10-23-17 Council Minutes - Laserfiche WebLink

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REGULAR MEETING October 23, 2017 resolution and held public hearings approving of the issuance of the bonds. These bonds would be issued prior to the end of the year for two (2) reasons: one (1), to allow projects to proceed, but also that these bonds would be payable from a tax levy, and you have ten(10) days to position these bonds so that the tax levy that is rolling off for the Hall of Fame facility would be the same levy that's used to pay on these bonds. So,there would be no increase as a result of this bond issue. You just simply replace the existing levy in place of the Hall of Fame, which is going on. These bonds would be issued prior to year-end for that purpose and then also to help pay for the costs that would be incurred with respect to the projects. Councilmember Oliver Davis stated, Ms. Banicki had talked about the Hall of Fame bond that we need to pay off prior to doing this. Could you address that, because, in a sense, this is paying off—Could you talk about that, about how that is going to be paid off?And then a second thing: could you explain to the audience why we're doing two (2)bonds instead of just doing the redevelopment now? Mr. Rompola responded, With respect to the Hall of Fame,the Hall of Fame bonds are being paid off, so the Hall of Fame levy should otherwise go away. So,the intent was to structure this financing so that it would just fit within the existing Hall of Fame levy. So,there would be no additional tax increase as a result of this bond issue. Councilmember Davis asked, And that part of the Hall of Fame would be gone? Mr. Rompola responded, Right, exactly. With respect to the two (2) issues—partly because of the redevelopment at the River West there are certain projects that, as mentioned in the committee meeting,that support the River West. Then we can make a legal conclusion that the project support in the River West development area—so, partly funded from the TIF revenues that are available from the Redevelopment Commission, and then partly done as a series of park bonds that will be able to fit within the existing Hall of Fame levy. So, the intent was to maximize the benefit of both financing techniques and receive the best, say, bang for the buck in terms of being able to use the existing Hall of Fame levy and also use the TIF that's available from the River West development area. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. None from the public wished to speak in favor of or opposition to this bill. Councilmember Gavin Ferlic made a motion to adopt Bill No. 17-73. Councilmember John Voorde seconded the motion which carried by a roll call vote of nine (9) ayes. BILLS FIRST READING BILL NO. 79-17 FIRST READING ON AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING SECTIONS 2- 84.9(c)AND 2-84.9 (e) OF CHAPTER 2, ARTICLE 6 OF THE SOUTH BEND MUNICIPAL CODE PERTAINING TO TAX ABATEMENTS Councilmember Karen White made a motion to send Bill No. 79-17 to the Community Investment Committee for Second and Third Readings on November 13th, 2017. Councilmember Dr. David Varner seconded the motion which carried by a voice vote of nine (9) ayes. UNFINISHED BUSINESS 24