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South Bend Redevelopment Commission <br />Regular Meeting - January 21, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />Ms. Manier noted that the Commission <br />should approve a Release of the previous <br />action as well as this Subordination <br />Agreement. <br />Upon a motion by Mr. Sharp, seconded <br />by Mr. Piasecki and unanimously <br />carried, the Commission approved the <br />Subordination Agreement with Valley <br />American Bank & Trust Company for <br />property located at 313 E. Ewing Street <br />in lieu of previous action taken by the <br />Commission. <br />d. Commission approval requested for <br />Resolution No. 1215 determining to pay <br />certain expenses incurred for local public <br />improvements in or serving the South <br />Bend Central Allocation Area (South <br />Bend Allocation Area No. 1A) from the <br />South Bend Central Allocation Area <br />(South Bend Allocation Area No. 1A) <br />Special Fund. <br />Mrs. Kolata explained that Resolution <br />No. 1215 determines to pay $400,000 <br />from the South Bend Central <br />Development Area for various activities <br />within the SBCDA and authorizes a <br />public hearing on the appropriation at <br />10:00 a.m. February 4, 1994, the <br />Commission's next meeting. The <br />$400,000 includes the rental income for <br />the Palais Royale and the St. <br />Joseph/Wayne Street Parking Garage <br />in <br />COMMISSION APPROVED THE <br />SUBORDINATION AGREEMENT WITH <br />VALLEY AMERICAN BANK & TRUST <br />COMPANY FOR PROPERTY LOCATED AT 313 <br />E. EWING STREET IN LIEU OF PREVIOUS <br />ACTION TAKEN BY THE COMMISSION <br />