2. Minutes 6/18/10 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting -June 18, 2010 project by the city. Those funds will beheld as a reserve to make up the shortfall in the early years of the project. We do not expect there to be a call on any other city resources for 2011, 2012, 2013.. Mr. Varner asked what changes are being made in the development agreement. Mr. Inks responded that the original agreement called for the city to contribute all of the committed money to the project. If we'd built everything that was expected, there was still an obligation on the part of the city to look for additional improvements in the area to finish spending that money. Both parties have decided that that's not in anyone's best interest. That money will be freed up to take care of the shortfall in debt service. Ms. Spivey asked whose responsibility it is for the upkeep of the roundabout at the Airport. Mr. Inks responded that the Airport put that in. It should be the responsibility of the Airport or the Street Dept. to maintain it. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved Resolution No. 2705 determining that the tax increment which maybe collected in the Year 2011 is needed to satisfy obligations of the Commission and that no excess assessed value maybe allocated to the respective taxing units and other related matters. 7. PROGRESS REPORTS Mr: Inks noted the availability of New Market Tax Credits, competitively available each year. The city initiated an application for those funds to help fund redevelopment projects. The list of types of projects we're looking at supporting with those funds is the COMMISSION APPROVED RESOLUTION NO. 2705 DETERMINING THAT THE TAX INCREMENT WHICH MAY BE COLLECTED IN THE YEAR 2011 IS NEEDED TO SATISFY OBLIGATIONS OF THE COMMISSION AND THAT NO EXCESS ASSESSED VALUE MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS PROGRESS REPORTS 26