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CITY OF SOUTH BEND STEPHEN J. LLTECICE, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />GREGG D. ZIENTARA <br />CONTROLLER <br />November 3, 2010 <br />Mr. Derek D. Dieter <br />President of the Common Council of the City of South Bend <br />41h Floor, County-City Building <br />South Bend, IN 46601 <br />Re: Ordinance to Authorize Recovery Zone Economic Development Bonds and to <br />Appropriate Funds Therefrom <br />Dear President Dieter: <br />The attached Ordinance for your consideration would allow for the issuance of Recovery <br />Zone Economic Development Bonds of up to $4,980,000 for the improvement of Coveleski <br />Stadium. The Ordinance also provides for the debt service on these bonds to be paid by revenues <br />from the Professional Sports and Convention Development Area (PSCDA). In the event the <br />PSCDA revenues are not sufficient, the Council is also approving a pledge of COIT revenues. <br />These bonds would have a term not to exceed 20 years. Proceeds of the bond would provide part <br />of the funding necessary to make the planned improvements at Coveleski Stadium. Total <br />improvements are estimated to cost $9,575,445, plus issuance costs of $120,000 and a debt <br />service reserve of $480,000, bring the total to $10,175,445. In addition to the bond proceeds, <br />TIF resources of $1,989,445 have been committed by the South Bend Redevelopment <br />Commission. The remaining funding for the project is proposed to come from COIT <br />($2,686,000) and EDIT ($520,000). <br />Improvements planned for Coveleski Stadium are part of a larger plan for the mixed use <br />development of the Coveleski Neighborhood, which was previously shared with the Council. <br />These improvements will deal with maintenance needs of a facility built in 1987, create greater <br />connectivity with the downtown, address needed facility improvements, and provide for <br />significantly expanded use of the Stadium by the community. <br />Mayor Stephen J. Luecke will present this bill to the Common Council at the Council <br />assigned committee meeting and at the public hearing. <br />COUNTY-CITY BUILDING 227 W JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9216 FAx 574/235-9928 TDD 574/235-5567 ~ <br />