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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 25, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(1) continued... <br />which we have a significant commitment to <br />the MIND project. If we estimate our <br />revenues of that 10-year period and find that <br />we have revenues beyond the $2. SM <br />committed to LaSalle Square and beyond a <br />$SOM investment in the MIND project, then <br />we could consider an expenditure of the <br />excess being available for other projects, <br />such as Portage Prairie. If the revenues are <br />not sufficient, that would preclude a payment <br />out of cash, or the Commission could look at <br />financing options. <br />Mr. Blake noted that $2. SM, divided by 10 <br />years yields only $250,000 per year for <br />LaSalle Square. Mr. Inks agreed that that <br />was the math, but said the intent is to not do <br />that. The specifics were not spelled out at <br />the Council meeting, but the Commission has <br />budgeted $2. SM in 2008 and in 2009. Staff <br />would seek to keep revenues available during <br />a nearer timeframe. Our objective is not to <br />stretch out development in LaSalle Square. <br />We want to see that proceed immediately and <br />be completed. Mr. Blake confirmed that <br />LaSalle Square would have equal access to <br />additional funds available in from the AEDA <br />TIF after the $2. SM was used. Mr. Inks <br />agreed that it would. <br />Dr. Varner noted that "priorities" is a word. <br />The real definition of what is a priority is <br />where the expenditures come from and how <br />they are made over a period of time. He <br />thought the minimum to be spent on LaSalle <br />Square should have been made larger, $SM. <br />9 <br />