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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 />sale. <br />The Lease being considered today has terms <br />that anticipate worst case market conditions <br />so that when we take the bonds to market we <br />have parameters in which we have authority <br />to sell the bonds. The market conditions will <br />be better than we anticipate here; therefore, <br />following bond sale the Lease would be <br />changed to reflect the actual terms of the <br />bond sale. The semi-annual payments will <br />be smaller than anticipated in today's Lease, <br />and the term may even be shorter than the <br />anticipated 25 years. We would expect to <br />have proceeds available by February 26, <br />2008. <br />Mr. Inks noted that the Tax Increment <br />Financing proceeds are proposed to support <br />the development of the following <br />infrastructure: A 1,281 space parking <br />structure that will serve multiple aspects of <br />the proposed development. In addition Eddy, <br />Burns, Georgiana, Duey, and Napoleon <br />Streets will be either reconstructed or <br />extended as part of the overall development, <br />including the residential development. <br />Specifically, Napoleon Street will be <br />extended to the East to SR 23 from its current <br />end at Eddy Street. The proposed uses of <br />these funds also include the upgrading and <br />replacement of water mains, sanitary and <br />storm sewers as well as site preparation and <br />the extension and upgrading of electrical, <br />telephone and high speed Internet services to <br />serve this development. <br />9 <br />