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It was noted that through the various types of incentives <br /> that businesses were able to invest or reinvest in <br /> buildings, expansion of their buildings, expansion of <br /> employee benefits and/or increased employment. <br /> Pam Meyer noted that the association has also started a <br /> commercial loan program with approximately $150, 000. 00. She <br /> noted that currently a no-interest loan is being considered <br /> for the Housing Development Corporation for a project with <br /> the homeless. She also stated that "Peoples, Inc. " is an <br /> innovative project where individuals are providing lawn care <br /> and snow removal and related activities. The project <br /> received a $2, 000. 00 loan which is to be paid back over a <br /> two-year period without interest. The project is also <br /> sponsored by the National Association's of Neighborhoods. <br /> The program is also utilizing an in-kind contribution <br /> procedure for various lawn equipment. <br /> Councilman Luecke questioned whether the ten year period <br /> could be expanded. Pam Meyer explained that the law does <br /> permit an expansion, however, does not set forth the exact <br /> procedure to be followed. She also noted that Purdue <br /> University is presently doing a study on Urban Enterprise <br /> Zones and their initial review concludes that the program is <br /> "worth it" . There is also consideration for Federal <br /> legislation. <br /> Discussion then took place with regard to the Studebaker <br /> Corridor and which buildings may or may not be purchased by <br /> Redevelopment and the procedure which may be used. Mrs. <br /> Kolata noted that whether to invest or not invest by current <br /> owners does present a dilema, however, direct contact with <br /> the Redevelopment Office would prove both informative and <br /> beneficial to such specific land-owners. <br /> The Committee then heard a presentation by Ann Kolata on the <br /> Redevelopment Authority. She noted that the Redevelopment <br /> Authority is primarily a financing mechanism. The Authority <br /> has the ability to sell Revenue Bonds only. Through a lease <br /> payment arrangement with the Redevelopment Commission <br /> Revenue Bonds can be financied with payments being made from <br /> tax increment financing or several other sources. Basically <br /> by utilizing the Redevelopment Authority a not-for-profit <br /> corporation can be involved whereas by utilizing the <br /> Redevelopment Commission only a for profit corporation could <br /> be involved. Typcially the Commission goes to the State Tax <br /> Board for backing of the pay back procedure of the bond. <br /> Permission must be received to go over the levy and each <br /> decision is determined on a case-by-case basis. The ability <br /> to levy taxes on a year-to-year basis, if needed, may be <br /> pursued but the end result is that only Revenue Bonds and <br /> not General Obligation Bonds are involved. <br /> 4 <br />