My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2 Minutes 03-28-13 Meeting
sbend
>
Public
>
Redevelopment Commission
>
Agendas & Packets
>
2013
>
04-25-13
>
2 Minutes 03-28-13 Meeting
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/13/2014 12:32:16 PM
Creation date
4/22/2013 2:49:03 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
10
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
South Bend Redevelopment Commission <br />Regular Meeting —March 28, 2013 <br />B. South Bend Central Development Area <br />(4) continued... <br />Bend Redevelopment Commission and the South Bend Redevelopment Authority and <br />regarding related matters. (Century Center Bond Refunding) <br />C. Airport Economic Development Area <br />(1) Resolution No. 3124 accepting the transfer of real property from the South Bend <br />Redevelopment Authority. (Blackthorn Golf Course and multiple lots in Blackthorn <br />Corporate Park) <br />Mr. Relos noted that most city owned lots in Blackthorn are in the name of the <br />Redevelopment Authority. Since all bonds for Blackthorn are now fully paid, and in a <br />continuation of the effort to transfer properties to the appropriate city agency, staff has <br />begun the process to transfer these lots from the Authority to the Commission. <br />When development opportunities occur in Blackthorn, having the properties already <br />transferred to the Commission will allow for a quicker turn around when closing on the <br />property. <br />On March 20, 2013, a resolution to transfer these lots was approved by the Authority, <br />subject to Commission approval of this Resolution. Once both bodies approve their <br />respective resolutions, deeds will be prepared to complete the transfer. <br />Staff requests approval of Resolution No. 3124. <br />Ms. Jones asked Mr. Inks to explain for the audience why the Redevelopment Authority is <br />involved. Mr. Inks responded that the Redevelopment Authority is specifically set up to <br />issue lease revenue bonds. When the bonds are issued, they are used to purchase physical <br />assets, such as land, building, etc., or to build a building. Whatever that asset is, is then <br />leased from the Redevelopment Authority to the Redevelopment Commission so that the <br />Commission can use its resources (often TIF funds) to make the lease payments and pay the <br />bonds that are issued by the Redevelopment Authority. One of the prime benefits of using <br />these revenue bonds is they do not count against the bond cap that the Redevelopment <br />Commission has. When those assets are leased from the Authority to the Commission, the <br />provisions of those leases indicate that at the time the bonds are paid off, the property is to <br />be transferred to the Redevelopment Commission. The Redevelopment Authority has no <br />function other than to issue bonds. <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 3124 accepting the transfer of real property from the <br />South Bend Redevelopment Authority. (Blackthom Golf Course and multiple lots in <br />Blackthorn Corporate Park) <br />
The URL can be used to link to this page
Your browser does not support the video tag.