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REGULAR MEETING <br />Council with a favorable recommendation. <br />MAY 12, 2003 <br />Mr. Rick 011ett, Controller, City of South Bend, 14th Floor, County -City Building, South Bend, <br />Indiana, made the presentation for this bill. <br />Mr. 011ett advised that the submission of this bill is a new requirement as a result of the action by <br />the Indiana General Assembly in its most recent session. An amendment to Section 25.1 of House <br />Enrolled Act 1001 now requires that the Common Council approve the issuance of bonds by all <br />Redevelopment Commissions to the extent that the principal amount of such bonds exceeds $3 <br />million dollars. These particular revenue bonds of theAistrict were previously approved by the <br />Redevelopment Commission in an amount not to exceed $13 million dollars to be paid totally from <br />the taxes on real property located in that area which is the Airport Economic Development Area. <br />He noted that the project itself covers four (4) major projects which are Cleveland Road from <br />Mayflower to Ralph Jones Drive /Olive Road, Nimtz Parkway, Bendix Drive /Lincolnway <br />intersection and at the Bosch site, the Bendix Drive relocation and related right of way property <br />acquisition, engineering and improvement costs. <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in opposition to this <br />Resolution, Councilmember King made a motion to adopt this Resolution. Councilmember <br />Coleman seconded the motion which carried and the Resolution was adopted by a roll call vote of <br />eight (8) ayes. <br />BILLS - FIRST READING <br />BILL NO. 35 -03 FIRST READING ON A BILL APPROPRIATING $100,000 <br />FROM THE ECONOMIC DEVELOPMENT STATE <br />GRANT FUND FOR THE PURPOSE OF ASSISTING IN <br />THE SUPPORT OF THE DIVISION OF ECONOMIC <br />DEVELOPMENT'S AREA REVITALIZATION EFFORT <br />This bill had first reading. Councilmember Coleman made a motion to refer this bill to the <br />Community and Economic Development Committee and set it for Public Hearing and Third <br />Reading on May 27, 2003. Councilmember Varner seconded the motion which carried by a voice <br />vote of eight (8) ayes. <br />BILL NO. 36 -03 FIRST READING ON A BILL APPROPRIATING $48,270 <br />FROM THE ECONOMIC DEVELOPMENT STATE <br />GRANT FUND FOR THE PURPOSE OF ASSISTING IN <br />THE SUPPORT OF THE DIVISION OF ECONOMIC <br />DEVELOPMENT'S AREA REVITALIZATION EFFORT <br />This bill had first reading. Councilmember Coleman made a motion to refer this bill to the <br />Community and Economic Development Committee and set it for Public Hearing and Third Reading <br />