Laserfiche WebLink
P age | 3 <br />Secretary Fitts asked if the series A bonds collateral River East and River West TIF <br />projects. <br />Mr. Rampola answered that is correct for both of the bond series. The bonds <br />will be issued separately due to timing. <br />Secretary Fitts asked if we have a list of allocation River East vs. River West. <br />Mr. Bauer noted that the total lease rental payments would be about $31M over <br />the lifetime of the lease rental from River West and $21M coming out of River <br />East. Series B is coming solely out of River West. <br />Secretary Fitts, what difference are we seeing between tax exempt and taxable? <br />Mr. Eckerle notes that we are looking a little under 2% but we are adding plenty <br />of cush for a conservative approach. <br />Secretary Fitts asked about the tax rate. <br />Mr. Eckerle stated from the 4 1/2% of the short end to 5.9% on the long end. <br />Averaging somewhere in the low fives on that assumption and on the taxable <br />and we're looking at about 6 1/2% on the short maturities, 7.6% on the long <br />maturities averaging. <br />Mr. Rampola noted that the Redevelopment Commission had approved the <br />leases unanimously earlier. <br />Mr. Bauer walked the commissioners through a PowerPoint Presentation <br />showing the projects and focus for the bonds. (Listed online). <br />Secretary Fitts asked if we were comfortable with the way that the bonds are <br />structured that there will be enough coverage in the timing gaps and phases. <br />Mr. Bauer noted that is correct. The contribution to this is really the building <br />blocks of the remaining development. <br />Upon a motion by Erin Linder Hanig, Vice-President seconded by Anthony Fitts, <br />Secretary, the motion carried unanimously, the Authority approved Resolution <br />No. 213 (Approving Lease and Determining to Issue Bonds COSB 2024 Projects <br />Financing) on December 19, 2022.