From the Northwest Indiana Times:
With a second phase of upgrades to the city sports complex under way and a third phase being considered, officials on Monday began to put in place funding for the work.
The Redevelopment Commission authorized a finance team to designate one of two methods — either a short-term bond anticipation note or a long-term bond — to borrow the money.
The money would be repaid using revenue generated by city tax increment financing districts, city financial adviser Greg Guerrettaz, of Indianapolis based Financial Solutions Group, said. The districts generate $1.7 million in revenue annually.
A bond ordinance setting terms of the agreement will require City Council approval.
The money is to pay for improvements to the sports complex, 1300 N. East St., and for proposed improvements to the downtown area, including an updated cityscape.
Work kicked off last week on the second phase of upgrades to the sports complex, where three new softball fields and other amenities expected to cost up to $3.5 million are planned.
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A third round of work to the sports complex, not yet authorized, would improve the south end of the 95-acre complex with upgrades to existing softball fields and surrounding parking areas and driveways.
The short-term bond anticipation note would borrow between $2.1 million and $5 million, Guerrettaz said. The long-term bond of up to 15 years would borrow $5 million, he said.
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http://www.nwitimes.com/news/local/lake/crown-point/crown-point-sports-complex-funding-on-deck/article_cc73fb4f-b437-5f60-a2a5-68e860ac155d.html
