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RM 05-23-86
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RM 05-23-86
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South Bend edevelopment Commission <br />Regular Meeting - May 23, 1986 <br />6. NEW BUS$NESS (Cont.) <br />d. Continued... <br />Mr. Richard Treptow, representing Springsted <br />Incorporated as the Commission's financial <br />consultant, presented the proposed bond issue. <br />Mr. Treptow stated that the staff identified <br />approximately $2,000,000.00 in project work in <br />the South Bend Central Development Area. Mr. <br />Treptow is recommending that these project <br />costs be financed with a bond issue in the <br />amoimt of $2,565,000.00. Mr. Treptow <br />explained the sources and uses of funds <br />surffiary to accomplish the projects. <br />Mrs Kolata identified the projects to be <br />funded by the TIF bond as the following: <br />$140,000 to extend Seitz Park improvements <br />including a parking lot, an access road and <br />closing off Ginz Avenue to cars but keeping it <br />operi to pedestrian traffic; $700,000 to <br />continue public works improvements along <br />Michigan Street into the 100 South and 100 <br />North blocks; $500,000 for public works <br />improvements along Niles Avenue between <br />Jefferson and Cedar Streets to include angle <br />parking, the purchase of property needed to <br />widen the street, new curbs and sidewalks, and <br />street trees; $100,000 for the extension of <br />the Riverbank Trail System along the easements <br />adjacent to Raintree Point Apartments and the <br />South Bend Orthopedic Center properties; <br />$360,000 for acquisition of property in the <br />East-, Bank if determined allowable by federal <br />legislation being reviewed by Congress; <br />$100,000 for rehabilitation of the exterior of <br />the State Theater to save the building from <br />further deterioration; and, $100,000 for <br />general public works improvements for streets, <br />cur s, alleys or any type of eligible <br />imp ovement within the development area. <br />Mr. Treptow stated that Springsted <br />Incorporated has certified that the tax <br />increment revenue estimated to be received in <br />each year bonds are outstanding is estimated <br />to be at lease 150% of the estimated principal <br />and interest requirements for each year during <br />the terms of both the 1985 and 1986 tax <br />inc ement bond issues. He also stated that <br />Spr ngsted assumed that $135,000 of the new <br />-5- <br />
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