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11-02-07 Redevelopment Commission Minutes
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11-02-07 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -November 2, 2007 <br />6. NEW BUSINESS <br />A. Public Hearing <br />(1) continued... <br />Mr. Hill described the actions the <br />Commission is being asked to take. On <br />October 9 the Commission took action to <br />approve the form of the Lease. On <br />October 17 the Redevelopment Authority <br />passed a resolution indicating its intent to <br />issue bonds to fund the infrastructure that <br />would be leased to the Commission and <br />approved the form of the Lease. The Lease <br />would provide for a maximum annual rental <br />of $3,717,000 for a maximum Lease term of <br />25 years. The lease rental payments would <br />be secured by both the commercial and <br />residential tax increment that would be <br />generated by the project. <br />Resolution No. 2392 approves the form of <br />Lease, authorizes execution of the Lease <br />upon approval by the Department of Local <br />Government Finance, authorizes the filing of <br />an ordinance with the Common Council, and <br />authorizes a petition to be filed with the <br />Department of Local Government Finance <br />(DLGF) which would require a hearing by <br />the Local Government Property Tax Control <br />Board. That process looks at the financing <br />structure to assure that there is adequate tax <br />increment revenue available to make the <br />lease revenue payments. <br />Ms. Jones opened the public hearing for PusLic HEARING oN RESOLUTION No. 2392 <br />anyone who wished to speak regarding <br />Resolution No. 2392. <br />JACK ROBERTS: 403 E. Madison St. I'm <br />really here as president of the Northeast <br />11 <br />
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