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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 COMMISSION APPROVED THE CLAIMS <br /> and unanimously carried, the Commission approved the SUBMITTED MAY 10,2011,AND ORDERED <br /> Claims submitted May 10, 2011, and ordered checks to CHECKS TO BE RELEASED. <br /> be released. <br /> 4. COMMUNICATIONS <br /> There were no Communications. 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 /> 3 <br />