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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –November 2, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. South Bend Central Development Area <br /> <br />(6) Resolution No. 2796 approving and <br />authorizing the execution of an Addendum <br />to the Master Agency Agreement <br />(Coveleski Stadium Improvements – Phase <br />2) <br /> <br />Mr. Schalliol noted that the purpose of this <br />agreement is to set in place the necessary <br />funding that the Redevelopment Commission <br />will be committing to the Coveleski project <br />and to allow the Board of Public Works to <br />manage the funds related to the project. The <br />entire scope of the Coveleski Stadium <br />Improvements – Phase 2 project is budgeted <br />at $9.5 million dollars. <br /> <br />CRN.2796 <br />Upon a motion by Ms King, seconded by Mr. <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AND AUTHORIZING THE EXECUTION <br />Alford and unanimously carried, the <br />AMA <br />OF AN DDENDUM TO THE ASTER GENCY <br />Commission approved Resolution No. 2796 <br />A(CS <br />GREEMENT OVELESKI TADIUM <br />approving and authorizing the execution of <br />I–P2) <br />MPROVEMENTS HASE <br />an Addendum to the Master Agency <br />Agreement (Coveleski Stadium <br />Improvements – Phase 2) <br /> <br /> <br />(7) Resolution No. 2798 a Preliminary Bond <br />Resolution of the South Bend <br />Redevelopment Commission authorizing <br />the issuance of South Bend, Indiana, <br />Redevelopment District Revenue District <br />Bonds (Coveleski Improvements) <br /> <br />Mr. Inks noted that the $4,980,000 bond has <br />a term of up to twenty years. The bonds <br />would be taxable. With the 40% interest <br />rebate, the actual interest rate falls below that <br />of tax exempt bonds. Repayment is from the <br />Professional Sports Development Fund with <br />COIT backup. <br /> 15 <br /> <br />