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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting — November 2, 2010 <br />Mr. Inks noted that the total project cost is <br />expected to be $9.6M plus bond issuance <br />costs of $120,000 and a debt service reserve <br />of $480,000. The total of those is $10.2M. <br />Financing for the project is a $4.98M <br />Recovery Zone Bond which offers a 45% <br />interest rebate. The rebate will result in <br />interest savings of approximately $400,000 <br />over the life of the bond. In addition to the <br />bond, $2M of TIF funds, $2.7M of COIT <br />funds, and $520,000 of EDIT funds will also <br />be used. <br />Mr. Inks noted that the bond schedule will be <br />to take an ordinance to the Common Council <br />November 8 for first reading with final action <br />by the Common Council on November 22; <br />the Redevelopment Commission will <br />consider a final bond resolution on <br />November 15 and hold a public hearing on <br />appropriating the bond funds that same day. <br />Mr. Downes asked the timeline for <br />completing the renovations. Mr. Schalliol <br />responded that bids for some of the work are <br />due over the next couple of weeks. Some of <br />the work will be complete by opening day; <br />the remainder by mid -July. <br />Ms. King asked if it is reasonable to expect <br />the cash flow from the Professional Sports <br />Development Fund will be sufficient to <br />service the bonds. Mr. Zientara, Controller, <br />responded that the fund has annual revenue <br />of close to $600,000. The anticipated debt <br />service is approximately $430,000. Mr. Inks <br />noted that the COIT funds are necessary as a <br />backup to get a better interest rate on the <br />bonds. <br />Ms. King asked if the Professional Sports <br />10 <br />