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South Bend Redevelopment Commission <br /> Regular Meeting—March 13, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (2) continued... <br /> could occur. For the record, the 30 day <br /> period is now over and the Commission may <br /> consider any negotiated deal that is <br /> presented. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION ACCEPTED THE REPORT THAT NO <br /> Mr. Downes and unanimously carried, the BIDS WERE RECEIVED BY DECEMBER <br /> Commission accepted the report that no bids 27,2011AND ACKNOWLEDGES THAT THE 30 DAY <br /> WAITING PERIOD <br /> were received by December 27, 201 land <br /> acknowledges that the 30 day waiting period. <br /> (3) Staff report on A. J. Wright payment. <br /> Mr. Inks noted that the city has received the <br /> first of nine annual payments from A.J. <br /> Wright. The amount was $354,660, and we <br /> will receive the same amount in each of the <br /> next eight years. The State Board of <br /> Accounts suggested the Redevelopment <br /> Commission be asked the question of where <br /> these funds should be receipted to. Putting <br /> the monies in the General Fund, EDIT or <br /> COIT all provide the same and greatest <br /> flexibility for their use. Putting the monies in <br /> the Airport TIF makes sense since that was <br /> the source of funding for the A.J. Wright <br /> project, and the TIF is still paying the bonds <br /> related to that project. TIF, however, is more <br /> limited in how it can be used. Mr. Inks <br /> would recommend depositing to the EDIT <br /> account since it has good flexibility and <br /> connotes an intended use for economic <br /> development purposes. <br /> This item was brought to the Commission as <br /> an added item at the last meeting. There was <br /> 15 <br />