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RM 06-13-86
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RM 06-13-86
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South Be d Redevelopment Commission <br />Reschedu ed Regular Meeting - June 13, 1986 <br />1986. Affidavit of posting of the notice of <br />public hearing concerning the proposed <br />appropriation of proceeds of the City of South <br />Bend Redevelopment District Tax Increment <br />Revenue Bonds of 1986 that notice was posted <br />in the lobbies of the County -City building, <br />the Post Office and the Public Library on May <br />30, 1986. The notice was also published in <br />the South Bend Tribune and Tri- County News on <br />May 30, 1986.. As of 10:00 a.m., June 13, <br />198 there were no written remonstrances <br />rec ived in the Redevelopment office. <br />The Chair hearing no objections, accepted the <br />iteins for public hearing into in the record. <br />The Chair also noted that no written <br />r nstrances were received as of 10:00 a.m., <br />June 13, 1986. <br />Mr. Hunt noted that the proposed TIF Bond of <br />198 is in the amount of $2,565,000.00. Total <br />so ces including interest earnings are <br />projected at $2,628,000.00. The uses would be <br />as follows. Estimated project costs cover <br />public works associated with the expansion of <br />Sei z Park including a parking area in the <br />East-. Bank Area in the amount of $140,000.00; <br />public works improvements along Michigan <br />Street to complete the amenities package <br />through the Morris Civic block in the amount <br />of 700,000.00; public works and improvements <br />alo g Niles Avenue in the amount of <br />$50C,000.00; extension of the Riverbank Trail <br />on the East Bank in the amount of $100,000.00; <br />acquisition of property within the South Bend <br />Central Development Area in the amount of <br />$36C,000.00; various rehabilitation activities <br />for the State Theater in the amount of <br />$10C,000.00; and, general public works <br />imp ovements of approximately $100,000.00. <br />The debt service reserve for the bond is <br />estimated at $297,000.00; capitalized interest <br />at 135,000.00; provisions for bond insurance <br />at 52,000.00; provisions for bond discount at <br />$64,000.00; and, issuance expenses at <br />$80,000.00 for total uses at $2,628,000.00. <br />Mr. Richard Hill commented that on May 23, <br />1986 the Commission did adopt a bond <br />resolution and accept for filing a <br />supplemental appropriation resolution. State <br />law requires that the proceeds of the bond be <br />trea ed as a supplemental appropriation which <br />is s parately subject to the approval of the <br />Stat Tax Board. Upon conclusion of today's <br />
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