1993-07-15 Resolution 79 - Laserfiche WebLink

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' AIRPORT ECONOMIC DEVELOPMENT AREA The Improvements will be located within the South Bend Airport Economic Development Area, an azea located ' within the City's northwest boundaries. The EDA currently encompasses existing industrial pazks and commercial businesses as well as hundreds of acres of developable land. Key transportation resources overlap or abound the EDA including the Indiana Toll Road, the U.S. 31 expressway, Michiana Regional Airport (the .State's second ' busiest airport) and the neazby South Shore Railroad. The EDA is a designated tax allocation area in which Tax Increment is already being generated and accumulated to make lease payments on bonds issued by the Authority to finance infrastructure improvements and land acquisition in the EDA. This infrastructure development is part ' of the City's overall master plan for economic development, known as the "Airport 2010 Project". The Airport 2010 Project is a major, long-term, multi-use economic development project for which plans include the further development of 2,300 acres of a 3,500-acre area around Michiana Regional Airport. Planned land use will include light industrial and wazehouse/distribution businesses; a golf course, clubhouse, hotel, and office park; additional office pazks for large corporate users and smaller users; commercial businesses including highway commercial, aviation-related, and service businesses; and residential areas. The City is projecting, over a 20-year period (using 1990 dollars) $680 million of private investment resulting in the creation and retention of over 27,000 jobs and approximately $16 million of additional annual property taxes. The overall goal is to strengthen North Central Indiana's economy over the next twenty yeazs. The master plan builds upon the existing transportation network and industrial base which includes 560 acres of the Airport and Toll Road Industrial Parks. According to the Industrial Foundation Inc., these existing Industrial Parks contain 90 structures which house 120 firms with 4,700 employees and generate an annual payroll of over $121 million. The Industrial Pazks have been developed over the last thirty yeazs and aze near capacity. Over the next several yeazs, the City of South Bend will receive millions of dollars in State funds for the expansion of the Toll Road interchange and fqr major road relocation work. ' In February and March of 1991, respectively, the Authority issued the Taxable 1991 Bonds and the Tax-Exempt 1991 Bonds to finance the Project which included sewer, water, and road extensions and land acquisition for the purpose of creating access to new development sites in the EDA. In October of 1992, the Authority issued $5,680,000 Lease Rental Revenue Bonds to finance the construction of a public golf course and clubhouse, named the "Blackthorn Golf Course" which the City and other area economic development professionals believe will provide the unique setting and recreational opportunities necessary to attract top-level, outside companies. The ' Project, together with the Blackthorn Golf Course project, are anticipated to catalyze private investment in the next phases of the Airport 2010 Project. REDEMPTION PROVISIONS Optional Redemption: ' The Taxable 1993 Bonds maturing on February 1, 2004 and thereafter, are redeemable at the option of the Authority on August 1, 2003, or any date thereafter, on 30 days' notice, in whole or in part, and by lot within a maturity, at face value, together with the following premiums: 2 % if redeemed on August 1, 2003, or thereafter on or before July 31, 2004; ' 1 % if redeemed on August 1, 2004, or thereafter on or before July 31, 2005 ; 0% if redeemed on August 1, 2005, or thereafter prior to maturity; ' plus accrued interest to the date fixed for redemption.