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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 /> (3) continued... <br /> an interim action taken authorizing the funds <br /> to be deposited into the EDIT fund, but since <br /> it wasn't a formal agenda item at that <br /> meeting, the request was to put it on as a <br /> formal agenda item for ratification. <br /> Mr. Varner asked whether funds were A. J. <br /> Wright's settlement in lieu of meeting its <br /> goals for jobs created and if it is still paying <br /> property taxes on the building. Mr. Inks <br /> answered yes, they are still paying property <br /> taxes on the building and those payments are <br /> sufficient to cover the payments on the <br /> bonds. <br /> Ms. Jones asked if in the long-term <br /> budgeting that was done for the TIF, is there <br /> a compelling reason to keep the payment for <br /> the TIP Mr. Inks responded no. <br /> Mr. Davis stated that this is refreshing news <br /> and asked if there is any way this information <br /> could be sent to the public that the taxes and <br /> penalties are being paid due to the fact of <br /> jobs lost? There was no immediate response <br /> to that, but everyone agreed it would be good <br /> public relations to get the word out. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION RATIFIED ITS EARLIER DECISION TO <br /> Mr. Varner and unanimously carried, the DEPOSIT THE A.J.WRIGHT PENALTY PAYMENT <br /> THIS YEAR TO THE EDIT FUND IN THE AMOUNT <br /> Commission ratified its earlier decision t0 OF$354,660 AND AUTHORIZED THE SAME <br /> deposit the A. J. Wright penalty payment this AMOUNT FOR EACH OF THE NEXT EIGHT YEARS <br /> year to the EDIT fund in the amount of TO BE DEPOSITED IN THE EDIT FUND <br /> $354,660 and authorized the same amount <br /> for each of the next eight years to be <br /> deposited in the EDIT fund. <br /> 16 <br />