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South Bend Redevelopment Commission <br />Regular Meeting October 9, 2007 <br />2. NEW BUSINESS (CONY.) <br />B. Northeast Neighborhood Development Area <br />(1) continued <br />amount of 1, 858,500. There s a good <br />probability that the actual lease rental could <br />be lower than that, but as we go into the <br />public process, we cannot increase that <br />amount. It can be reduced and is likely to be <br />substantially less than the $1,858,500. we <br />won t know the exact interest rate until closer <br />to the actual bond sale. Mr. Hill noted that <br />the form of Lease is the form the <br />Commission and Redevelopment authority <br />have used for other lease purchase financing. <br />Mr. Hill noted that if the public hearing is <br />held on November 2, counsel would <br />anticipate filing an ordinance with the <br />Common Council on November 7 and by no <br />later than November 13 filing the petition <br />with the Department of Local Government <br />Finance LGF and going before the DLGF <br />on December 13. This schedule would <br />enable a closing on the financing in late <br />February Zoo. That timetable is consistent <br />with the city s infrastructure needs and the <br />developer s schedule for beginning <br />construction. <br />Mr. Hill noted that all of the details of what <br />the city and Kite will be constructing will be <br />brought before the Commission in a <br />development agreement, the tens of hieh <br />are being worked out now. <br />Mr. Peclowsli questioned point two in the <br />resolution which says we expect to male the <br />lease payments from funds other than <br />property taxes, that are exempt, such other <br />R <br />