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it 1. 4;_ Department of <br /> . = 1- Community Investment <br /> d 1865 <br /> Memorandum <br /> Monday,April 21,2014 <br /> TO: Redevelopment Commission <br /> FROM: Brock Zeeb, Director of Economic Resources <br /> SUBJECT: TJX bond refunding <br /> The Resolution authorizes the issuance of refunding bonds of the Redevelopment District (the <br /> "Refunding Bonds") that would be issued to refund the South Bend Redevelopment District Special <br /> Taxing District Bonds of 2002 (the "2002 Bonds")and appropriates the proceeds of the refunding <br /> bonds. The 2002 Bonds are outstanding in the principal amount of $3,405,000. It is anticipated <br /> that the refunding of the 2002 Bonds will result in a significant savings for the Redevelopment <br /> Commission. Like the 2002 Bonds, it is anticipated that all the debt service on the Refunding Bonds <br /> will be paid from TIF Revenues from the Airport TIF Area. In order to increase the marketability of the <br /> Bonds, the Bonds will also be issued with a special benefits tax backup to the TIF Revenues. The <br /> Refunding Bonds will have a final maturity no later than January 1, 2022, which is the same term as <br /> the existing 2002 Bonds. Staff is also seeking approval of professional advisory services agreement <br /> with Crowe Horwath associated with this bond refunding. <br /> Staff is seeking approval of bond refunding and professional advisory services by the Commission. <br /> 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV <br />