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Redevelopment commission approves amendment to Sportsplex financing to lower borrowing costs
Summary
The Hammond Redevelopment Commission on Oct. 21 approved Resolution No. 2025‑15 and related contract amendments to change the financing structure for the 2018 Sportsplex deal, citing a competitive offer that staff said reduces issuance costs and replaces a balloon scenario. The measures passed on unanimous votes.
The Hammond Redevelopment Commission on Oct. 21 approved Resolution No. 2025‑15 and two related contract amendments to revise the financing for the Sportsplex originally issued in 2018.
Staff said the original 2018 financing was for $6,000,000 at a 3.42% interest rate. This year a balloon payment or market increase prompted staff to seek options to avoid rebonding and the associated issuance costs. According to staff, a competitive process produced an…
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