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South Bend Redevelopment Commission <br />Regular Meeting - June 28, 1985 <br />6. NEW BUSINESS (Cont.) <br />f. Continued... <br />their qualifications to the Department. Based <br />on those qualifications several firms were <br />selected and asked for specific proposals. <br />Spr ngsted Incorporated was selected among <br />those firms based upon their experience, <br />pro essional approach, reputation, and their <br />pro sal as a whole. Springsted's <br />res nsibilities will include looking at the <br />ov all financial resources for the <br />red velopment district in the future, <br />identifying known sources of funds, <br />determinating the amount that will be <br />available for the Commission based on what is <br />knam specifically now, and a reasonable <br />projection of income including increment based <br />on current projects that are underway or <br />coming up. They will also project future tax <br />revenues as existing tax abatements decrease <br />over the next few years. Springsted will <br />specifically look towards the feasibility of <br />using various financial tools, including tax <br />increment financing, in the South Bend Central <br />Development Area. They have been asked to <br />look at a tax incremental financed revenue <br />bond, rather than one that is also dependant <br />upon the general obligation of the <br />Redevelopment district. If their work does <br />not lead towards a bond issue that is actually <br />sold, because of the fact that this is the <br />first tax increment financing bond in Indiana, <br />the have agreed not to charge for the first <br />fifteen hours of the services they will <br />pro ide. They have also agreed to a cap on <br />the balance of their services, and funds have <br />beem appropriated to pay for that cap in the <br />event that bond issue is not sold. If a bond <br />issue is sold, their services will be <br />reimbursed out of the proceeds of the bond <br />issue. <br />Upon a motion made by Mr. Combs, seconded by <br />Ms. Auburn and unanimously carried, the <br />Comnission approved a contract with Springsted <br />Incorporated for financial consulting <br />g. Con!4ssion authorization requested to publish <br />Not ce of Intended Sale of Parcel El -1 in the <br />-7- <br />COMMISSION APPROVED A <br />CONTRACT WITH SPRINGSTED <br />INCORPORATED FOR FINANCIAL <br />CONSULTING SERVICES <br />