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South Bend Redevelopment Commission <br />.Regular Meeting -June 18, 2010 <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission accepted the proposal from <br />Herceg & Associates for the scope of <br />services and fee proposed. <br />C. West Washington-Chapin Development Area <br />There was no business in the West Washington- <br />Chapin Development Area. <br />D. South Side Development Area <br />(1) Public Hearing and consideration of <br />Resolution No. 2679 appropriating tax <br />increment financing revenues from <br />Allocation Area No. 2 Fund for the <br />payment of Certain Obligations related to <br />the South Side Development Area <br />Allocation Area No. 2 and other related <br />matters. <br />Ms. Leonard noted that Resolution No. 2679 <br />will appropriate an additional $3,000,000, a <br />portion of which will be funding we expect <br />to receive from the county any day now for <br />the 2010 distribution. This plus the <br />appropriation done earlier in the year will <br />allow us to make early payments on the <br />outstanding debt. <br />Mr. Inks noted that Erskine Commons has <br />performed very well from a tax standpoint. It <br />has tripled the tax revenue we expected to get <br />from the project. Consequently, when we <br />issued bonds, they were at terms that went <br />out 25 years. We believe by February 2011 <br />we may have sufficient resources to pay off <br />both the TIF Revenue Bond that we are <br />directly obligated to pay, as well as the <br />Economic Development Commission bonds <br />COMMISSION ACCEPTED THE PROPOSAL FROM <br />HERCEG & ASSOCIATES FOR THE SCOPE OF <br />SERVICES AND FEE PROPOSED <br />17 <br />