Thursday, September 20, 2007

more information from the meeting

John W: The 110% coverage includes only 50% (about $1.5 million) of the Jefferson Pointe TIF. This
project has a three-payment test – we are reserving three payments from the Jefferson Pointe TIF to make
the debt payments in case it is needed.
Randy Rompola: The bond resolution will be drafted specifying the funds.
Tom Guevarro: No other bonds are pledged against this TIF.
Mayor: We anticipate the stadium will be used for 200 to 250 event days per year.
Steve Brody: Ft. Wayne is the largest minor league team market in the United States per the industries own
magazine.
Dan: What is the breakdown of costs per project?
Steve Brody: The hotel is approximately $36 million, the retail center and condo’s are $14½ million, the
garage is $12.6 million, and the stadium is $30.5 million, of which $25 million is private investment and $5.5
million is from the team owners.
Discussion from Opposition:
John Kalb: Distributed a handout that detailed the following points (see file for full presentation):
1. His question is in regards to the main hearing information sheet filed by the unit; he says it is not
filled out completely or accurately and details the discrepancies.
2. The facts and figures that have been provided are not reliable
3. Several expenses and operating costs have been left out of the hearing information sheet
4. Some of the assessed value in determining the TIF revenue is under appeal and may be
decreased, which means less revenue generated from the Jefferson Pointe TIF District.
Also, in a poll compiled by the local newspaper, 7 out of 10 people were against this project.
Dave: What will happen to the current stadium?
Steve Brody: It will be razed and converted into a parking lot.
John Kalb: The current stadium was just paid for as of last month with taxpayer dollars.
Bruce: I have heard that the current stadium is only ten years old.
Steve Brody: It is actually fourteen years old.
John Weinet: The nature of a TIF District is to encourage redevelopment of under utilized lots. The
Jefferson Pointe District was established and developed in the 1990’s to take the place of retail in
downtown Ft. Wayne and to benefit the downtown area.
Ken K: How about Mr. Kalb’s allusion to other projects that will not be done because of the pledging of TIF
revenue to this project?
John W: There is approximately $20 million, about $1 million per year, for twenty years pledged to this
project and that same amount to other projects as needed and as they come up.
Mayor: Every complaint and issue from Mr. Kalb has been raised before today and thoroughly debated
during public meetings.
Dave: What about this poll he talked about where 7 out of 10 were against the project?
Sam: The poll was directed to one set of people during a primary election. There have been a total of three
political polls and one newspaper poll. Most of the political polls were addressed to people outside of the
City. In local public meetings, the ratio was eight to one in favor of the project.
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Tim Pate: This project is the future for downtown Ft. Wayne. The project fits economical development for a
quality town that offers amenities and a good work force. The community support is in the 80% range to
move the stadium and to build the hotel and condo/retail center for the purpose of revitalizing downtown.
There is a lot of private investors supporting this and pledging funds to the project. The people supporting
this unanimously include the Chamber of Commerce and prominent business leaders. Our cost of
government is very competitive. The tax rate is the lowest now than it has been since 1964. This is a
conservative effort and was cautiously approved.
Recommendation:
Ken Giffin motioned to recommend approval to execute a redevelopment district lease in an amount not to
exceed $45,920,000 with maximum annual lease rental payments not to exceed $5,180,000 for a term of
thirty (30) years as a property tax back-up request. Ken Kobe seconded and the motion carried 5-1 with
Dan opposed to the motion because of the need to use TIF revenues from another TIF District; the
prospect of additional exposure to an increased debt service rate; and the fact that they are replacing a
stadium that is only ten years old.

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