Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - May 2, 1997 <br />6. NEW BUSINESS (Cont.) <br />a. continued.... <br />Ms. Kolata noted that the project's <br />construction cost was estimated to be <br />approximately $12.9 million. There is <br />approximately $5 million of private <br />contributions. The bond issue assumes <br />bonding for not quite the full amount and <br />will use some cash -on -hand to reduce the <br />bond size and to make payments on the <br />bond. <br />Randy Rompola noted that this resolution <br />is similar to past resolutions that have <br />been considered by the Redevelopment <br />Commission and the Redevelopment <br />Authority with respect to lease purchase <br />financing. The difference with respect to <br />this lease is that it provides for an <br />amended and restated lease which <br />continues the obligation under the <br />previous existing lease to the existing <br />bondholders. There is a lease rental <br />provision listed in this resolution that <br />relates solely to the existing outstanding <br />bond and there are provisions that list the <br />new financing, new project and new <br />project description. This resolution <br />approves the amended and restated lease <br />and approves the preliminary plans and <br />specifications and authorizes a notice to <br />be published on the lease hearing. That <br />lease hearing will be scheduled at the <br />Redevelopment Commission meeting on <br />June 6, 1997. The resolution also <br />authorizes the lease to be placed for <br />public inspection prior to the lease <br />hearing. <br />L -9- <br />