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South Bend Redevelopment Commission <br />Regular Fleeting October 9, 2007 <br />2. NEW BUSINESS (CONT.) <br />B. Northeast Neighborhood evelo me Area <br />(I) continued <br />Paving /Asphalt 3 6,464 <br />Land 3,151,130 <br />1)000 <br />Triangle residential sgl fam 2 15' 000 <br />Total $2061 1 .-")" 5 2 <br />Mr. Inks then summarized the Sources and <br />Lases of funds for the project. The uses of <br />$30,000,000 in bond funds will be <br />$22,272,000 for the parking structure; <br />$3,153,000 for the street improvements listed <br />above; and $4,575,000 for other site <br />improvements. <br />1r. Ines distributed plans and specifications <br />for the project. He noted that they are <br />accurate now, but noted that it is common for <br />them to continue to change until construction <br />actually begins. <br />Mr. Hill discussed the financing structure and <br />explained Resolution Igo. 2387 and its <br />associated Lease. Resolution No. 2387 <br />initiates a process related to a lease purchase <br />financing. One ley component is the public <br />hearing the Commission will authorize <br />concerning the Lease. After holding the <br />public hearing and the Commission s <br />approval of the form of Lease, the Common <br />Council must also approve the Lease, so the <br />Commission will authorize staff to submit an <br />ordinance to the Common Council. Also, <br />following the Commission s approval of the <br />Lease, the Commission would file a petition <br />for approval of the lease purchase with the <br />Department of Focal Govemment Finance. <br />4 <br />