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South Bcnd Rcde~ elopment Conu»ission <br />Rc~~ular Mcctin<~ - January 16. ?OU9 <br />6. NE~~' I3USINGSS (CON"1 .) <br />H. Douglas Road Economic Development Arcs <br />(l) continued... <br />the ~~rojcct. This means we swill need to do <br />an additional appropriation of the S 1.400,000 <br />coming from Mishawaka. Accordingly. ~wc <br />arc presenting an appropriation resolution <br />and setting a public hearing f~n~ ?i6-~09. <br />Stat7~rcconuncnds fa~~orablc consideration b_v <br />the Rede~~elopment Commission. <br />Ms. Jones asked ~~what businesses are <br />amtributin<~ to the Uou<~las Road TIF at this <br />time. Mr. Inks responded that I lollada~~s <br />building used by Memorial Home Carc has <br />been paying T[F. The ne~w~ Bro~~m Mackie <br />College that is being built gill soon be <br />paying TIF. There arc also two more lots <br />a~ ailable there tin- dc~ elopment. <br />Mr. Inks noted that Resolution 1~~0. ?»7 <br />contains schedules sho~win~~ the amount of <br />TIF that swill be received from the czistin~ <br />development and 6ro~wn Mackie under <br />construction as swell as the debt scr~icc and <br />the tact that ~~~~c ha~~c more than sufticient <br />I~IF coming in to pay off the Mishap aka loan <br />and the reimbursement of South Bcnd Major <br />Mo~~cs. <br />Mr. hlks noted that these a~~rcements du <br />pro~~ide that Mishawaka ~~~ill ha~~c a priority <br />repayment from I~IF. Any time )'ou borrow <br />li om a third party. thc~~ hay c scniorit~~. So. <br />the tirst TIF collections ~~~ill paw the <br />Misha~~~aka loan. Once those arc satistial on <br />an annual basis. the remainder can be used to <br />reimburse Major Mop es. You can reimburse <br />?0 <br />