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South Bend Redevelopment Commission <br />Special Meeting -June 13, 2008 <br />3. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(3) continued... <br />on June 25 when the Commission will be <br />asked to make a pledge of TIF revenues for <br />the project. The Commission is still awaiting <br />the numbers from the city's consultant, <br />Umbaugh, on the estimated TIF revenues, <br />taking into account the recently passed <br />legislation. We are hopeful of having that <br />information before June 25 so we can assess <br />whether there will be sufficient TIF revenues <br />and make a pledge of those revenues on the <br />25th. In any event, Mr. Inks noted that, as is <br />typical with these types of leases at this stage <br />of the financing, they are estimated high. <br />When the final revenues are known, whether <br />TIF can participate and at what level, when <br />the bonds are sold and we know the interest <br />rate, then we would bring back an amended <br />lease amount lower than has been approved <br />this morning. <br />Mr. King noted that even if there are no TIF <br />funds available, the Commission would still <br />be going forward with this bond because the <br />Hotel Motel Tax Board, at its meeting on <br />January 4, pledged an annual $600,000 <br />towards this. If there are no TIF funds <br />available, we would reduce the lease amount <br />to that and still go forward with an amount <br />that could be paid for by the Hotel Motel Tax <br />Board commitment, which would be <br />sufficient to cover the major repair and <br />replacement items. Unfortunately it would <br />not generate enough to pay for the <br />enhancements. <br />Ms. Sell noted that the Public Hearing file is <br />9 <br />