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South Bend Redevelopment Commission <br />Regular Meeting - December 18, 1992 <br />6. NEW BUSINESS (Cont.) <br />c. continued... <br />COMMISSION APPROVED RESOLUTION <br />NO. 1120 APPROVING THE TRANSFER <br />OF REAL PROPERTY IN THE <br />STUDEBAKER CORRIDOR DEVELOPMENT <br />AREA TO THE CITY OF SOUTH BEND <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission approved Resolution No. 1120 <br />approving the transfer of real property <br />in the Studebaker Corridor Development <br />Area to the City of South Bend. <br />d. Report on refinancing of 1985 and 1986 <br />Tax Increment Revenue Bonds. <br />Mrs. Kolata noted that we have finally <br />completed the refinancing of the 1985 and <br />1986 Tax Increment Revenue Bonds. <br />Mark Krcmaric from Barnes & Thornburg <br />reported on the results of the sale. We <br />began the refinancing of these bonds in <br />January 1992. In May the present value <br />savings was going to be approximately <br />$75,000. The savings is not simply a <br />matter of the current interest rate, but <br />includes what the investment earnings are <br />on the present issue. In August, a <br />couple of days before the anticipated <br />sale, the potential savings vanished and <br />we put the sale on hold, hoping for a <br />better market later. We have re -run the <br />numbers periodically during this time and <br />did not find the market favorable for a <br />reasonable savings. However, recently, <br />that changed and we were able to realize <br />a present value savings of $155,044.55 at <br />a sale held December 7. Raffensperger <br />Hughes bought the bonds and we expect to <br />Close on this issue next week. <br />e. Commission approval requested for <br />Resolution No. 1121 approving an <br />application for real property tax <br />deduction for property located at 1130 <br />South Main Street in the Studebaker <br />Corridor Development Area. <br />Mr. Beitzinger read the staff report on <br />the project. Policemen's Federal Credit <br />Union proposes to construct a 4,500 <br />square foot building at the corner of <br />-5- <br />