Laserfiche WebLink
South Bcnd Rede~~clopmcnt Crnnmission <br />Regular Vlcctint* -?~u~~cmbcr ? 1.2008 <br />G. l~G~~' I3~~S1'~~ESS (CONY'.) <br />(:. Northeast lcighborhood De~~clopment Area <br />(I) continual... <br />accordance with the Derclopmcnt <br />A~~recment. At the cnd of the Icase. Kite ~x~ill <br />be required to take the garage. so that the cih~ <br />has no responsibility at the cnd for major <br />capital expenses. <br />It is important this Icase be put into place as <br />soon as possible to make sure the property <br />tax records reflect the ne~,vly taxable nature <br />ofthis property. A property tax assessment <br />~~~ill tal<c place March 1, 2009 ~~~hcn the <br />garage will be more than 50°,~o complctc. On <br />that date the property ~~ill need to be leased <br />by a taxable entity so that property tales can <br />be collected in 2010 to make payment on the <br />Edd~~ Strcct Bonds. <br />Mr. Varner asked if staff ~i~as confident that <br />re~enuc from taxes from the t~~~o hotels and <br />the Lara~e ~~ill be sufficient to make lease <br />payments on the bond. Mr. Inks responded <br />that he is. An update by Cro~~~e I lor~~~~ath at <br />the cnd of May 2008. show~ai increased <br />rc~~enue ii~om the earlier estimate. <br />Mr. Inks noted that the first assessment date <br />is March 1. 2009. Pa' the dc~~clopment <br />agreement. ~~c expected the parking ~~a~agc <br />to be to be >0°b complctc by that time. We <br />think ~~~c gill be at Icast ~0°-o complctc by <br />then. It is important fbr us to put this lease in <br />place so that it becomes tazablc property <br />betbre ~Aarch 1. Those taxes that ~~ill be <br />paid gill be necessary to make the first bond <br />payments. <br />13 <br />