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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2000 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />continue to retain an interest in it. So for them to <br />step up to that responsibility, we believe that is <br />an important breakthrough, to be able to <br />have that commitment from them to cover <br />operational deficits. <br />In terms of what the impact of the refinanced <br />bonds will have on the City of South Bend tax <br />payers, we project that the bond rate will be some <br />where around 6% and that it will pay off in the <br />year 2017. The average impact of the bonds <br />would be twenty -five cents (.25) on the tax rate, <br />if so approved. As we calculate that for a <br />residential property, the average cost would be <br />around $15.00 for the average residential <br />property in the City of South Bend. Now <br />obviously, there are some homes that are below <br />that, others that are higher than that. One <br />resident homeowner in South Bend can figure <br />out what the impact would be for them <br />individually by roughly multiplying <br />their current tax bill by 1.3 %, so that if someone <br />is paying $1000 in property taxes, the increase <br />for them would be about $13.00; $2000 in <br />property taxes would be about $26.00 increase <br />for the year. <br />Again, we have worked hard to look for other <br />resources to pay off the Hall of Fame debt. At <br />this point I believe that this is the best method to <br />move forward and we appreciate your favorable <br />consideration of this action. <br />Mr. Cierzniak addressed the Commission with <br />the following: <br />541 <br />