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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –November 2, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. South Bend Central Development Area <br /> <br />(4) continued… <br /> <br />upgraded dugouts for player safety, a new <br />training facility to be open year round, new <br />restrooms and concession stands and a new <br />scoreboard and sound system. <br /> <br />Mr. Inks explained the logic for making these <br />improvements at this time. The <br />improvements are a key part of the mixed use <br />development for the area. The age of the <br />facility requires maintenance; and staff feels <br />it is better to do the maintenance as part of <br />needed upgrades. Some improvements are <br />needed to meet Minor League requirements: <br />? <br /> <br />Lighting upgrades <br />? <br /> <br />New turf and drainage (artificial is to <br />allow greater use of the facility and <br />save on maintenance costs) <br />? <br /> <br />Training facility (hitting and pitching) <br />? <br /> <br />The stadium does not have the state <br />required number of restrooms <br /> <br />These improvements anticipate expanded use <br />of the stadium for such things as pre-game, <br />on-the-field family activities, business <br />softball games, police/fire softball games, <br />overnight youth camping, etc. <br /> <br />Mr. Inks noted that the total project cost is <br />expected to be $9.6M plus bond issuance <br />costs of $120,000 and a debt service reserve <br />of $480,000. The total of those is $10.2M. <br />Financing for the project is a $4.98M <br />Recovery Zone Bond which offers a 45% <br />interest rebate. The rebate will result in <br />interest savings of approximately $400,000 <br />over the life of the bond. In addition to the <br /> 10 <br /> <br />