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South Bend Redevelopment Commission <br />Regular Meeting - June 26, 1992 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Redevelopment Authority and the South <br />Bend Redevelopment Commission for certain <br />land and public improvements, approving <br />preliminary plans, specifications and <br />cost estimates, setting a public hearing <br />on the proposed Lease pursuant to I.C. <br />36 -7 -14 -25.2, and authorizing publication <br />of notice of the public hearing. <br />Mrs. Kolata explained that the <br />Redevelopment Authority is selling a <br />lease rental revenue bond to construct a <br />golf course in the Airport 2010 project <br />area. The course is to be named <br />Blackthorn Golf Course. The bond is <br />backed by the Commission's lease <br />payments. The Redevelopment Commission <br />expects to make the lease payments <br />entirely from golf course revenues. In <br />the event that revenues are not <br />sufficient to make the payments, revenues <br />generated by the lease of the office <br />sites surrounding the golf course may be <br />used, as well as increased tax increment <br />from the area. The Commission's ability <br />to levy taxes to guarantee payment helps <br />make the bond more secure and ensures a <br />lower interest rate but we intend to <br />structure the bond so that the levy will <br />not be needed. <br />Mayor Kernan noted that this action is a <br />significant step in the process of <br />developing the Airport 2010 Project to <br />create jobs and increase the tax base in <br />South Bend. Blackthorn Golf Course and <br />the office sites around it will be a <br />relatively unique concept in office <br />development. Other improvements in the <br />area which add to the unique environment <br />of the development are the airport, the <br />toll road, the U.S. 31 by -pass, and the <br />availability of Indiana Bell <br />fiber - optics. <br />-3- <br />