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South Bend edevelopment Commission <br />Regular Mee ing - January 26, 1990 <br />6. NEW BUSUE55 (Cont.) <br />b. continued... <br />C. <br />Mr. Hunt noted that there are three ways <br />to use tax increment financing money <br />generated by new development in the <br />allccation areas: 1) to pay principal <br />and interest on bonds; 2) to pay for <br />daXect expenditures within the allocation <br />area; 3) and to reimburse the city for <br />expenditures made within the allocation <br />area. Resolution No. 907 authorizes <br />reimbursement to the City for UDAG funds <br />t in the area. <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Combs and unanimously carried, the <br />'ssion approved Resolution No. 907 <br />authorizing reinbursement to the City of <br />South Bend for expenditures made within <br />the Rum Village Industrial Park. <br />Mr. Hunt noted that the title of <br />Resolution No. 908 has been changed to <br />"Resolution of the City of South Bend <br />South Bend Redevelopment Commission <br />the boundaries of the West <br />W on- Chapin Development Area, <br />expanding the allocation area for <br />p of tax increment financing and <br />amer ding the development plan." <br />Mr. Norris, Project Manager for the West <br />Washington-Chapin area, explained that <br />Resclution No. 908 establishes the <br />acquisition list for the development plan <br />and makes the Comprehensive Plan <br />dev loped by the West Washington- Chapin <br />Revitalization Project, Inc. (WWCRP) , a <br />of the development plan for the <br />-4 <br />COMMISSION APPROVED - • • <br />• 907 AUTHORIZING r r.+ • iE <br />TO THE CITY OF SOUTH BEND FOR <br />EXPENDITURES MADE W1= TBE RUM <br />VILLAGE INDUSTRIAL PARK <br />