatement for the <br />-7- <br />COMMISSION AUTHORIZED THE ESTABLISH- <br />MENT OF A REDEVELOPMENT AUTHORITY <br />