Laserfiche WebLink
South Bend I Redevelopment Commission <br />Regular ting - July 14, 1989 <br />4. Q22ER CATIONS (Cont.) <br />5. <br />sM <br />b. cobtinued... <br />.al. Rehab Program, to inquire about <br />monitoring and report back to the <br />Mr. Combs asked if the Commission needs <br />to take any action due to the change in <br />ership since the loans were approved. <br />Ms Pfotenhauer responded that Ted <br />Leirerinan would have to check the <br />regulations and request the Ccarmmission to <br />take any action if it is necessary. <br />There *as no old business THERE VMS NO OLD B[TSINESS <br />a. <br />Kolata noted that after the last <br />ng, the staff became aware of the <br />to publish a Notice of Public <br />ng for this meeting to make the <br />priate fund transfer for the parking <br />[e lease payments prior to August 1. <br />The parking garage has semi - annual lease <br />pa is due in June and December of each <br />year and the Commission must have <br />suJ ficient money in the fund by August 1 <br />of each year to make the next year's <br />pa or it will have to levy taxes. <br />Th first lease payment is due the end of <br />year and that money is already in <br />the fund. 'Three sources of income will <br />be used to make the lease payments: net <br />cpxating income, the One Michiana Square <br />UDAG repayment, and tax increment <br />financing revenue not needed for payments <br />on other bonds. Since the garage is not <br />open, there is no net operating income <br />