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South Bend evelopament Cmuission <br />Regular Mee ing - September 14, 1990 <br />6. NEW BUSJNE'SS (Cont.) <br />b. continued... <br />C. <br />Mrs Kolata said no, we have financed <br />Uiroe projects using this method. <br />The ability to do the lease was part of <br />the 1987 or 1988 legislation through the <br />Sta m of Indiana. It allows a <br />Redevelopment Authority to issue bonds <br />tha are payable from the lease rental <br />pa is coming from the Commission. We <br />f' the parking garage on Wayne <br />Stn�et, the refinancing on the stadium, <br />and the downtown improvements with <br />1 /burchase bonds. <br />Mr. I Piasecki asked if we we're the only <br />Ci doing this at this time. <br />Mrs Kolata said that Noblesville has <br />done a similar bond issue and there are <br />others in process. <br />Upo a motion made by Mr. Piasecki, <br />seoxided by Mr. Donoho and unanimously <br />led, the Ccmmti.ssion approved <br />lution No. 959 authorizing the <br />ex 'on of a lease for certain land and <br />public improvements on behalf of the City <br />of Bend and regarding other related <br />Mrs Kolata explained that the Ccnnission <br />preriously approved the final bond <br />resolution for tax increment revenue <br />borxLs for the airport area in the amount <br />of $950,000 and authorized execution of <br />the purchase agreement with <br />Raf eFized!.ZThe , Hughes & Co. Since that <br />1 all details have been <br />f' bonds are being sold at a <br />-18- <br />•• I � • "' • i alb � • ii • <br />KIM <br />