Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -March 14, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. West Washington-Chapin Development Area <br />There was no business in the West Washington- <br />Chapin Development Area. <br />D. South Side Development Area <br />There was no business in the South Side <br />Development Area. <br />E. Northeast Neighborhood Development Area <br />(1) Commission approval requested for <br />Resolution No. 2343 approving the <br />execution of an Addendum to the Lease <br />between the South Bend Redevelopment <br />Authority and the South Bend <br />Redevelopment Commission for the Eddy <br />Street Commons project. <br />Mr. Inks noted that Resolution No. 2343 is <br />related to the bond issue for Eddy Street <br />Commons. The Commission previously <br />approved the Lease with an interest rate set <br />high, at 8%, anticipating the rate and <br />resulting lease payments to be reduced when <br />the bonds were actually sold. <br />Ms. Sell, Baker & Daniels, noted that the <br />Addendum to Lease adjusts the lease <br />payment schedule to reflect the sale price of <br />the bond. The actual interest rate is 5.4% <br />Mr. Inks noted that the original lease <br />payments approved were $1,800,00 annually. <br />The Addendum sets them at $1,400,000, a <br />savings of $400,000 annually. <br />14 <br />