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11 <br />South Bend Redevelopment Commission <br />Regular Meeting— August 16, 2002 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(3) continued... <br />Redevelopment District for the purpose <br />of raising money for redevelopment and <br />economic development in the Sample - <br />Ewing Development Area. (TJX <br />Project) <br />Randy Rompola of Baker & Daniels gave <br />the Commission a summary of Resolution <br />No. 1904. Mr. Rompola noted that at the <br />meeting of July 19, 2002, the Commission <br />adopted Resolution No. 1898 indicating a <br />preliminary intent to issue bonds. <br />Resolution No. 1904 is the final bond <br />resolution and sets forth the terms in <br />IL which the bonds will be sold and <br />delivered to the bond buyer. The <br />maximum principal amount of the bonds is <br />set at $9,000,000 and the maximum term <br />is set at twenty (20) years. Each of these <br />are subject to fluctuation downward, but <br />the parameters could not be exceeded. <br />The maximum interest is set at seven (7) <br />percent, but will be significantly lower in <br />the current market situation. Resolution <br />No. 1904 provides for the bonds to be <br />repayed with TIF revenues that the project <br />itself will generate, along with some <br />additional revenue sources that may be <br />necessary in the early years due to the tax <br />abatement that has been granted to TJX. <br />In the event that those revenues are not <br />sufficient, the resolution promises the use <br />of a tax levy; however, it is not expected <br />that the tax levy will be needed. Approval <br />of the bond by the Local Government <br />L20 <br />