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ATTACHMENT B <br /> Financing Improvements at Millikin Universitv <br /> Financing infrastructure improvements on property owned by Millikin University is <br /> somewhat more complicated than financing municipal infrastructure for the following reasons: <br /> 1. Public financing of sports facilities to be used by private entities is subject <br /> to specific laws and rules of the Internal Revenue Service, as opposed to <br /> financing of other public facilities. <br /> 2. Millikin University is a 501(c)(3) corporation and any debt financed that <br /> will be used by Millikin is subject to TEFRA (Tax Equity and Fiscal <br /> Responsibility Act) procedure. Debt issued by the City and Park District <br /> are generally not subject to TEFRA. <br /> 3. The revenue stream to pay for the improvements will probably come <br /> primarily from the City of Decatur but exact revenue sources are not <br /> currently identifiable. <br /> 4. We have little time to finance and construct the improvements. <br /> On Wednesday, April 4, I met with the following to work through the issues and develop <br /> a plan of finance. <br /> Dan Forbes, Speer Financial, Inc., Financial Advisor <br /> Kelly Kost, Chapman and Cutler, Bond Counsel <br /> Bruce Agin, Chapman and Cutler, Tax Consultant <br /> Early conversation between John Couter and Kelly Kost suggested that the City of <br /> Decatur's line of credit can probably be accessed, if it is City Council's decision to do so, but that <br /> there axe several questions to work through before the City could specifically structure a financing <br /> and close on the transaction. <br /> Putting aside, for the moment, the question of: <br /> What improvements should be financed? <br /> Which public or not for profit institution should repay the debt? <br /> What revenue streams can and cannot be used, and to what degree (taxes, <br /> concessions, tickets, etc.)?, <br />