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THE FINANCIAL STATE OF GARY, INDIANA
Financial Overview…
City’s Current Financial State Financial Recovery Plan Sale Leaseback United States Steel Transaction Review of Future Financial Recovery Summary
IF WE DO NOTHING
FULL RECOVERY MEASURES
FINANCIAL RECOVERY TO DATE
UNITED STATES STEEL TRANSACTION DETAILS
INITIAL DISCUSSIONS WITH US STEEL REQUESTING FULL ABATEMENT CONSIDERATION OF OTHER COMMUNITIES $750,000,000 INVESTMENT CREATION OF A TAX INCREMENT FINANCING PAYMENT OF $51,000,000 PILOT IN LIEU OF TAXES TO BE SHARED 55/45 IMPLEMENTATION PROCESS DISTRIBUTION TO CITY, LIBRARY AND SCHOOLS OTHER MEASURES (COMMUNITY ENGAGEMENT AND COMMUNITY
BENEFITS FUND)
UNITED STATES STEEL TRANSACTION ONLY
SALE LEASEBACK TRANSACTION
WHAT IS A SALE LEASEBACK WHY THE SALE LEASEBACK WHAT THE COUNCIL ORDINANCE ALLOWED US TO DO WHY IT NEEDED TO BE AMENDED PROCESS FOLLOWED PRIOR TO CHOOSING A BANKER THE AMOUNT OF PROCEEDS THAT WILL BE RECEIVED BY THE CITY THE INTEREST RATE OF THE TRANSACTION THE ANNUAL PAYMENT AND LENGTH OF REPAYMENT THE COSTS OF THE TRANSACTION AND DEBT RESERVE FUND
REQUIREMENTS
SALE LEASEBACK ONLY