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REGULAR MEETING NOVEMBER 14, 2016 reflects an interest rate not to exceed four percent (4 %). Mr. Faccenda explained that it is anticipated that when the bonds are actually priced it will be considerably below four percent (4 %), hopefully below three percent (3 %). Mr. Faccenda stated that the Board of Public Works met and approved this bond ordinance and has recommended it to the Council as of their meeting on November 8th, 2016. Gross savings are anticipated to be approximately $250,000, and a close on the bonds is anticipated to occur before the end of the year. Councilmember Oliver Davis stated that the City would be looking at a savings of $40,000 per year for the subsequent ten (10) years. Councilmember Davis asked City Controller John Murphy how this would affect water rates and CSO issues, and to what would the savings be diverted. John Murphy, City Controller with offices on the 12th Floor of the County -City Building, responded that that money will be savings in the fund. That would be factored into those other analyses of the water rates, but not the CSO since that is a Sewer matter. Mr. Murphy stated that John Julien is working with Umbaugh on that study, as well, so surely he's thought of that to prove the statements in that analysis. Councilmember Oliver Davis asked for clarification from John Julien on his thought process. John Julien, Umbaugh & Associates, 112 Ironworks Dr., Mishawaka, IN, assisted with the presentation. Mr. Julien responded that the estimated $40,000 to $45,000 in annual reduction in payments were taken into consideration, and that that was factored into their recommendation on the rate analysis. Councilmember Oliver Davis reiterated John Julien's statements, and Mr. Julien confirmed that Councilmember Davis had reiterated them correctly. Councilmember Davis then thanked Julien for his thoughts. No one from the public spoke in favor of or in opposition to the bill. Councilmember Oliver Davis made a motion to pass the substitute version of Bill No. 67 -16. Councilmember Dr. David Varner seconded the motion which carried by a voice vote of nine (9) ayes. 41 -16 PUBLIC HEARING ON AN ORDINANCE AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED AT 401 EAST COLFAX AVENUE, 228 & 230 SYCAMORE STREET, & 312 LASALLE AVENUE, COUNCILMANIC DISTRICT NO.4 IN THE CITY OF SOUTH BEND, INDIANA Councilmember Oliver Davis, Chair of the Zoning and Annexation Committee, reported that they met and send this bill forward with no recommendation. Council Attorney Kathleen Cekanski- Farrand stated that this is already a substitute bill. Angela Smith, Area Plan Commission with offices on the 11th Floor of the County -City Building, served as the presenter for this bill. Ms. Smith stated that the petitioner is seeking to rezone the property along LaSalle and Colfax. Ms. Smith explained that the current zoning is CBD, Central Business District and that they are proposing to rezone to PUD, Planned Urban Development. The area includes the existing Commerce Center, as well as the parking lot and associate parking lot to the north of the Commerce Center. The surrounding properties are all zoned CBD, Central Business District, and range from the park area along the East Race to townhomes on the west. There are offices and commercial buildings along this area, as well. Ms. Smith directed the Council's attention to images of the property, on file with the City Clerk's Office, showing views of the Commerce Center looking across the East Race, as well as one 4