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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 />Finance Control Board is needed because <br />of the tax levy backup. This financing <br />technique has been used by the City in the <br />past to obtain a lower interest rate. Crowe <br />Chizek is able to show sufficient revenue <br />coverage demonstrating that the tax levy <br />would not be needed and the investment is <br />relatively safe. Selling the bonds without <br />the tax backup would increase the interest <br />rate significantly, as well as increasing the <br />overall cost of financing. Resolution <br />No. 1904 provides that the bonds may be <br />sold either at public or negotiated sale. A <br />negotiated sale is preferred. There will be <br />IL a subsequent issuers' certificate that will <br />be executed by the Commission which will <br />provide for the manner in which the bonds <br />will ultimately be sold. <br />In terms of timing, Mr. Rompola advised <br />that this matter will go before the Control <br />Board on Thursday, August 22, 2002 and <br />approval is expected within a few weeks. <br />After the approval, the bond sale phase <br />would begin. It is expected that the bonds <br />will be sold by the middle to end of <br />September, with closing the first part of <br />October. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution <br />No. 1904 authorizing the issuance of <br />bonds of the South Bend Redevelopment <br />District for the purpose of raising money <br />for redevelopment and economic <br />development in the Sample -Ewing <br />Development Area. (TJX Project) <br />21 <br />COMMISSION APPROVED RESOLUTION NO. 1904 <br />AUTHORIZING THE ISSUANCE OF BONDS OF THE <br />SOUTH BEND REDEVELOPMENT DISTRICT FOR <br />THE PURPOSE OF RAISING MONEY FOR <br />REDEVELOPMENT AND ECONOMIC DEVELOPMENT <br />IN THE SAMPLE -EWING DEVELOPMENT AREA. <br />(TJX PROJECT) <br />