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SOUTH BEND REDEVELOPMENT AUTHORITY <br />REGULAR MEETING <br />July 2, 2008 <br />1:30 p.m. <br />Presiding: Carolyn Pfotenhauer <br />1308 County-City Building <br />227 West Jefferson Boulevard <br />South Bend, IN 46601 <br />The July 2, 2008 Regular Meeting of the Redevelopment Authority was called to order at <br />1:30 p.m. by its Vice-President, Carolyn Pfotenhauer. There was a quorum present. <br />1. <br />2. <br />3. <br />ROLL CALL <br />Members Present: Ms. Carolyn V. Pfotenhauer, Vice President <br />Mr. Ray Thomas, Secretary <br />Member Absent: Mr. Jose Alvarez, President <br />Redevelopment Staff: Mr. Don Inks, Director of Economic Development <br />Mrs. Jenny Hullinger, Recording Secretary <br />APPROVAL OF MINUTES <br />a. Approval of the minutes of June 18, 2008 <br />Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and unanimously <br />carried, the Authority approved the Minutes of the Regular Meeting of June 18, 2008. <br />NEW BUSINESS <br />a. Authority approval requested for Resolution No. 170 approving a modification to <br />a Second Addendum to Lease for certain public improvements and regarding <br />other related matters. <br />Mr. Inks said the Authority had taken action on the initial lease for the <br />improvements at Century Center. When the lease was first approved it was for <br />$1,108,000 annually, and anticipated as part of the debt serve to meet the lease <br />payment was some TIF from the downtown TIF. We have since come to believe <br />there will not be sufficient TIF to allocate any for the bond issue for Century <br />Center. We have scaled the bond back to just the amount that can be supported by <br />the Hotel-Motel Tax and they have already pledged the $600,000 that is <br />referenced in the lease. That is why we have that amount for the bond. The City <br />Council took action on this at their last meeting and it was at that time that the <br />amount was changed through a substitute resolution. The Redevelopment <br />Commission, at its last meeting, took action to amend the lease to the $600,000 <br />amount., When the bonds are sold there will be an additional change to the lease <br />amount, set at the amount needed to cover the bond payments and trustee <br />payments on an annual basis, but it will not exceed the $600,000 that you are <br />