12/10/07 Community and Economic Development Committee

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Community and Economic Development Committee December 10, 2007 Page 2 1. Estimated Service Schedule Comparison which is a 1-page handout which notes that $364,642 would be the cost of insurance and that the "present value of savings" would be $1.179,825 (copy attached) 2. County Option Income Tax Fund 404 Cash Flow Projection for November 30, 2007 through December 31, 2008 which is a 1-page handout which notes that the estimated cash balance as of December 31, 2007 is $6,715,066.86 and that .the estimated cash balance at December 31, 2008 is projected to be $5,798,477.86 (copy attached) 3. Eddy Street Commons Estimated Assessed Value and Tax Increment Revenues (1 page attached) Mr. Inks also noted that he sent an email response to the various questions forwarded to him by the Council Attorney (copy attached) The representative from the Indianapolis Office of Crowe provided a23-page draft document entitled "Economic and Fiscal Impacts of the Proposed Eddy Street Commons Project" dated November 29, 2007 (copy attached) Additional handouts to the Committee included: • Eddy Street Commons-Project Description, Bond Schedule prepared on 10/17/07, Private Development Costs prepared 10/17/07, Public Development Costs prepared 10/17/07, City Financing & Debt Service prepared 11/29/07, Expenditures by the University of Notre Dame Related to the Revitalization of the Northeast Neighborhood October 19, 2007, and a -flow chart on the Lease Revenue Bond (copies attached) • Draft September 19, 2007 of the Preliminary Schedule City of South Bend Redevelopment Authority Lease Rental Revenue Bonds prepared by Baker & Daniels LLP (3-pages attached) • Summary of Tax Increment Finance (TIF) Areas by Redevelopment and Economic Development Area prepared 11/26/07 (1-page attached). It was noted that Ashley Ottesen of Kite Realty Group and Richard Hill of Baker & Daniels LLP were present to answer questions. In response to questions raised by Dr. Varner, Mr. Inks stated that Phase I of the project is what is involved. Ashley Ottesen noted that Phase I involves the 23 acres which has