Laserfiche WebLink
� a (v) <br />�SOOTH BE 11,111 Department of <br />9 Community Investment <br />Fir.vr', <br />1865 <br />Memorandum <br />Friday, March 22, 2013 <br />TO: Redevelopment Commission <br />FROM: Don Inks <br />SUBJECT: Century Center Refunding Bonds of 2013 <br />Interest rates have fallen since the bonds were issued in 2008. It is estimated that refinancing now <br />would save $346,000 over the remainder of the bond term, net of new issuance costs. The net <br />present value of these savings is estimated to be $284,000. The bond maturity will stay at the <br />original date of May 2028. It is estimated bond payments will decline by about $25,000 per year. <br />These bonds are being paid by Hotel /Motel tax revenues. Faegre Baker Daniels is our Bond Counsel <br />and will be available at the Redevelopment Commission meeting on 3/28 to provide additional <br />details on bond documentation and answer any questions you may have. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />