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South Bend Redevelopment Commission <br /> Regular Meeting—September 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (1) Resolution No. 2939 pledging certain tax <br /> increment revenues on a subordinate basis <br /> to the payment of certain City of South <br /> Bend, Indiana Economic Development <br /> Revenue Bonds expected to be issued for <br /> the South Bend Career Academy project. <br /> Mr. Inks noted that Resolution No. 2939 <br /> pledges the loan of a total of$1.5 million to <br /> be paid over 3 years to the South Bend <br /> Career Academy. The Academy will pay 4% <br /> interest on the loan. The total cost to acquire, <br /> renovate, equip and provide for first semester <br /> operating cash for the Academy totals $13.9 <br /> million. Construction financing has been <br /> provided by the Garatoni Family Foundation. <br /> End financing is expected to come from <br /> various bonds ($9.5 million, including the <br /> TIF Pledge), federal funding of$150,000, <br /> seller financing of$750,000 and private <br /> contributions totaling $3.5 million (including <br /> $1.0 million from the Garatoni Family <br /> Foundation). <br /> Mr. Inks noted that the South Bend Career <br /> Academy is a public, vocationally oriented <br /> charter school located in the Blackthorn <br /> Office Park. It opened in August for grades <br /> 7 thru 9 with a target enrollment of 125 <br /> students in each grade. Grades 10 thru 12 <br /> will be added successively over the next 3 <br /> years. As a public school it will be open <br /> without charge to any Indiana resident. Its <br /> operations will be funded by state tuition <br /> payments beginning in January of 2012. <br /> In addition to offering Indiana's "Core 40" <br /> academic program, the Career Academy will <br /> 14 <br />