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South Bead Redevelopment Commission <br />Regular Peeting - January 18, 1980 <br />Mayo Parent: I would like Mr. Hill to <br />summarize the discussions that we have had <br />in I dianapolis, to bring the Commission up <br />to date. <br />The Chair} recognized Mr. Richard Hill, City Attorney. <br />Mr. ill: As was indicated, we have been <br />dealing with Kirchner Moore & Company for <br />some weeks now mainly because some amendments <br />necessary to make the bond incremental financing <br />statute workable needed to be filed in the <br />legislature after the first of the year. We <br />did have an additional meeting this week with <br />representatives from the State Board of Accounts <br />and the Board of Tax Commissioners pertaining to <br />some of the operational aspects of the statute as <br />it would be amended. Additionally, present at that <br />meeting was Joe Nagy of the Auditor's office. <br />The consensus after that meeting was that <br />from the viewpoint of the State Board of Accounts <br />and the Tax Commissioners, tax incremental <br />financing is workable. The allocation process <br />can le handled. Thus, we think we have over- <br />come some of the concerns that resulted in the <br />gove or's veto last year. The present <br />situation that we are in involves additional <br />amencments to the amendment. We found <br />that resulting from the meeting and the <br />sugg stions of the State Board.of Accounts <br />and Tax Commissioners we do need some <br />additional amendments. There will be a <br />hearing of the Senate Finance Committee, <br />prob bly Wednesday or Thursday of next week, <br />which we plan to attend. Additionally, we <br />have the concerns of trying to very quickly <br />get a. court resolution of the statute. We <br />would hope that we could have an emergency clause <br />atta ed to the legislation, and within a year <br />perh ps have the type of judicial declaration <br />that would permit bond counsel to render an <br />opinion that we are ready to proceed. I <br />have been impressed with Kirchner Moore. <br />We are very dependent upon their willingness <br />to proceed at risk given the fact that we <br />were in office only a few days and certainly <br />could not draft the amendments that were <br />necessary. That brings us up to date. We <br />really feel that we have a chance of getting <br />this through the legislature and having <br />the Governor approve the amendments to the <br />statute. We certainly will be the first <br />coTmmmity in the State to benefit from the <br />statute, given our present timetable. <br />7 <br />