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South Bend Redevelopment Commission <br />Regular Me ting - July 11, 1986 <br />6. NEW BUSINESS (Cont.) <br />c. continuea... <br />things have happened since the original <br />projections. One is that the tax increment <br />revenue which would be available as of March <br />1, 1986 to pay tax increment bonds has been <br />recalculated. Assuming that favorable <br />determinations are made at the State level, <br />th Commission could sell approximately <br />$3,200,000 of additional bonds. However, <br />assuming that unfavorable determinations are <br />made at the State level and that revenues <br />decrease accordingly, a bond issue of <br />$1,750,000 is recommended. This size bond <br />would include $1,387,000 for project costs <br />plus added interest earned prior to the <br />exlenditure of the bonds, $183,000 for a debt <br />se ice reserve which will be invested for <br />protection to the Commission and the bond <br />holder in the event tax increment revenue is <br />short, issuance costs estimated at $80,000, a <br />$4 ,750 allowance for discount for the <br />underwriter, capitalized interest in the <br />amount of $20,000 and bond insurance costs of <br />$3 ,600. <br />Mr. Hunt noted that, due to the more <br />conservative approach to establishing the <br />amount of money available for projects, a <br />cutback will be made in several projects that <br />th Department was looking at for 1986 and <br />19K. The Michigan Street expansion was set <br />as a priority and will be continued. The Ginz <br />AvEnue and Seitz Park project for additional <br />pa king will still be a priority. The <br />cutbacks will be in the area of general public <br />wo ks planned in the downtown and East Bank, <br />anq possible acquisitions initially proposed. <br />Upon a motion made by Mr. Piasecki, seconded <br />by Mr. Combs and unanimously carried, the <br />Conmission approved Resolution No. 779 <br />am ding Resolution No. 775 of the City of <br />South Bend Redevelopment Commission. <br />Chair on behalf of the Commission thanked <br />staff for all the hard work done on <br />wring this bond issue particularly Loren <br />ey and John Fonash, along with Richard <br />,tow and Richard Hill. The Portage <br />COMMISSON APPROVED RESOLUTION <br />NO. 779 AMENDING RESOLUTION <br />NO. 775 OF THE CITY OF SOUTH <br />BEND REDEVELOPMENT COMMISSION <br />