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South Beno Redevelopment Commission <br />Regular M eting - January 18, 1980 <br />HonorablelMayor Roger 0. Parent (continues) <br />Mall 3roject. Mr. Hill and I have gone down to <br />Indianapolis this past week and this morning I would <br />like to discuss a few matters concerning Tax Incremental <br />Finan ing. I am also here to support the hiring of <br />Kirchner Moore $ Company, financial consultants, who <br />have lone some past work for the City. We have faith <br />in tham and would like to have the Commission enter <br />into a contract with them for the services that <br />they ill provide for us. Essentially, they <br />will be financial consultants for the City, for <br />the Cmmission, and for the Century Mall <br />Proje t, to assist us with the steps necessary <br />to be able to use Tax Incremental Financing <br />for C ntury Mall. Mr. Ellison will explain <br />this to you. <br />Mr. N' tz: Mayor, we appreciate your presence <br />this morning and your kind words. This has <br />not b en an easy job ... there are "brick bats <br />along with the roses" that come with it; we <br />have been able to withstand them. We try to <br />do a orood job and we will try to do a good <br />job under your administration. We pledge you <br />our support and, as I have discussed with you <br />previously, I used to meet with Mayor Miller <br />and Mayor Nemeth periodically and I hope to <br />cunt' ue that practice with you. We want you <br />to feel free to come down anytime and give us <br />your advice and counsel, as you will always be <br />welcome. <br />MayorlParent: Thank you. <br />Mr. Ellison: The item on hand is 6g. of the agenda <br />requesting commission approval to execute an agree- <br />ment with Kirchner Moore F Company to act as <br />finan ial advisor in connection with a proposed <br />program of urban redevelopment financing. As <br />Mayor Parent explained, Kirchner Moore & Company <br />has a long history with the City. They were <br />involved in the refinancing of the municipal <br />parki g garage, which resulted in the elimination <br />of parking meters from downtown South Bend. In <br />addition, their experience with the City also includes <br />assisting us with the bond process associated with <br />the Century Center. Our experience with Kirchner <br />Moore & Company has been that they are an excellent <br />firm to work with and they are expert in the <br />municipal finance business, particularly as it <br />relates to bond issue financing. This agreement <br />is essentially an "at risk" agreement. There will <br />be no cost to us unless a successful bond issue <br />-5- <br />