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South Bend Redevelopment Commission <br />Reschedule4 Regular Meeting - November 17, 1989 <br />6. NEW DWINESS (Cont.) <br />a i aximum semi - annual lease payment of <br />$2 5,500. She pointed out that these are <br />p , maximum payments. We expect <br />thi t when the final numbers are plugged <br />in:1 o the lease that they will be less <br />that. We have used high <br />cor struction costs and high interest rate <br />ficures and high lease payments in the <br />document so that we can start the <br />prccess. once the process is begun, it <br />is possible to lower costs and the <br />'- annual payment, but not raise them. <br />Th next step in the process is a <br />Dec ember 8th Public Hearing on the <br />prc posed lease. Then the City Council <br />will consider the proposed lease. If the <br />Council approves the proposed lease <br />between the Ccu mission and the Authority, <br />the proposed lease will be considered by <br />th State Tax Board, probably in late <br />January. Also, after Ccgmnon Council <br />apr naval, the projects will be put out <br />for bid with the Board of Public Works to <br />get. actual construction estimates. The <br />bond sale will probably not tape place <br />until March 1990. We expect the <br />construction estimates, the bond size, <br />th semi - annual bond payment, and other <br />costs related to the sale to be less than <br />the projected figures listed in the form <br />of lease. <br />Met Ccemnission is not being asked to <br />approve the lease at this time, but to <br />approve Resolution No. 898 approving the <br />form of lease with the understanding that <br />it will be amended, scheduling a Public <br />He4ring on it and authorizing the Notice <br />of Public Hearing. <br />Mrs. Kolata explained that the bonds will <br />be paid back with tax increment that is <br />y in the income stream of our <br />otter projects. There are three revenue <br />bords and the parking garage that are <br />-22- <br />