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Redevelopment commission approves amendments to Sportsplex financing to lower borrowing costs
Summary
The Hammond Redevelopment Commission on Oct. 21 approved Resolution 2025-15 and related contract amendments tied to 2018 Sportsplex financing, accepting a lower interest arrangement with Horizon Bank that staff said reduces near-term borrowing costs.
The Hammond Redevelopment Commission approved a resolution and two contract amendments Oct. 21 that alter the financing structure for the Sportsplex issued in 2018, a move staff said will lower the effective interest cost for the remaining term.
A staff member described Resolution 2025-15 as approval of a "first amendment" to the installment purchase contract and a parallel amendment to a participation agreement tied to the 2018 financing of the Sportsplex. The staff member said the original issuance was about $6,000,000 at an interest rate of 3.42 percent and that a recent…
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