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South Bend Redevelopment Commission <br />Regular Meeting — January 16, 2014 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(10) continued... <br />Upon a motion by Ms. Shey, seconded by Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 3195 approving the fair market value of property in <br />the South Bend Central Development Area. (118 -124 William St.) <br />(11) Bid Specifications and Design Considerations for property in the South Bend Central <br />Development Area. (118 -124 William St.) <br />Ms. Jennings noted that the Bid Specifications & Design Considerations for this property <br />include that bids must meet the minimum offering price, must conform to the CBD zoning <br />designation and that proposals for reuse must include a basic reuse plan and project timeline. <br />During the review process, emphasis will be placed on compatibility with the goals and <br />objectives of the surrounding neighborhood as well as the Development Plan for the South <br />Bend Central Development Area. Bidders are prohibited from using the property for <br />speculation or land - holding purposes. <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried the <br />Commission approved the Bid Specifications and Design Considerations for property in the <br />South Bend Central Development Area. (118 -124 William St.) <br />(12) Authorization to publish the Notice of Intended Disposition of Property with <br />publication dates of January 24, 2014 and January 31, 2014 and Receipt of Bids at <br />9:00 a.m. on February 13, 2014. (118 -124 William St.) <br />Upon a motion by Ms. Schey, seconded by Mr. Downes and unanimously carried, the <br />Commission approved the Bid Specifications and Design Considerations for property in the <br />South Bend Central Development Area (118 -124 William St.) <br />B. Airport Economic Development Area <br />(1) Resolution No. 3198 approving $4,000,000 of Qualified Zone Academy Bonds (Direct <br />Pay), Series 2011 and 2013 (South Bend Career Academy, Inc.) for purposes of Section <br />147(f) of the Internal Revenue Code of 1986. <br />Mr. Meteiver noted that the South Bend Career Academy is seeking the issuance of <br />$4,000,000 in Qualified Zone Academy Bonds for the Academy. These are tax credit <br />bonds, and in no way the obligation of the City or the Issuer. The Issuer of the Bonds will <br />be the Public Finance Authority, a Wisconsin issuer that is authorized to issue bonds <br />nationwide. One of the requirements for the issuance of the bonds is that a public hearing be <br />held in the local jurisdiction where the project is located. Notice was published in the South <br />Bend Tribune for a meeting that was held Monday, December 30, 2013 at 10 am. The <br />7 <br />