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®CITY OF SOUTH BEND I OFFICE OF THE CLERK <br /> Ms.Dean continued, So that was sort of the bigger piece then the $1.5 million was to help us kick- <br /> off the master plan and take care of the larger part of the front entrance that is in desperate need of <br /> repair as well. <br /> Councilmember Scott stated, The main point of the last deal was that you guys would be able to <br /> be a lot more versatile with raising corporate sponsorships. Frankly, at the time, the management <br /> of the City Parks was barely maintaining things with absolutely no game plan. I'm glad with <br /> everything we are doing now because it reflects the quality of life. The Zoo was barely maintained <br /> back then and I understand that. Looking at this, we kind of stuck you with a product that was <br /> already inferior in my opinion. <br /> Mr. Perri stated, And it is still the City Zoo. I'm a fan of public-private partnerships. I think they <br /> work and we have seen some great examples. We talk about Four Winds Field or the Conservatory <br /> or the Aerial Adventure Park and I think they work pretty well. It is still the City's assets. We still <br /> spend money in all of those assets and I don't think we will ever be out of the Zoo. <br /> Councilmember Scott stated, And it is part of our City life. We talk about places to live and we <br /> want assets like this. They are crucial. <br /> Councilmember Teshka asked, That $4.2 million figure, does that include principle interest and <br /> financing? <br /> Ms. Hockenhull replied, It includes financing charges but also includes the debt service reserve <br /> which is the last payment we would have to make. We have to set that aside. That might change if <br /> we structure it a little bit different but when we come before Council, Bond Counsel will be here <br /> and they will be able to walk through the technical things. The $4.2 million includes the debt <br /> service reserve so should we restructure and not need a reserve,that will go down. <br /> Councilmember Teshka followed up, Then the $3.7 million upfront this year, how is that funded? <br /> Mr. Perri replied, It's not. That will all come when the bond financing package gets fmalized and <br /> brought to you. It is scheduled to be paid out of EDIT but when Bond Counsel comes before you, <br /> they can get into the nitty gritty with you. You will not see it in our budget this.ye. <br /> Councilmember Teshka stated, Thank you for your leadership on that and, Marcy, thank you for <br /> your leadership with the Zoo. My family has a Zoo membership and we love the Zoo. Thanks for <br /> what you do. <br /> Councilmember Broden asked,Are there any other public partners? <br /> Ms. Dean replied, At this point, there are none. We've been working on that,though, since 2014. <br /> We've had different conversations with both the County Council and Mishawaka's Council. As <br /> you'll remember,we were kind of the initiators of potentially bringing the Food and Beverage Tax <br /> in to help us. We are hard at work trying to figure out how to bring more public dollars in as well <br /> as private dollars. We did get Regional Cities money for the entrance and we think that is a good <br /> first(1St) step. <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION ( EMPOWERMENT <br /> 455 County-City Building 1 227 W.Jefferson Bvld I South Bend,Indiana 466011 p 574.235.9221If 574.235.9173 TTD 574.235.5567 www.southbendin.gov <br /> 17 <br />