The revenue stream is the TIF revenue. To say there is "NO" revenue stream to pay the bonds is both ignorant and false. As we have said many times at nausiem the Bond issue will be paid out of the TIF revenue. This is the same TIF revenue that was approximately $1.2M in 2007.

Wake up.
Steve Bishop
Speedway Redevelopment Commission



Editor's response:

Speedway Redevelopment Commissioner Steve Bishop has taken issue with the Navigator in the June 12 article "Revenue Stream Projections Overdue." Bishop said the article is misleading in that there were TIF revenues of $1.2 million in 2007. "The other members of the Commission have been gracious about letting the misleading information about the SRC's work slide. I will not be that gracious."

The Navigator agrees the article was misleading to not state that the TIF revenue stream existed. The Navigator reported the SRC's revenue stream on May 14 including a 2007 TIF amount of $1,343,442.12. The Navigator is not saying that a special benefits tax will be automatically levied, but that there are provisions in the lease rental agreement on page 4 paragraph 2 c that give the SRC that power. The Navigator has changed the May 18 article "Law Provides Remonstrance Period Against Bond Issue" to eliminate the confusion in paragraph 4, which was refering only to paragraph (d) in IC section 36-7-14-25.2