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IN <br /> Committeemember Paul Tipps asked, When I was reading through the bond document, it talked <br /> about $3.5 million coming from the State. Where is that coming from? <br /> Mr. Mueller replied, This project also won a competitive grant from the Regional Cities <br /> Initiative. So there is $3.5 million from the TIF funds committed back in 2012, and now$3.5 <br /> million from the Regional Cities Initiative. The balance is carried by the developer. <br /> Committeemember Tipps followed up, The developer was listed as R-2 and is the managing <br /> member Mr. Smith? And then the purchaser of the bond was the Regional Development <br /> Authority of Northern Indiana, who is actually going to buy the bond? <br /> Lisa Lee, Ice Miller LLP, stated, We are serving as bond council and Mr. Rompola of Barnes & <br /> Thornburg is serving as the issuer's council. The Regional Development Authority of Northern <br /> Indiana is actually purchasing this bond so it won't go to a third party financial institution. So <br /> they will purchase the bond and those proceeds will then go in with the trustee to be used for the <br /> re-skinning project. Once the proceeds are paid back, the Regional Cities Fund will add another <br /> $3.5 million through the Redevelopment Authority as their Regional Cities match for the bond. <br /> Committeemember Tipps followed up, In the indenture we talked about an affidavit and the <br /> usual bond language for draws. I didn't see any indication there might be a requirement for <br /> construction inspection or an architect or engineer to look at this before funds are distributed. <br /> Ms. Lee interjected, Actually the Regional Development Authority and the City have to sign off <br /> on payment of invoices, progress, and the construction before that gets submitted to the trustee <br /> for actual payment. The City and the Regional Development Authority are maintaining the <br /> control of that, along with the owner, to make sure all those things are done correctly before <br /> payment. <br /> Committeemember Tipps asked, Would it be up to the City to do their own independent <br /> inspection? <br /> Ms. Lee confirmed, Yes. <br /> A representative from Ice Miller LLP stated, There will also be a third party consultant for <br /> verification as well that will report to the Regional Development Authority. <br /> Committeemember Dr. David Varner asked, What is the timeline from start to finish? <br /> The representative from Ice Miller LLP replied, Construction will start, presumably as Lansing <br /> closes, in August. The timeline predicted is to be done in 2018. It is a rather large project so it is <br /> very weather-dependent. <br /> Committee Chair Ferlic then opened the floor to members of the public wishing to speak in favor <br /> of or in opposition to the legislation. There were none. He then turned the floor back to the <br /> Committee for further discussion or main motion. <br /> 2 <br />