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Community & Economic Development
1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 ♦ Phone 574/235 -9371 ♦ Fax 574/235 -9021
To: Redevelopment Commissioners
From: Don Inks, Director
Subject: A.J. Wright Payment
Date: March 9, 2012
We received the first of nine annual payments from A. J. Wright. The amount is $354,660 and we
will receive the same amount in each of the next eight years. The State Board of Accounts suggested
the Redevelopment Commission be asked the question of where these funds should be receipted to.
Putting the monies in the General Fund, EDIT or COIT all provide the same and greatest flexibility
for their use. Putting the monies in the Airport TIF makes sense since that was the source of funding
for the A. J. Wright project, and the TIF is still paying the bonds related to that project. TIF,
however, is more limited in how it can be used. I would recommend EDIT since it has good
flexibility and connotes an intended use for economic development purposes.
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