07-19-02 Redevelopment Commission Minutes

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:4 South Bend Redevelopment Commission Regular Meeting —July 19, 2002 bonds is set at $9M, with an interest rate cap of 7% and a twenty -five year term. The structuring is proposed as a TIF revenue bond, payable secondly from COIT revenues, but ultimately by a tax backup. The bondholders will view the tax backup as the principal security on the bonds. Because of the tax backup, it will require approval by the former State Tax Board, now called the Department of Local Government Finance. Approval is scheduled for August 22nd. Upon a motion by Ms. Jones, seconded by Ms. Roemer and unanimously carried, the Commission approved Resolution No. 1898 a preliminary bond resolution authorizing the issuance of bonds of the South Bend Redevelopment District for the purpose of raising money for redevelopment and economic development in the Sample -Ewing Development Area. (2) Staff report on acquisition of property located in the Sample -Ewing Development Area. (Kovas, Thien and Sumiko properties) Mr. Williams reported that twenty Purchase Offers were sent to property owners in the Sample -Ewing Development Area. Seven of these properties are vacant lots and the owners accepted the offers as submitted. Warranty Deeds have been prepared, Disclosure Statements are finished and staff requests approval of the Quit Claim Deeds and authorization to close on the properties. Upon a motion by Mr. Faccenda, seconded by Ms. Roemer and unanimously carried, the Commission approved the Quit Claim Deeds and authorized staff to close on the 10 COMMISSION APPROVED RESOLUTION NO. 1898 A PRELIMINARY BOND RESOLUTION AUTHORIZING THE ISSUANCE OF BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN THE SAMPLE - EWING DEVELOPMENT AREA. COMMISSION APPROVED THE QUIT CLAIM DEEDS AND AUTHORIZED STAFF TO CLOSE ON THE PROPERTIES. (KOVAS, THIEN AND SUMIKO PROPERTIES)