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09-27-11 Packet
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South Bend Redevelopment Commission <br />Regular Meeting — September 13, 2011 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(1) continued... <br />funds. Why a bond issue in this case? Mr. <br />Inks responded that with Ivy Tech, the city <br />was acquiring property which was then <br />conveyed to Ivy Tech. In that case the <br />property already existed, under ownership <br />and the facility was already being <br />constructed. One method to assist was to do <br />a bond issue and under the TIF statutes, TIF <br />money can be used to reimburse bonds of <br />this nature. He noted that the Commission <br />could consider this option for other types of <br />facilities. <br />Mr. Downes asked for explanation for the <br />use of "A" bonds. Mr. Garatoni explained <br />that "A" bonds are state authorized under a <br />federal program and whoever utilizes these <br />bonds receives a credit against their income <br />taxes. The state allows $2 million for each <br />project and locators for both the school's two <br />projects, one in each year, allows the two <br />"A" bonds. "B" bonds are based upon <br />evaluation of the school and the cash flow to <br />the school and the amount of money will be <br />released to them. We are in negotiations <br />with banks now for their sale. <br />Mr. Downes asked if the whole project <br />would need to be completed in order to apply <br />for those. Mr. Metreiver responded no, it's <br />not being done concurrently. <br />Ms. King asked what happens if some of <br />these sources are not granted. Mr. Metreiver <br />responded that the Garatoni Family <br />Foundation becomes a long -term owner. Ms. <br />16 <br />
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