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South Bend Redevelopment Commission Regular Meeting —July 12, 2012 of Public Works to oversee the Commission's improvements. To take full advantage of the tax credits to make this project successful, the total cost of $3.4 million must be spent by South Bend Heritage Foundation. The attached Disbursement Agreement allows SBHF to incur all costs of the project, and thereby earn the full amount of tax credits. The spending of Commission funds will be governed by the Disbursement Agreement, which allows funds to be deposited in an escrow account, and disbursed only with Commission approval, ensuring the use is as previously agreed to in the Development Agreement. Mr. Inks noted that when the Commission funds projects with TIF, all of the construction work typically goes through the city's Board of Public Works and is overseen by the Board of Works. Disbursements are also approved by the Board of Works. That will be the case here. It will be bid through the city's Board of'Public Works using the city's bid process, and the draws will be approved by city engineers that the work has been completed properly. The only difference will be that the contract that is bid will be signed by South Bend Heritage or an entity related to Rushton Apartments. The city will not be liable on the contract but will be liable through the disbursement agreement to pay for that contract. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Revised Development Agreement with South Bend Heritage Foundation for rehabilitation and renovation of the Rushton Building (Northwest corner William and Washington 21 COMMISSION APPROVEDTHE REVISED DEVELOPMENT AGREEMENT WITH SOUTH BEND HER H AGE FOUNDATION FOR REHABILITATION AND RENOVATION OF THE RUSHTON BUILDING (NORTHWEST CORNER WILLIAM AND WASHINGTON STREETS).