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South Bend Redevelopment Commission <br />Regular Meeting -May 16, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(7) continued... <br />Mr. Hill noted that the selling of this bond <br />does require essentially paying off an earlier <br />bond issued by the county for improvements <br />at Century Center. While that's not a typical <br />refunding, it does implicate some of the <br />provisions HEA 1001. So, we want to make <br />sure we have the maximum flexibility in <br />terms of making sure the terms meet the <br />needs of the Authority, the Commission and <br />the Hotel Motel Tax Board. We believe that <br />all parties would benefit by closing on these <br />bonds prior to July 1. <br />Dr. Varner asked if the reason for Council <br />approval is that it will require a general <br />obligation bond. Mr. Hill said it will not. <br />Statutorily, any lease between the Authority <br />and the Commission requires Council <br />approval. Dr. Varner felt it was important <br />for the public to understand that this is not an <br />obligation to levy a tax to support a bond <br />issue which might pay out as the result of <br />some circumstance. <br />Upon a motion by Mr. Downes, seconded by <br />Dr. Varner and unanimously carried, the <br />Commission approved Resolution No. 2454 <br />approving a proposed lease between the <br />South Bend Redevelopment Authority, as <br />Lessor, and the Redevelopment Commission, <br />as Lessee, for certain land and public <br />improvements, approving preliminary plans, <br />specifications and cost estimates, setting a <br />public hearing on the proposed lease <br />pursuant to Indiana Code 36-7-14-25.2, and <br />authorizing publication of Notice of the <br />COMMISSION APPROVED RESOLUTION NO. 2454 <br />APPROVING A PROPOSED LEASE BETWEEN THE <br />SOUTH BEND REDEVELOPMENT AUTHORITY, AS <br />LESSOR, AND THE REDEVELOPMENT <br />COMMISSION, AS LESSEE, FOR CERTAIN LAND <br />AND PUBLIC IMPROVEMENTS, APPROVING <br />PRELIMINARY PLANS, SPECIFICATIONS AND COST <br />ESTIMATES, SETTING A PUBLIC HEARING ON THE <br />PROPOSED LEASE PURSUANT TO INDIANA CODE <br />36-7-14-25.2, AND AUTHORIZING PUBLICATION <br />OF NOTICE OF THE PUBLIC HEARING ON JUNE 13, <br />2008 AND RELATED MATTERS <br />20 <br />