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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574! 235-9371 <br />FAx 574/235-9021 <br />TDD 574! 235-5567 <br />CITY OF SOUTH BEND STEPHEN ,J. LUECKE, MAYOR <br />COMMUNITY ~L ECONOMIC DEVELOPMENT <br />.JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />January 7, 2009 ~ ~ ~~ ~ , ~~ -~~~ <br />South Bend Common Council <br />Fourth Floor Council Chambers <br />400 County-City Building <br />South Bend, IN 46601 <br />Dear Council Member: <br />The attached bill for your consideration and approval will approve the Interlocal Agreement <br />between South Bend and Mishawaka for the widening of Douglas Road. Financing for this <br />project is in part coming from a loan from Mishawaka in the amount of $1,150,000. This loan <br />will be repaid over 20 years with 5% interest from TIF revenues generated by development <br />in the Douglas Road TIF area. Mishawaka will also provide $250,000 for payment of project <br />expenses directly related to Mishawaka. City of South Bend Major Moves funds in the <br />amount of $1,000,000 and $700,000 of South Bend Sewer Capital will also be used to fund <br />this project. The Major Moves funds are to be reimbursed with 5% interest from the area's <br />TIF revenues. You may recall when this TIF area was established it was for the purpose of <br />stimulating development and to pay for the widening of Douglas Road which was necessary <br />to spur the development. <br />I, will make the presentation to the Council at your January 12th meeting. If you have any <br />questions, please call me at 235-9339. <br />Sin rely, -~ <br />.-,~~ <br />Donald E. Inks <br />Director <br />Economic Development <br />cc: Jeff Gibney <br />F((ed In G(erk'~ Of~(ce <br />JAN - 7 2009 <br />JONEV VOORDE <br />C(T(CE.ERK, S0. BEIdD, IN. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT <br />PAMELA C. MEYEA DONALD E. INKS <br />574/235-9660 574/235-9371 <br />FAX: 574/235-9697 <br />FINANCIAL & PROGRAM ~~ <br />MANAGEMENT <br />ELIZABETH LEONARD <br />5741235-9371 <br />