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RM 06-25-99
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RM 06-25-99
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - June 25, 1999 <br />6. NEW BUSINESS (CONT.) <br />g. Commission approval requested for <br />Resolution No. 1694 Approving a <br />Modification to and Reducing the <br />Annual Rentals on the Lease for the <br />Downtown Property Acquisition <br />Project and Approving the Execution <br />of an Addendum to the Lease. <br />Randy Rompola, Baker and Daniels, <br />stated the City of South Bend applied <br />for the Section 108 Loan Program. At <br />that time, the City planned to use Tax <br />Increment Finance and Economic <br />Development Income Tax to repay the <br />Section 108 Loan. The Redevelopment <br />Authority and Commission entered into <br />a Lease, which would allow the use of <br />TIF and EDIT revenues. The Lease <br />arrangement allows the Redevelopment <br />Commission to use TIF and EDIT <br />revenues its receives on an annual basis <br />to make payments to the <br />Redevelopment Authority. The <br />Redevelopment Authority would then <br />use the TIF and EDIT revenues to repay <br />the Section 108 Loan. <br />He also stated that when the Lease was <br />originally adopted, it provided for a not- <br />to- exceed maximum Lease Rental <br />Payment. The Section 108 Program <br />sold the City's notes to another entity <br />and the City has closed on those notes, <br />and the interest rate has been <br />determined. The Lease Rental amount <br />has been reduced, and section three of <br />the attached Addendum sets the <br />maximum Lease Rental Payment at <br />H: \WPDATA \COMMSN\062599.MIN 15 <br />
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