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c <br />INTER - OFFICE MEMORANDUM <br />DEPARTMENT OF COMMUNITY <br />AND ECONOMIC DEVELOPMENT <br />TO: Redevelopment Commission <br />FROM: Robert D. Case <br />SUBJECT: Amendment to Resolution <br />DATE: March 7, 2001 <br />Resolution 1823 approved on January 5, 2001 was initially setup as a requirement for <br />the $1,300,000 IDFA loan application to Bosch Braking Corporation for environmental <br />cleanup of the facility. Upon further review from IDFA it was determined that the initial <br />resolution did not meet their guidelines for approving the loan.. <br />Amendment to Resolution 1823 would set up a parity test with respect to any future TIF <br />revenue bonds issued in connection with the Airport Economic Development Area <br />(AEDA). The Indiana Development Finance Authority (IDFA) does not want to be in a <br />position in the future where its loan is junior to a TIF revenue bond. <br />The Staff recommends approval of the amendment to resolution 1823 <br />no <br />ME' <br />CITY <br />1080 <br />