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• Mrs. Kolata noted that this is a Lease/Purchase financing. The Lease <br />is between the Redevelopment Authority and the Redevelopment <br />Commission. The Redevelopment Authority will need to own all of the. <br />property that money is being spent on. The term of the Lease is "not <br />to exceed 22 years" to allow same flexibility. We expect the term of <br />the Lease to be about 20 years. The maximum semi-annual rental <br />installment is $900,000. The law requires that a maximum lease <br />payment be established. The lease payments begin when the project is <br />completed, or January 28, 1992, whichever is later. According to the <br />payment schedule listed in the Lease, the payments are graduated. The <br />first lease payment is estimated to be $143,400. <br />Mrs. Kolata noted that we hope to have approval of the bond issue and <br />the sale of the bond issue by the end of 1990. <br />Mrs. Kolata noted that the Lease contains legal descriptions for all <br />of the roads we hope to get state funding for. Even if we get state <br />funding for construction, we will need to pay for engineering costs <br />which was included in the $950,000 bond issue. In order to pay off <br />that bond with the larger bond, the Lease must include the <br />descriptions of those roads. <br />Mr. Fewell asked if all of the land in the Airport Economic <br />Development Area is within the City limits. Mrs. Kolata responded <br />that the Economic Development Area coincideswith the City boundaries, <br />but the planning area is larger. We are making plans to annex the <br />. portions of the planning area that are not currently in the City. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and <br />unanimously carried, the Authority approved Resolution No. 24 <br />approving a proposed L..ase for certain land and public improvements <br />between the South Bend Redevelopment Authority, as Lessor, and the <br />South Bend Redevelopment Cormnission, as Lessee, and approving <br />prelim;nary plans, specifications and cyst estimates for the projects. <br />5. Adjourrunent <br />There being no further business to came before the Authority, Mr. Fewell <br />made a motion that the meeting be adjourned. Mr. Wroblewski seconded the <br />motion and it was u~rianimously carried. The meeting was adjourned at 4:30 <br />p.m. <br />lam, n~s"~° ~~ <br />E. Kolata, Director <br />J ep W. Wroblewski, President <br />