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Adk <br />Sri South Bend Redevelopment Commission <br />Regular Meeting - December 4, 1992 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />be met, notwithstanding the issuance of <br />the new bonds. <br />Ms. Manier noted that an objecting <br />petition was filed on this new bond <br />issue. A local hearing was held and the <br />State Board of Tax Commissioners denied <br />the issues that were raised. <br />Consequently, the Commission is in a <br />position to move forward with the <br />issuance of additional tax increment <br />revenue bonds in the amount of <br />$2,900,000. This money will be used to <br />fund preliminary design development costs <br />for the College Football Hall of Fame <br />project. <br />Ms. Manier noted that Resolution No. 1118 <br />authorizes a negotiated sale for these <br />bonds and states that principal and <br />interest on the bonds is to be paid <br />solely from tax increment raised in the <br />South Bend Central Development Area. <br />Bonds will be issued in denominations not <br />less than $100,000. Interest rates will <br />not exceed 8$. Principal will be paid <br />annually, beginning in 1998 and interest <br />will be paid semi - annually. Norwest Bank <br />is the paying agent and registrar on the <br />bond. <br />Ms. Manier noted that, although it is a <br />20 -year bond, there is a provision for <br />prepayment on August 1, 1993 and every <br />February 1 and August 1 thereafter. It <br />is our intent to redeem the bonds by <br />August 1, 1993 with permanent financing. <br />They are redeemable at face value plus <br />accrued interest without a premium. <br />Mr. Faccenda noted that the financial <br />advisor has been very conservative in <br />estimating property taxes and has <br />included no increase in increment in his <br />projection. <br />-7- <br />