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South Bend Redevelopment Commission <br />Regular Meeting — September 27, 2011 <br />6. NEW BUSINESS (CONT.) <br />H. Other <br />(1) Crowe Horwath Project Assignment for <br />bond refunding (2003 AEDA TIF bond <br />and 2003 SBCDA TIF bond). <br />Mr. Inks noted that the Project Assignment <br />from Crowe Horwath is for financial analysis <br />related to the issuance of two refunding <br />bonds. One is to refund Airport TIF bonds <br />originally issued in 2003 and the other is to <br />refund a Downtown TIF bond issued in 2003. <br />It is anticipated the refunding bonds would <br />be issued at lower interest rates than the <br />original bonds, thus creating a savings for <br />Redevelopment. The maturity date of the <br />refunding bonds would match the maturity <br />date of the original bonds. Crowe Horwath's <br />fee for providing the financial consulting <br />services is $25,000 plus out of pocket costs. <br />Staff recommends approval of the Project <br />Assignment. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried; the <br />Commission approved Crowe Horwath <br />Project Assignment for bond refunding (2003 <br />AEDA TIF bond and 2003 SBCDA TIF <br />bond). <br />28 <br />COMMISSION APPROVED CROWE HORWATH <br />PROJECT ASSIGNMENT FOR BOND REFUNDING <br />(2003 AEDA TIF BOND AND 2003 SBCDA TIF <br />BOND). <br />