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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />environment now is very favorable. The rates <br />for taxable are lower today than the tax - <br />exempt rates were when we issued the bonds. <br />We hope this will be the case when the bonds <br />are actually sold. The Century Center bonds <br />are simply being refunded to achieve a lower <br />interest rate. In combining these two <br />refundings into one bond issue, we'll have a <br />Series A for the Hall of Fame and Series B <br />for Century Center. That should also result <br />in some cost savings by sharing the issuance <br />costs. Resolution No. 2874 recognizes that <br />transaction as moving ahead and the lease the <br />Commission has between us and the <br />Redevelopment Authority for those two <br />facilities will need to be amended based on <br />the new payment schedule for the bonds that <br />will be issued. <br />Mr. Randy Rompola of Baker & Daniels <br />added that the resolution also then continues <br />the funds and accounts that are in place for <br />the Century Center bonds and the Hall of <br />Fame bonds so that we have revenue streams <br />in place to pay those bonds. There has been a <br />tax rate in place on the Hall of Fame bonds <br />on the levy and this resolution just continues <br />the course. <br />Mr. Inks noted that the maturity dates on the <br />bonds are not being changed, but are the <br />original maturity dates: 2018 on both bonds. <br />There are no additional funds being <br />generated. This is a straight forward <br />refunding where the savings will be realized <br />in lower payments on the bonds. <br />rd <br />