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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />3. APPROVAL OF CLAIMS (CONT.) <br />Upon a motion by Mr. Downes, seconded by Mr. Alford <br />and unanimously carried, the Commission approved the <br />Claims submitted May 10, 2011, and ordered checks to <br />be released. <br />4. COMMUNICATIONS <br />There were no Communications. <br />Mr. Inks asked that Item 6.A.(1) be moved up on the agenda <br />to be considered at this time. There was no objection and <br />the item was so moved. <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) Resolution No. 2874 continuing certain <br />funds and accounts in connection with the <br />Lease dated as of November 1, 1993, as <br />amended, between the South Bend <br />Redevelopment Commission and the <br />South Bend Authority for the College <br />Football Hall of Fame /Century Center <br />Project and other related matters. <br />Mr. Inks reported that the resolution before <br />the Commission is related to the refinancing <br />of the existing bonds with the Hall of Fame <br />and Century Center. We've tried to market <br />the Hall of Fame and find a new tenant for it. <br />In so doing, the current tax exempt bonds are <br />a stumbling block. We cannot put a for - profit <br />business in there with the tax exempt bonds <br />in place. Non - profit agencies may be eligible. <br />Refinancing of these two bonds would open <br />up our ability to negotiate with different <br />companies for the use of that building. The <br />refinancing would restructure the bonds from <br />tax exempt to taxable. The interest rate <br />K3 <br />COMMISSION APPROVED THE CLAIMS <br />SUBMITTED MAY 10, 2011, AND ORDERED <br />CHECKS TO BE RELEASED. <br />THERE WERE NO COMMUNICATIONS <br />