Laserfiche WebLink
South Bend edevelopment Coamission <br />Special Au ority - August 31, 1990 <br />2. NEW WSMS (Cont.) <br />a. continued...' <br />y to the state for a grant of $75,000 <br />Lrd the cost of the improvements. <br />Mrs. Kolata noted that this is the first <br />action the Commission is taking on the <br />bo issue. It may not be possible to do <br />all of these projects with the money <br />available in the bond. If not, some will <br />be t or altered, but it is necessary to <br />have them described in the Lease if they <br />are being considered. Over the next <br />several months we will be refining cost <br />estimates to determine how much can be <br />Mrs. Kolata noted that the Lease contains <br />1 descriptions for all of the roads <br />we hope to get state funding for. Even <br />if a get state funding for construction, <br />we ill need to pay for engineering costs <br />whi was included in the $950,000 bond <br />iss ie. In order to pay off that bond <br />wi the larger bond, the Lease must <br />inc Lude the descriptions of those roads. <br />Mrs Kolata noted that this is a lease <br />pur financing. The Redevelopment <br />Aut iority will need to own all of the <br />pro Derty that money is being spent on. <br />The term of the Lease is "not to exceed <br />22 ears" to allow some flexibility. We <br />the term of the Lease to be about <br />20 ears. The maximum semi- annual rental <br />ins lment is $900,000. The law <br />reqLires that a maximum lease payment be <br />established. The lease payments begin <br />whem the project is cc npleted, or January <br />28, 1992, whichever is later. According <br />to the payment schedule listed in the <br />the payments are graduated. The <br />firot lease payment is estimated to be <br />$141,400. <br />Mrs Kolata noted that approval of <br />Resolution No. 957 includes accepting the <br />plans and specifications for the proposed <br />-3- <br />