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Redevelopment Commission Meeting <br />Special Meeting — September 13, 2004 <br />6. NEW BUSINESS (CONT.) <br />A. South Side Development Area <br />(3) continued... <br />would be two series of EDC bonds: one sold <br />to the public, backed by the developer and <br />the second series actually purchased by the <br />developer. The pledge is for a period not to <br />exceed 25 years. The bond term is expected <br />to be 20 years. There is a recapture of 5 <br />years in the event that the TIF were ever <br />short. In the negotiations, the City would <br />allow TIF to be extended for 5 additional <br />years. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2097 <br />pledging certain tax increment revenues to <br />the payment of the City of South Bend, <br />Indiana, Taxable Economic Development <br />Revenue Bonds, Series 2004 (Erskine <br />Village Project) <br />7. Progress Reports <br />There were no Progress Reports. <br />8. Next Commission Meeting <br />The next meeting of the Redevelopment Commission is <br />scheduled for Friday, September 17, 2004 at 10:00 a.m. <br />9. Adjournment <br />COMMISSION APPROVED RESOLUTION NO. 2097 <br />PLEDGING CERTAIN TAX INCREMENT REVENUES <br />TO THE PAYMENT OF THE CITY OF SOUTH BEND, <br />INDIANA, TAXABLE ECONOMIC DEVELOPMENT <br />REVENUE BONDS, SERIES 2004 (ERSKINE <br />VILLAGE PROJECT) <br />PROGRESS REPORTS <br />NEXT COMMISSION MEETING <br />There being no further business to come before the ADJOURNMENT <br />Redevelopment Commission, Mr. Kahn made a motion <br />that the meeting be adjourned. Mr. Blake seconded the <br />motion and the meeting was adjourned at 8:07 a.m. <br />' i " <br />�^ Donald E. Inks, Dire or -Mafei.R4, J <br />Philip J. Faccenda, Vice President <br />