RM 08-09-91 - Laserfiche WebLink

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South Bend Regular Mai 6. NEW BU b. coy C. elcpment Commission - August 9, 1991 (Cont.) Mrs Kolata explained that this resolution was very similar to Resolution No. 1009, except that this is not for the Parking Garage project, this is for the Tax Increment Bonds of 1990 that were sold last year for the improvements in the Downtown, East Bank and Yimroe Park. This is the first time the Commission has dealt with the payments for this project, but it is taking basically the same act ar; the resolution authorizes moving $119,500 from that General Fund for the Jania.Ty, 1993 payment. The Board d is require that we always be three pa is ahead. TWo of those payments are capitalized interest and this is the third. Even though this is not needed until 1993, we need to take the action now, to meet our bond requirements. The financial advisor looked at all of this, and there is sufficient money in the TIF Gen�ral Account for this as well. Upon a motion by Mr. Faccenda, seconded by Mr. Donoho and unanimously carried, the Commission approved Resolution No. 1010, approving an appropriation of money from the South Bend Central Allocation Fund (South Bend Allocation Area No. 1A) Special Fund to the South Berxi Central Development Area Public Imp t Project Principal and Interest Account of the Redevelopment Dis riot Bond Fund. Mrs Kolata noted that this is the Colfax Theater property. This is related to the item on the agenda, in which we are asking permission to advertise the Notice of Intended Sale. This resolution would -5- CM1ISSION APPROVED - • • • 1 APPROVDG AN ••••••• • • • •• I SOUTH BEND CENTRAL • • • (SOUTH AREA BEND • • RA • NO. 1A) SPECIAL FUND TO THE So BEND CENTRAL DEVELOPYENT AREA PUBLIC R�EROVEMENT PROJECT PRINCIPAL • It INTEREST • • THE REDEVELORV= DISTRICT BOND It