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The Redevelopment Authority <br />March 20, 2013 Meeting Minutes <br />locked in and the net savings is determined after that. There is around $90,000 in <br />costs. The other cost issuance would be the rating agency, which around $15,000 <br />to 18,000. Mr. Alvarez asked what the City's rating is, Mr. Rampola said the City <br />is rated AA. The bonds are payable solely from an allocation from the Hotel - <br />Motel tax. They are not payable from TIF or property tax levy. The Hotel -Motel <br />Tax Board in 2008 pledged annually up to $600,000 to pay these bonds. We <br />would anticipate that pledge to continue. The savings would be every year, so they <br />are pledging enough to exceed the amount so we would only use what is needed to <br />pay the debt service. The rest is the coverage. We anticipate the Hotel -Motel Tax <br />Board to pass a resolution to continue the pledge that they had in 2008. <br />C. Upon a motion by Ms. Pfotenhauer, seconded by Mr. Alvarez, the Authority <br />approved Authority approval of Resolution No. 182 authorizing the issuance of <br />the South Bend Redevelopment Authority Lease Rental Revenue Refunding <br />Bonds, Series 2013 (Century Center 2008 Project). <br />4. NEXT MEETING DATE: April 3, 2013 <br />5. ADJOURNMENT <br />There being no further business to come before the Redevelopment Authority the meeting <br />was adjourned at 10:42 a.m. <br />Carolyn Pfoten uer,Vi - dent <br />H9WPDATA AAUTIIORTI'V032013.MIN.DOC <br />d -I�s,= ectvr <br />Scott Ford, Executive Director <br />