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South Bend <br />Regular Meg <br />6. NEW BU, <br />f. co <br />Vic <br />on <br />elopment commission <br />- February 23, 1990 <br />(Cont. ) <br />red last fall in the hopes of <br />sting an outlet mall, and <br />porates that area into the Airport <br />mic Development Area. The <br />aries of the area are approximately <br />x Drive on the east, Cleveland Road <br />e north, following the city limits <br />down to Lincolnway West, with <br />lrrwav West as the southern border. <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Donoho and unanimously carried, the <br />'ssion approved Resolution No. 919, <br />des gnating and declaring the Airport <br />Economic Development Area, approving an <br />Economic Development Plan and approving <br />an allocation area for purposes of Tax <br />emental Financing. <br />Mrs Kolata noted that we would like to <br />hire H. J. Umbaugh and Associates, CPA, <br />to serve as financial advisor and do some <br />financial analyses for us in the Airport <br />Economic Development Area to help us <br />develop the tax increment information and <br />to make projections concerning the <br />financing ' of public improvements that we <br />thirk will be necessary. <br />If a move forward with a bond issue for <br />the area, they will be our consultants on <br />tha bond issue. <br />Their fee is $4,500 for projecting the <br />size of the bond issue which might be <br />se.niced by tax increment financing, a <br />fee of $12,000 for doing the financial <br />plarning and working with any potential <br />developers in the area, and a fee <br />schedule for doing the bond issue which <br />would be based on the size of the issue. <br />-26- <br />COMNBSSION APPROVED RESOLUTION <br />NO. 919 DESIGNATING AND DECLARING <br />THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA, APPROVING AN ECONOMIC <br />DEVELOPMENT PLAN AND APPROVING AN <br />ALLOCATION AREA FOR PURPOSES OF <br />TAX INCREMENTAL FINANCIN <br />