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South Bend <br />Regular Me, <br />elopment Commission <br />- August 23, 1985 <br />6. NEW BUSINESS (Cont.) <br />a. UonZ nuea .. . <br />inc emental taxes are captured to pay <br />principal and interest. It is only the area <br />wi in the TIF district that we are concerned <br />abo t. For instance, if a major manufacturer <br />outside of the TIF district would leave, that <br />has no effect on the revenue forecast of the <br />rev nues actually collected. <br />Mr. Hill explained that the Resolution the <br />Redevelopment Commission is considering today <br />has a process that would be concluded so that <br />the closing on the sale of bonds would be <br />before December 1, 1985. The bonds would be <br />sold and delivered during the month of <br />Nov r. Certainly if there was any delay <br />the staff would do anything possible to make <br />sure that the issue would be closed and <br />delivered by the end of 1985. <br />Mr. Treptow stated that Springsted, Inc., are <br />fin cial advisors out of St. Paul, Minnesota. <br />The State of Minnesota is one of the early <br />leaders in tax increment financing and that is <br />how Springsted orginally got into TIF. Since <br />tha time, Springsted has done TIF bond issues <br />in everal states and in a couple of occasions <br />did the state's first TIF bond issue. In <br />comparing South Bend's issue to other issues, <br />it is a difficult issue as a first of its kind <br />wi in the state always is. Springsted is <br />ve high on South Bend's issue in that there <br />is a substantial amount of development with <br />which to work which generates revenue. <br />Mr. Wensits asked if the TIF bond proceeds <br />could be used to build the proposed Coveleski <br />Baseball Stadium. Mr. Hill stated the <br />Redevelopment Commission is limited to the <br />statutory criteria of redevelopment activities <br />for use of the bond proceeds. So if they <br />would decide, for example, for acquisition or <br />rel ation to take place in another portion of <br />the area, they would have the flexibility to <br />do that. If they would decide that the public <br />imp ovements would be modified, that as long <br />as 't is for the statutory redevelopment <br />p ses, that is a permissible use of bond <br />nr eeds. Mr. Hill stated that new <br />