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South Bend -development Commission <br />Rescheduled Regular Meeting - April 15, 1988 <br />6. NEW BUS NESS (Cont.) <br />e. Conitinuea... <br />repFLyment and surplus tax increment <br />financing revenue. <br />Mrs Kolata noted that we will be asking <br />for general obligation backup from the <br />Local Property Tax Control Board, but all <br />of the financial projections indicate <br />that there should be no need to levy <br />taxes for the repayment. However, having <br />general obligation backup makes the bonds <br />more desirable and marketable at a lower <br />interest rate. <br />Mr. Piasecki asked what percentage of the <br />payments will come from income from the <br />garage. Mrs. Kolata responded that the <br />market here will not support high enough <br />rent to retire a revenue bond from that <br />so ce alone, so it is a small <br />percentage. The net operating income is <br />pro ected to be just under $100,000 per <br />ve <br />Upo a motion by Mr. Piasecki, seconded <br />by Ms. Auburn and unanimously carried, <br />the Commission approved Resolution No. <br />839 <br />f. ComnLission approval requested for <br />Resolution No. 840 a Resolution of the <br />South Bend Redevelopment Commission <br />app oving a proposed lease between the <br />South Bend Redevelopment Authoritv and <br />for the Stanley Coveleski Regional <br />Stadium, setting a public hearing on the <br />proEosed lease pursuant to I.C. <br />36--y-14-25.2, and authorizing publication <br />of tice of the Public Hearing. <br />Mrs. Kolata noted that this is a similar <br />action to that just taken for the lease <br />for the parking garage. The difference <br />is at the stadium is already <br />cons ructed, so construction costs are <br />not unknown. The final financing <br />-11- <br />COMMISSION ADOPTED RESOLUTION <br />NO. 839 <br />