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Mrs. Kolata further noted that the lease between the <br /> authority and the Commission must be approved by both the <br /> Common Council and the State Tax Board. The lease would <br /> include the maximum payment per year and the State Tax Board <br /> has the final authority and may reduce the maximum amount. <br /> Mrs. Kolata stated that the procedure incorporated multiple <br /> avenues to allow public input at the Redevelopment stage, <br /> the Common Council stage and at the State Tax Board level. <br /> She stated that the public hearing on the stadium and the <br /> garage Revenue Bonds will be held at the Redevelopment <br /> Commission's meeting on April 29th at 10:00 a.m. It was <br /> further noted that basically the remonstrance period begins <br /> after Common Council action with a Petition process which is <br /> to be filed in the Auditor's Office. It is not like a <br /> General Obligation Bond where a majority of the <br /> remonstrators could negate a G.O. Bond. The procedure is <br /> specifically outlined in the State law. <br /> Councilman Slavinskas noted concern with regard to where the <br /> authority goes after the parking garage and the stadium. No <br /> exact projects were recommended at this time. It was <br /> projected that the stadium Revenue Bond would be heard by <br /> the Common Council in early May and that the garage Revenue <br /> Bond would be heard by the Common Council at the end of May. <br /> The garage was being delayed so that bids would be in hand <br /> at the time of the hearing. <br /> Discussion then took place of the various consequences of <br /> the 1986 tax reform Federal law and how that impacts whether <br /> the bonds would be taxable or tax exempt. Once a 10% amount <br /> was reached which would be on a cumulative basis of private <br /> involvement, the bond could be considered taxable. <br /> Councilman Luecke also noted that the annual Tax Abatement <br /> Report had been received and that any questions should be <br /> directed to Hedy Robinson. <br /> Discussions then took place with regard to keeping the City <br /> of South Bend competative with regard to competing for new <br /> and enlarging businesses within the community. <br /> Following further discussion Councilman Coleman seconded by <br /> Councilman Duda that the meeting be adjourned. The meeting <br /> was adjourned at 5:40 p.m. <br /> Respectfully submitted, <br /> Councilman Steve Luecke, Chairman <br /> Human Resources and Economic Development <br /> KCF:srk <br /> Attachment <br /> 5 <br />