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South Bend Redevelopment Commission <br />Regular Meeting –September 4, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />C <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION ACCEPTED THE PROPOSAL FROM <br />AT&T <br /> FOR A NEW TELEPHONE SYSTEM FOR <br />Ms. King and unanimously carried, the <br />BGC <br />LACKTHORN OLF OURSE FOR THE SCOPE <br />Commission accepted the proposal from <br /> <br />OF SERVICES AND FEE PROPOSED <br />AT&T for a new telephone system for <br />Blackthorn Golf Course for the scope of <br />services and fee proposed. <br /> <br /> <br />(2) Staff report on TCU notice and offer to <br />Redevelopment Commission regarding <br />SASCO loan. <br /> <br />Mr. Inks noted that in 1999, to facilitate the <br />purchase and move of Studebaker Auto Parts <br />inventory, the Redevelopment Commission <br />took a note from SASCO in the amount of <br />$150,000. TCU is now offering to buy the <br />debt instrument, security and risk guarantee <br />and related documents for the amount of <br />$10,000. That same $10,000 is being made <br />to other subordinated lenders, including the <br />Industrial Revolving Fund and Mr. Geoff <br />Newman. The IRF made an initial loan of <br />$200,000; Mr. Newman had a $100,000 loan. <br />The current balance on the Redevelopment <br />Commission’s loan is $141,741. The first <br />few payments were made on the loan; then <br />payments became erratic and ceased after <br />September 2001. Currently, only the senior <br />lender (TCU) is receiving payments and has <br />a balance of $977,352. TCU has been <br />receiving interest-only payments and that at a <br />reduced interest rate. <br /> <br />TCU has notified the Redevelopment <br />Commission of its intent to sell the collateral <br />to the highest qualified bidder, in public, on <br /> 5 <br /> <br />