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South Bend Redevelopment Commission <br />Regular Meeting –November 19, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Receipt of Bids <br /> <br />(1) continued… <br /> <br />may not, then, take any formal action to <br />dispose of the property for thirty days. Staff <br />may use that period to negotiate further with <br />Enyart or any other bidders and may prepare <br />documents to expedite disposition after the <br />thirty days has passed. <br /> <br /> <br /> B. South Bend Central Development Area <br /> <br />(1) Resolution No. 2805, a bond resolution of <br />the South Bend Redevelopment <br />Commission authorizing the issuance of <br />revenue bonds of the South Bend <br />Redevelopment District for the purpose of <br />raising money for redevelopment and <br />economic development in the Central <br />Development Area. <br /> <br />Mr. Inks noted that the Coveleski renovation <br />project was outlined at the November 2, 2010 <br />meeting. He reviewed the financing <br />represented in Resolution No. 2805. The <br />bond is anticipated to be $4,980,000 out of a <br />total project cost of nearly $10,200,000. The <br />balance of the funds will come from TIF <br />($2,000,000) and COIT and EDIT funds <br />($3,200,000). These are Recovery Zone <br />Bonds, which need to be issued before <br />December 31, 2010. They have a 45% credit <br />on the interest on the bonds from the federal <br />government, which over the life of the bonds <br />represents about a $400,000 savings. <br /> <br />Mr. Rompola noted that Resolution No. 2805 <br />conservatively sets the maximum term and <br />interest rate of the bonds at a 20 year term <br /> 5 <br /> <br />