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<br />The South Bend Redevelopment Authority <br />October 17, 2007 Meeting Minutes <br />annual TIF revenues coming off the project and debt service of about $3.1M so <br />we expect there will be a significant coverage on an annual basis to cover the debt <br />service, leaving about $1M potential excess TIF coming off the project each year. <br />Mr. Alvarez liked the anticipated number of jobs created in this project and said <br />he assumed that Kite will use local people in the construction process. Ms. <br />Ottesen said they do use local people in the construction. They have had their <br />construction team meeting with local contractors already. Mr. Inks said the <br />numbers showed a piece of the economic impact analysis that we had done. For a <br />significant project like this we felt it was appropriate to go out and hire an <br />independent consultant and we have done that with Crowe, who has sent us an <br />initial draft of an economic impact analysis for this project. They are refining <br />those numbers and we should have a final draft of that as they complete the <br />assessed value work. We can then share that with everyone. This piece of the <br />report on the job site is probably complete, but the other aspects of the project are <br />still in process. <br />Upon a motion by Mr. Alvarez, seconded by Mr. Thomas, the Authority approved <br />Resolution No. 161 approving a proposed lease for certain land and local public <br />improvements between the South Bend Redevelopment Authority, as Lessor, and <br />the South Bend Redevelopment Commission, as Lessee, approving preliminary <br />plans, specifications and cost estimates for the projects and other related matters. <br />4. NEXT MEETING DATE: November 7, 2007 <br />5. ADJOURNMENT <br />There being no further business to come before the Redevelopment Authority the meeting <br />was adjourned at 1:45 p.m. <br />Secretary-Treasurer <br />Donald Inks, Director <br />4 <br />H:\W PDATA\AUTHORTY\! 01707.MIN.DOC <br />