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Redevelopment Commission Meeting <br />IL Special Meeting — September 13, 2004 <br />6. NEW BUSINESS (CONT.) <br />A. South Side Development Area <br />(1) continued... <br />Hearing for whatever action the Commission <br />wished to take. <br />(2) Commission approval requested for <br />Resolution No. 2096. <br />Upon a motion by Mr.Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 2096 <br />approving an amendment to the South Side <br />Development Area of the City of South <br />Bend, Indiana, and related matters. <br />(3) Commission approval requested for <br />Resolution No. 2097 pledging certain tax <br />increment revenues to the payment of the <br />City of South Bend, Indiana, Taxable <br />Economic Development Revenue Bonds, <br />Series 2004 (Erskine Village Project) <br />Mr. Rompola noted that Resolution No. 2097 <br />pledges tax increment finance revenues for <br />the purpose of allowing an Economic <br />Development Commission revenue bond to <br />be issued by the City of South Bend for <br />onsite improvements related to the project. <br />The Commission's pledge of the TIF <br />revenues will be one of the sources of <br />support for that bond issue. If the TIF <br />revenues were ever insufficient, the <br />developer would be required to make up the <br />shortfall in the bond payments. Unlike <br />Erskine Commons, which contemplated the <br />Redevelopment Commission issuing the <br />bond, all of this TIF revenue is anticipated to <br />be used for the Economic Development <br />ILCommission revenue financing so that there <br />COMMISSION APPROVED RESOLUTION NO. 2096 <br />APPROVING AN AMENDMENT TO THE SOUTH SIDE <br />DEVELOPMENT AREA OF THE CITY OF SOUTH <br />BEND, INDIANA, AND RELATED MATTERS. <br />