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South Bend Redevelopment Commission <br />Regular Meeting - December 19, 1997 <br />6. NEW BUSINESS (CONT.) <br />p. continued.... <br />is $1,448,673, expenses are $1,056,929, <br />debt service is $381,000 leaving a net <br />operating income of $10,754. Mrs. Kolata <br />commented that Blackthorn Golf Course <br />has met its budget every year and has been <br />able to pay its debt service from income <br />earned at the golf course. When the bond <br />issue was completed for the Blackthorn <br />Golf Course, the plan was to use golf <br />course revenues then land sale proceeds; <br />and, as a follow -up, tax increment finance <br />if it was needed to make the debt service <br />payment, but that hasn't been necessary. <br />All debt service payments have been made <br />from Blackthorn Golf Course operating <br />income. This budget was reviewed by the <br />Advisory Committee in November 1997 <br />and the budget was recommended for <br />approval by the Redevelopment <br />Commission. <br />Mr. Hunt opened the public hearing for <br />anyone who wished to speak. <br />JIM CIERZNIAK: I live at 1156 E. <br />Victoria Street. I would just like to <br />congratulate the Meadowbrook people and <br />the Redevelopment people for running a <br />very successful operation. Was it a <br />$300,000 operational profit for the year as <br />I recall? <br />JOE ZALESKI: Actually we're closer to <br />$350,000. <br />JIM CIERZNIAK: $350,000, I think that <br />F:\ HOME\CPHTPS \WPDATA \COMMSN\121997.MIN -19- <br />