Laserfiche WebLink
South Bend Redevelopment Commission <br />Special Me ting - July 25, 1980 <br />Cpl <br />f. conitinued.... <br />Mr. Hill: We spent a day with a <br />representative from Kirchner <br />Moore and on the basis of that visit <br />(concerning the complexity of incre <br />men al tax financing) we have arrived <br />at i decision whereby we feel that <br />we annot proceed on this project with <br />an derwriter who is not familiar <br />witi all of the aspects of the <br />project. Because of the parties involved, <br />and also in light of the fact that other <br />cit es around the State such as <br />Indianapolis and Fort Wayne are <br />referring to South Bend for the <br />initiation of the litigation and moving <br />through the whole process to get the <br />tax incremental bond financing <br />pro deeding, we felt it very important <br />that we have an investment banker <br />willing to spend the time, make the <br />timE commitments to the City, and not <br />a firm that felt they were interested <br />in just following through on the basis <br />of the contract, and weren't able to <br />provide the initiative that this project <br />needs. Based on that, we thought we <br />should explore other alternatives. <br />Mr. Fira: How long did the contract call <br />for? <br />Mr. Ellison: Essentially it was through <br />the issuance of bonds and it was an <br />"at risk" contract; it did not cost <br />us liars and cents save for underwriting <br />cost 3, through bond issue. <br />Mr. Pra: In other words, this contract <br />can broken without any repercussion? <br />Mr, llison: Kirchner Moore, while <br />Mr. Goemans was employed with them did <br />indeed provide services and did cost <br />them time and money. It is a question <br />of w ether Kirchner Moore would want <br />re' ursement for that. They have <br />indicated they do not expect compensation <br />therefore, there would appear to be no <br />problem to terminate. <br />17 <br />