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CITY OFSOUTH BEND OFFICE OF THE CLERK currently negotiating that. We are talking about it being a possible TIF finance. If that is the case, it is contemplated that the City would move ahead at this time and be brought before the Council for approval. If it is a TIF financing, it is contemplated that the bonds would not be issued for a few years as we know there are other TIF obligations the City is undertaking. That would allow for this financing to be weaved into the other obligations the City has outstanding. One (1) last thing is, and we mentioned this at the County Council, the existing bond issue that is rolling off for the Library, the 2017 debt service levy would be the highest this new level will be at. Both of these bonds will not exceed the 2017 debt service levy. Rose Meissner, President of the St. Joseph County Community Foundation with offices located at 205 W. Jefferson Boulevard, South Bend, IN, stated, I just want to say that this is a conversation that I started having with Deb over two (2) years ago. The Community Foundation knows that every word she described in teens of the role the Main branch is playing is true. We've been a long-time fan of the library and few organizations have as broad a mission as the Library and I would argue one (1) of those is the Community Foundation. So we see the need for this. We dare to dream a little bigger than what would normally be produced by tax dollars alone. The Community Foundation doesn't have$10 million to hand over to this project but we are committed to raise the money on behalf of the Library, provided it comes together with the scale and quality that we are looking at right now. Committee Chair Ferlic opened the floor to questions and comments from Committee and Council Members. Councilmember Scott asked, How many jobs will this create? Have you done any impact studies on how this would increase membership? Ms. Futa replied, I think we see ourselves as meeting the needs of the new downtown because of all the energy going into all the spaces downtown. I don't know if we see job creation. We are dealing with the fiscal curb like everyone else is. With no further business, Committee Chair Ferlic adjourned the Community Investment Committee meeting at 4:14 p.m. Respectfully Submitted, Gavin Ferlic, Committee Chair EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 1227 W.Jefferson Bvld South Bend,Indiana 46601 p 574.235.9221 f 574.235.9173 I I D574.235.5567 www.southbendin.gov 10