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Bill No. 17-73-Issuing and Authorizing Bonds for the South Bend Park District <br /> Mr. Perri stated, This is the second third of the financing for the investment for My SB Parks and <br /> Trails. This particular bond is an interesting financing tool. We had to specifically outline the <br /> projects and their respective amounts, not to exceed $2 million each. That was a function of this <br /> particular bond mechanism. This is part of the whole portfolio. <br /> Mr. Rompola stated, The advantage of having two (2) different bonds are the structure of the <br /> bonds. The intent was to use a portion of the Redevelopment Funding. A number of these <br /> projects are outside the Riverwest Area and it would be difficult to make the argument that some <br /> of these projects are supporting the Riverwest Area. It made sense to make another bond. The <br /> other rationale was that this is taking over the Hall of Fame tax levy. With these bonds, that tax <br /> levy level will remain in place and we would immediately begin making payments, again, but for <br /> this bond instead of the Hall of Fame. This resolution approves the issuance of bonds in eleven <br /> (11) series and the projects in the series are listed in your Exhibit A. The timing for these bonds <br /> is anticipated to be issued in December 2017. <br /> Committee Chair White opened the floor to questions from the Committee and Councilmembers. <br /> Councilmember Davis asked, This bond will be for fifteen (15) years? <br /> Mr. Rompola confirmed, Yes, that is correct. <br /> Councilmember Broden asked, The series K project, what I call the future park acquisitions, does <br /> that align with the last item on the roadmap? <br /> Mr. Perri replied, Those are some of the projects that are further out. They require property <br /> acquisitions or some complex partnerships that need to be negotiated. The spirit of the series K <br /> would be to address underserved areas in the community. <br /> Councilmember Broden then followed up, What is there for leeway in terms of going over or <br /> under budget for some specific projects? <br /> Mr. Perri replied, These are all in their proposed stage. We don't have designs or engineering, all <br /> we have are high level opinions of cost and as much contingency cushion as possible. With all <br /> projects, as they get into the design and engineering stage, there may have to be a reallocation of <br /> resources down the road. We try to build in the contingency cushion per park. <br /> Committee Chair White 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. She turned the floor back to the <br /> Committee for further comment or main motions. <br /> Committeemember Ferlic made a motion to send Bill No. 17-73 to the full Council with a <br /> favorable recommendation. Committeemember Voorde seconded the motion which carried <br /> unanimously by a voice vote of four(4) ayes. <br /> 4 <br />