RM 01-18-80 - Laserfiche WebLink

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South Bead Redevelopment Commission Regular Meeting - January 18, 1980 Mr. Ellison continues... is floated through the Commission as a tax incremental bond issue. As the Commission may know, tax incremental bond financing has not yet been used in Indiana. There has been a statute on the books and last year effort to amend it met with a gubernatorial veto. Bond counsel is of the opinion that a favorable opinion could not be given on such an issue until the constitutionality of the statute is tested and, further, that the statute needs to be amended to clear up some technical problems. We have been working with Kirchner Moore & Company for several weeks now, as MaYOT Parent indicated, in conjunction with the current session of the legislature. Senator Hunt has introduced some amendments which Kirchner Moore & Company has assisted us in producing by working with Borge & Pitt from Chicago. Borge & Pitt, as you may recall, is the firm we hired to provide us with an opinion on the conveyance agreement related to the First Bank Project. In any event,, Kirchner Moore would continue to work with bond counsel to provide us with a variety of services. They will assist in the preparation of an urban renewal plan f or financing of the proposed redevelopment project. That is related to what we would have to do to have a tax incremental issue. They will advise us of the current bond market conditions; that is important, because it relates to the timing of the issuance of these bonds. In addition, they will assemble and transmit appropriate infor- mation and data to the attorneys for the prep- aration of necessary resolutions, ordinances, etc. They will also assist us in the prepar- ation and submission of necessary information to bond rating agencies. In summary then, they will provide us with comprehensive services at no cost to us unless a bond issue is floated. I think the Redevelopment Staff, and certainly the City Attorney and the Mayor, believe that we need the services of this firm to help us get through the very complicated process of working with the legislature and then taking those steps which would be necessary to cause an issue to be floated so that we can use it as a financing vehicle to help move Century Mall and possibly other projects along.