Thursday, September 20, 2007

Minutes of the City with the State on the Harrison Square Project

City of Fort Wayne, Allen County
Redevelopment District Lease
Summary: The unit is requesting approval to execute a lease in the amount of $45,920,000 with maximum annual lease rental payments not to exceed $5,180,000 for a term of thirty (30) years for the purpose of financing (1) the cost of constructing a parking garage and multiuse stadium located in Fort Wayne, (2) pay capitalized interest through and including January 1, 2009, and (3) pay expenses incidental to the issuance of the bonds.

Project Costs: $47,700,000 Amount applied to debt: $45,920,000 Annual Payment: $5,180,000

Controlled or Uncontrolled: Uncontrolled – Tax back-up request using:
1. Community Revitalization Enhancement District (CRED) revenues
2. Revenues pledged from Grand Wayne Center project Tax increment Financing (TIF),
3. Jefferson Pointe TIF, and
4. Pledged County Economic Development Income Tax (CEDIT)

Tax Rate Impact: 2007 AV $9,824,189,539
Levy Needed $5,180,000
Est. Debt Service Rate .0527
Meeting and Publication Dates:
Resolution/Ordinances adopted 06/04/2007
Common Construction Wage hearing held 07/19/2007 Vote: 3-0-1 abstained

Attendance
The following people attended the meeting: Graham Richard (Mayor), Sam Talarico, Jr. (City Council), John Weinet (Redevelopment Attorney), Pat Roller (City Controller), Steve Broday (City Consultant), Tom Guevarro (Financial Advisor), Randy Rompola (Bond Counsel), Jennifer Bell. John Kalb and a Tim Pope

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