Laserfiche WebLink
South Bcnd Rcdc~clopmcnt Commission <br />Regular Meeting January I6. ?009 <br />6. 11~~b' BOSINESS (CONT.) <br />H. Douglas Road Economic Development Area <br />(1) continued... <br />continues lo, occur and is in need of the ne~m <br />5-lane Douglas Road. The area to be <br />~~ idcncd is from SR?3 east to the 5 lanes <br />coming out of Misha~~~aka. Financing has <br />been arranged through an Inter-Local <br />Agreement appro~ ed by the Common <br />Council on l; l ~%09. This Agreement <br />pro~~idcs fiur a loan of S l .l j0.000 fi om <br />Misha~~~aka to be repaid from T[F o~°er ?0 <br />wars at ~°~, interest. Misha~~~aka ~~°ill also <br />pro~~idc a cash contribution of S35U.000 for <br />the portion of the project ~~-hich is ~~ ithin <br />hlisha~~aka~s city limits. South Bcnd is <br />pro~~iding S L000.000 of Major Mo~~es funds <br />to be reimbursed from TIF o~cr?0 wars at <br />5°,~,. South Bcnd ~~~ill also be pro~~iding <br />5700.000 ti-om sc~~~cr capital. Total funding <br />for the project is S ~.l 00.000. <br />TIF re~cnucs from Douglas Road are bein<~ <br />pledged for the repayment of the S 1.150.000 <br />Mishawaka loan and the reimbursement of <br />the S L000.000 of South Bend Major Mo~~es <br />fundin~~. <br />l~n Agency Agreement bcri~~ccn <br />Rcdc~clopment and the Cite of South Bends <br />Board of Public Works is also needed due to <br />TIF bcin~~ used to repay Misha~,~~aka and <br />reimburse South Bcnd. The Board of~Public <br />~y'orks ~~~ill handle all bidding, contracting <br />and o~crsight of construction. <br />The Controller has said the Misha~~aka fiords <br />should be deposited into the Dou~~las Road <br />TIF account. then used to make payments for <br />19 <br />