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South Bend Redevelopment Commission <br />Regular Meeting — February 21, 2003 <br />6. NEW BUSINESS (CONT.) <br />F. Airport Economic Development Area <br />(3) continued... <br />Redevelopment Commission authorizing <br />the issuance of the South Bend <br />Redevelopment District Tax Increment <br />Revenue Bonds. <br />Mr. Rompola of Baker & Daniels reported <br />that Resolution No. 1960 authorizes the <br />issuance of Tax Increment Revenue Bonds <br />that would be payable solely from Tax <br />Increment Revenues. There is no tax levy <br />pledged or available for this bond issue. The <br />bond issue is for a series of road projects. It <br />was noted that there is a $13M maximum <br />amount. Resolution No. 1960 also sets, at <br />ILthe March 21, 2003 Redevelopment <br />Commission Meeting, the appropriation of <br />the bond proceeds. Indirectly, by financing <br />various road projects out of the bond issue, <br />it frees up available cash to defease <br />outstanding 1993 Airport Taxable Bonds <br />and outstanding 1997 Tax Exempt Bonds, <br />which are payable from tax increment. It <br />will also free up some of the reserve funds <br />that those bond issues had that were held for <br />this bond issue. Baker & Daniels advised it <br />was cheaper for the City to do the road <br />projects out of the bond issue, rather than <br />doing the refandings out of the bond issue <br />because of the requirements for escrows, <br />among other things. <br />Mr. Hunt asked about what type of interest <br />rates were being discussed. <br />18 <br />