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South Bend Redevelopment Commission <br /> Regular Meeting—December 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. South Bend Central Development Area <br /> (1) continued... <br /> business he enjoys and that he's already <br /> heavily invested in with the Chicago White <br /> Sox. He will bring the resources to promote <br /> the team, and put $7 million into the stadium <br /> improvements as well. <br /> Mayor Luecke noted that a commitment to <br /> keep the Silver Hawks here for 20 years is <br /> important for the city of South Bend. What's <br /> being requested today is the approval of the <br /> Use, Management and Operation Agreement. <br /> We are not asking for an appropriation today. <br /> We'll ask that of the Common Council after <br /> the first of the year. But, the Commission's <br /> approval of this Agreement would indicate <br /> its willingness to fund up to $1.75 million in <br /> additional improvements to the stadium from <br /> TIF funds. <br /> Mr. Downes noted, in the interest of full <br /> disclosure, he is one of about 50 current <br /> investors in the Silver Hawks; but his <br /> information from legal council is that he does <br /> not have a financial conflict of interest. <br /> Mr. Varner stated that, historically, each <br /> successive lease arrangement the city enters <br /> into seems to result in diminishing returns to <br /> it. If there's some way to structure the $1.75 <br /> million improvements to a new revenue <br /> stream or an increased revenue stream for the <br /> city, he could be perfectly happy with that. <br /> He doesn't believe the $1.75 will make a <br /> significant difference. Because of that, he's <br /> not supportive of the commitment at this <br /> time. <br /> 8 <br />