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South Bend Redevelopment Commission <br />Regular Meeting –January 18, 2008 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. South Bend Central Development Area <br /> <br />(3) continued… <br /> <br />bonds, so it has been invisible to <br />Commissioners. Debt service is paid from a <br />Redevelopment tax levy. This lease is <br />secured by a tax levy, approved annually by <br />the Common Council. The lease is not a real <br />estate lease, but a funds flow mechanism <br />allowing the funds for debt service to change <br />hands. <br /> <br />Mr. Peczkowski asked about the boundaries <br />of the Redevelopment District which is <br />levied to pay for the bond. Mr. Inks <br />explained that the boundaries of the <br />Redevelopment District are coterminous with <br />the city limits. <br /> <br />Mr. Peczkowski asked how much of the tax <br />rate is due to this bond. Mr. Inks didn’t <br />know, but said that information is available <br />in the Treasurer’s office. There could be <br />more than one bond being paid from the <br />Redevelopment District portion of the tax <br />rate, but he believes there is only one now. <br /> <br />Mr. Peczkowski asked about the possible <br />impact of the current effort to repeal property <br />taxes. Ms. Sell, Baker & Daniels, responded <br />that methods for handling such debt would be <br />addressed in the bill the state would pass to <br />repeal property taxes. <br /> <br />CRN.2431 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />CONTINUING CERTAIN FUNDS AND ACCOUNTS IN <br />King and unanimously carried, the <br />L <br />CONNECTION WITH THE EASE DATED AS OF <br />Commission approved Resolution No. 2431 <br />M1,1997, <br />AY AS AMENDED BY AN ADDENDUM <br />continuing certain funds and accounts in <br />J 15,1998, <br />TO LEASE DATED ANUARY BETWEEN <br />connection with the Lease dated as of May 1, <br />SBR <br />THE OUTH END EDEVELOPMENT <br /> 9 <br /> <br />