11-30-10 Special Council Meeting Agenda & Packet

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President Dieter Page 2 November 3, 2010 Redevelopment Commission Board SBCDA TIF & SBCDA 2003 Bond COIT Fund EDIT Fund Total Funding $ 4,980,000 Bond issue $ 1,989,445 Cash on hand $ 2,686,000 Cash on hand $ 520,000 Cash on hand $10,175,445 The Redevelopment Commission Bond to be issued will utilize Federal Recovery Zone Development Bond dollars available to the City of South Bend. The total recovery bond capacity available to the City is $4,983,000. The bond issue is slightly below the available amount due to bond market requirement of issuance in minimum increments of $5,000. Built for $11 million in 1987, the 5,000 -seat Stanley Coveleski Regional Stadium is worth an estimated $35 million to $40 million today. The stadium is owned by the City of South Bend and managed by the Parks and Recreation Department, which authorizes use of the facility to the South Bend Silver Hawks, a Class A minor league baseball franchise. Approaching its 1.5h anniversary, Coveleski Stadium requires reinvestment to continue to meet standards for minor - -league baseball play. The stadium has not attained minimum lighting standards for the past few years, the playing field needs replacement to address drainage issues, the stadium is out of compliance with the state required number of restrooms, and providing an indoor hitting and pitching facility will bring the stadium on par with other Midwest League facilities. Mayor Stephen J. Luecke will present this bill to the Common Council at the Council assigned committee meeting and at the public hearing. City Administration requests Common Council a favorable consideration and passage of this spending ordinance bill. Respectf y submitted, Gregg D. i ntara Controller cc: Stephen J. Luecke Jeff Gibney Don Inks g ' Attachments: Exhibit "1" — Project source and use of funds financial state rhent Exhibit "2" — Facts about Stanley Coveleski Regional Stadium