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REGULAR MEETING SEPTEMBER 27,2004 <br /> Mr. Laurent advised that this appropriation in the amount of$397,640 is from the United <br /> States Department of Housing and Urban Development Economic Development Initiative <br /> program. Mr. Laurent further advised that these funds will be used to implement the <br /> Studebaker/Oliver Redevelopment Strategy previously adopted by the Council. He stated <br /> that these grants have been received for the Studebaker/Oliver Redevelopment Project in <br /> the past, and are federal "earmark" grants that are awarded by Congress before the formal <br /> application documents are submitted. <br /> This being the time heretofore set for the Public Hearing on the above bill, proponents <br /> and opponents were given an opportunity to be heard. <br /> There being no one present wishing to speak to the Council either in favor of or in <br /> opposition to this bill, Councilmember Varner made a motion for favorable <br /> recommendation to full Council <br /> concerning this bill. Councilmember Kuspa seconded the motion which carried by a <br /> voice vote of eight (8) ayes. <br /> BILL NO. 61-04 PUBLIC HEARING ON A BILL OF THE <br /> COMMON COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, AUTHORIZING THE CITY <br /> OF SOUTH BEND, INDIANA,TO ISSUE ITS <br /> "TAXABLE ECONOMIC DEVELOPMENT <br /> REVENUE BONDS, SERIES 2004 (ERSKINE <br /> VILLAGE PROJECT)" AND APPROVING <br /> AND AUTHORIZING OTHER ACTIONS IN <br /> RESPECT THERETO <br /> Councilmember Kelly made a motion to consider the substitute version of this bill as on <br /> file with the City Clerk. Councilmember Varner seconded the motion which carried by a <br /> voice vote of eight (8) ayes. <br /> Councilmember Kelly, Chairperson, Community and Economic Development <br /> Committee, reported that this committee held a Public Hearing on this substituted bill this <br /> afternoon and voted to send it to the full Council with a favorable recommendation. <br /> Mr. Shawn Peterson, Attorney, Baker&Daniels, First Bank Building, 205 W. Jefferson <br /> Blvd., Suite 250, South Bend, Indiana, residing at 1470 Hampshire Dr., South Bend, <br /> Indiana made the presentation for this bill. <br /> Mr. Peterson advised that KSK-Scottsdale Mall, L.P. has proposed to develop a 400,000 - <br /> 500,000 square foot retail power center having a village concept at the southeast corner <br /> of the intersection of Ireland Road and Miami Street. Mr. Peterson further advised that <br /> with regards to the substitute bill, the only substantive change from the originally filed <br /> bill is that the bonds will be issued in two (2) series. One series will be sold to an <br /> underwriter and one series will be purchased by the developer or a related entity. The bill <br /> continues to provide that the combined principal amount of both series of bonds will not <br /> exceed$8.0 million and the interest rate may not exceed 8.0%, and that the City will bear <br /> no responsibility, financial or otherwise, with respect to the payment of the principal of <br /> and interest on the bonds or any other expenses associated with the bond issuance. Mr. <br /> Peterson further advised that KSK-Scottsdale Mall,L.P. has proposed to develop a <br /> 400,000-500,000 square foot retail power center having a village concept at the southeast <br /> corner of the intersection of Ireland Road and Miami Street. <br /> This being the time heretofore set for the Public Hearing on the above bill, proponents <br /> and opponents were given an opportunity to be heard. <br /> There being no one present wishing to speak to the Council either in favor of or in <br /> opposition to this bill, Councilmember Kelly made a motion for favorable <br /> 8 <br />