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South Bend <br />Regular Me <br />elopment Commission <br />- January 22, 1988 <br />7. PROGRESd REPORTS (COnt.) <br />Ms. Der heck asked if passage of the <br />legislation being considered by the Indiana <br />Senate and House of Representatives will <br />affect our bond sale. Mrs. Kolata responded <br />that it will effect the increment received. <br />But, the tax increment revenue projections <br />presume the loss of the revenue. The bond <br />issue had been prepared so that the necessary <br />coverage test is met even with the reduced <br />revenue Although our tax increment revenue <br />will be reduced by approximately 200, neither <br />our existing bonds or the new bond issue will <br />be jeopardized by this reduction. Mr. Hunt <br />noted that the Bill will really cut into our <br />funding and hinder an aggressive redevelopment <br />program <br />(Mr. Cor6bs entered the meeting at this point.) <br />Ms. Der beck asked about the status of the <br />Raintree Point project. Mr. Hunt responded <br />that he communicates with the developer on a <br />weekly basis. There is one remaining step <br />before fie can close on the construction <br />financirig. Mr. Stangland asked how long we <br />could afford to wait. Mr. Hunt indicated that <br />we would not want to see this construction <br />season pass without a project. He indicated <br />that if there was no progress by the next <br />Commiss on meeting, the staff would consider <br />making recommendation to the Commission. <br />8. NEXT COI MISSION MEETING <br />The ne Regular Meeting of the Redevelopment NEXT COMMISSION MEETING <br />Commis s on will be Friday, February 12, 1988 <br />at 10:0 a.m. <br />9. OURMENT <br />There being no further business to come before ADJOURNMMU <br />the Co ssion Mr. Combs made a motion that <br />the meeting be adjourned. Mr. Piasecki <br />secondeq the motion and the meeting was <br />adjourn d at 10:15 a.m. <br />-4- <br />R. Hunt, "Executivd Director <br />