07-24-14 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting—July 24, 2014 loans for additional repairs that were beyond the maximum grant. This particular case had both a grant and loan. Those loans are generally due on sale. In this case the property was held in a family trust. The lady who signed the mortgage had only a life estate in the property. She is now deceased. That life estate is now expired, resulting in our mortgage expiring also. Brock Zeeb executed the release of that mortgage and we're asking the Commission to ratify that action. Upon a motion by Ms. Schey, seconded by Mr. Downes and unanimously carried, the Commission ratified the South Bend Home Improvement Program Release of Mortgage (818 S. 30th St.) H. Ratification of Services Contracts Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission ratified the services contracts approved by staff since the July 10, 2014 meeting. 7. PROGRESS REPORTS Tax Abatement: Ms. Hahn noted that the Common Council approved the designating resolution for Catalyst LLC for a 7-year real property abatement. They will construct two multi-tenant buildings in Ignition Park over two years at a cost of$12,000,000. Taxes to be abated over the seven years are estimated at $1,099,338. Taxes to be paid during that same period are estimated to be $1,491,684. They expect to create 32 jobs by the end of 2018 with a payroll of$960,000. 8. NEXT COMMISSION MEETING The Next Regular Meeting of the Redevelopment Commission is scheduled for 9:30 a.m., August 14, 2014. 9. ADJOURNMENT There being no further business to come before the Redevelopment Commission, Mr. Varner made a motion that the meeting be adjourned. Mr. Downes seconded. The meeting was adjourned at 9:52 a.m. f • S C. Ford, Executive Director Marcia I. Jone resident 7