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South Bend Redevelopment Commission <br />Regular Meeting -June 18, 2010 <br />LaSalle Hotel, Ignition Park, Coveleski Ballpark, <br />Coveleski Neighborhood, and others. This is a tax <br />credit program. The city's application is for $SOM of <br />tax credits. By the time they are sold at a discount, the <br />fees related to the upfront use of the credits, what the <br />city would end up with is about $ l OM that can be used <br />to help make projects happen that otherwise wouldn't <br />happen. These projects have to be in lower income <br />areas of the city, but a large portion of the city fits those <br />income requirements. All the projects he mentioned <br />would fit that requirement. We also looked at East Bank <br />Plan implementation. That area would also meet the <br />low income requirement. The application was initiated <br />by the city. As we made the decision to pursue it, we <br />were too late to apply to be an eligible entity to receive <br />the allocation directly. However, South Bend Heritage <br />Foundation was already an eligible entity. They were <br />certified several years ago when the New Market Tax <br />Credit program started. South Bend Heritage was <br />willing to submit the application on the city's behalf. <br />Their application is built around the projects the city <br />wants to see done. We, therefore, feel it is appropriate <br />that the city incur the legal costs for that application. <br />Mr. Inks asked the Commission to recognize the city's <br />responsibility for the application and authorize staff to <br />put together a short letter agreement that we would bring <br />back for ratification. That agreement would be between <br />the Redevelopment Commission and South Bend <br />Heritage Foundation to cover only $15,000 for the <br />application's legal fees. Mr. Inks noted that there's no <br />guarantee the application will be successful. It's a very <br />competitive process. But we think it's worth the <br />opportunity to generate $lOM for projects. If we are not <br />successful this year, we can reapply next year. <br />Mr. Varner asked if the projects have to be specified. <br />Mr. Inks responded that they want a list of projects that <br />we would use the money for, but we are not bound by <br />that list. The application is only meant to demonstrate <br />to the Feds that we have a backlog of projects that. could <br />use the credits. <br />27 <br />