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La Porte RDC approves Baker Tilly engagement for 39 North infrastructure financing
Summary
The La Porte Redevelopment Commission on April 30 unanimously approved an engagement letter with Baker Tilly to assist the city with bond financing for infrastructure at the 39 North development.
The La Porte Redevelopment Commission on April 30 approved an engagement letter with financial advisor Baker Tilly to assist with the bond financing process for infrastructure at the 39 North development, voting 5-0 to accept the proposal.
The engagement will guide the commission through steps required to prepare, market and issue debt for 39 North infrastructure, commission staff said.
Staff member Phillips described the engagement as the standard financing assistance the commission has used for prior projects and said the steps Baker Tilly will take are the ones necessary “for the bond financing for the 39 North infrastructure debt issuance process.” Commissioner Brian Chalick added, “They're a good company, I might add. Helps us right along.”
No changes, conditions or dollar amounts for the engagement were discussed publicly during the vote. The motion to approve passed unanimously.
The commission handled the item as routine new-business agenda matter and did not request additional informational attachments or a second presentation. No public comment was offered on the financing item during the meeting.
The commission’s action authorizes staff to proceed with the engagement with Baker Tilly; any future formal debt issuance or bond sale would require additional approvals and public notices as determined by the commission and the city's legal and financial advisers.
