Friday, October 21, 2005

Borrowing to Bankruptcy

Here's what the Gang of Six have in store for us within the next thirty days:

ItemsLoan AmountLender/SEC DealerPayment Source
BDOArmy Re-fi$10 MillionJP Morgan/ChaseBDO Tax Increment



ItemsLoan AmountLender/SEC DealerPayment Source
Lease Revenue Bond$8.9 MillionBank of NY/NorthlandFatcats/Golds Lease Payments
Tax Increment Revenue Bond$7.3 MillionBank of NY/NorthlandTax Increment - 10 RDA Projects*



ItemsLoan AmountLender/SEC DealerPayment Source
Mall Site Purchase$???Bank of NY/NorthlandMall Tax Increment/BDO Lease Revenue
Woodbury Settlement$5 MillionBank of NY/NorthlandMall Tax Increment/BDO Lease Revenue
American Can Parking$???Bank of NY/NorthlandMall Tax Increment/BDO Lease Revenue
Total$24 MillionBank of NY/Northland

Mall Tax Increment/BDO Lease Revenue


Grand Total: $50.2 Million

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* 1) the “St. Benedicts Manor Redevelopment Project Area”; 2) the “Union Gardens Redevelopment Project Area”; 3) the “Washington Boulevard Redevelopment Project Area”; 4) the “Lester Park Redevelopment Project Area”; 5) the “Golden Links Redevelopment Project Area”; 6) the “Park Boulevard Redevelopment Project Area”; 7) the “12th Street Redevelopment Project Area”; 8) the “South CBD Redevelopment Project Area”; 9) the “Lincoln Avenue Redevelopment Project Area”; and 10) the “Fairmount Redevelopment Project Area”.

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