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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />Mr. Varner asked what interest rate was <br />expected for the bonds. Mr. Rompola <br />responded that the the rates are expected to <br />be between three and four percent for <br />Century Center and four and five percent for <br />the Hall of Fame, subject to the bond market <br />at the time of sale. <br />Mr. Downes disclosed that he is a Century <br />Center Board member. He does not believe <br />that constitutes a conflict of interest. Mr. <br />Meteiver agreed that is not. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2874 <br />continuing certain funds and accounts in <br />connection with the Lease dated as of <br />November 1, 1993, as amended, between the <br />South Bend Redevelopment Commission and <br />the South Bend Authority for the College <br />Football Hall of Fame /Century Center <br />Project and other related matters. <br />5. OLD BUSINESS <br />A. Airport Economic Development Area <br />(1) Resolution No. 2872 approving and <br />accepting a counteroffer for the <br />acquisition of property in the Airport <br />Economic Development Area (1504 -1514 <br />Prairie Ave.) <br />Mr. Relos noted that on April 12 the <br />Commission approved the offering price for <br />5 <br />COMMISSION APPROVED RESOLUTION NO, 2874 <br />CONTINUING CERTAIN FUNDS AND ACCOUNTS IN <br />CONNECTION WITH THE LEASE DATED AS OF <br />NOVEMBER 1, 1993, AS AMENDED, BETWEEN <br />THE SOUTH BEND REDEVELOPMENT <br />COMMISSION AND THE SOUTH BEND AUTHORITY <br />FOR THE COLLEGE FOOTBALL HALL OF <br />FAME /CENTURY CENTER PROJECT AND OTHER <br />RELATED MATTERS. <br />