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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 COMMISSION APPROVED RESOLUTION No.2874 <br /> Mr. Downes and unanimously carried, the CONTINUING CERTAIN FUNDS AND ACCOUNTS IN <br /> Commission approved Resolution No. 2874 CONNECTION WITH THE LEASE DATED AS OF <br /> NOVEMBER 1, 1993,AS AMENDED,BETWEEN <br /> continuing certain funds and accounts in THE SOUTH BEND REDEVELOPMENT <br /> connection with the Lease dated as of COMMISSION AND THE SOUTH BEND AUTHORITY <br /> November 1, 1993, as amended, between the FOR THE COLLEGE FOOTBALL HALL OF <br /> South Bend Redevelopment Commission and FAME/CENTURY CENTER PROJECT AND OTHER <br /> the South Bend Authority for the College RELATED MATTERS. <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 />