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South Bend Redevelopment Commission <br />ReschedulEK4 Regular Meeting - April 13, 1989 <br />6. NEW BUSINESS (Cont.) <br />b. Cor#tinued... <br />Department of Economic Development has <br />already secured from the Department of <br />Ho ing and Urban Development. We have <br />an erlay that summarizes the project <br />funis for the initial phase of our Plan. <br />In addition to the $600,000 Section 108 <br />loaa, an additional $95,000 of funds have <br />beea targeted from locally reallocated <br />Comanuty Development Block Grant funds. <br />OthBr sources of funding for future <br />redevelopment could came from a variety <br />of sources, including additional Section <br />108 loans, future Commtunity Development <br />revenue from Tax Incremental <br />Financing, and private sector investment. <br />The timetable for property acquisition is <br />al outlined on the overlay. This is a <br />schedule that Mr. Norris from the <br />Department of Econcmmic Development <br />proAded us and, if everything goes <br />reasonably well, according to the <br />sch Bdule, if the Plan is amended as we <br />are reccma*xK ing, we would expect to see <br />some physical changes on Washington <br />Street before the end of this year <br />In Closing, I would like to thank the <br />City of South Bend and its Department of <br />Economic Development for all of its <br />ass stance, and our consultants Trkla, <br />Pettigrew, Alan & Payne, for helping us <br />cre, ite a plan that has truly come from <br />witldn the neighborhood. <br />I'd like to introduce Mr. Jeff Gibney, <br />who will provide some additional <br />inf rmation about our concept for new <br />aff rdable housing. <br />Mr. Nimtz interrupted the presentation to <br />ask those presenters who have prepared <br />remarks to supply the Commission with a <br />copy following the meeting. <br />-15- <br />