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South Bend Redevelopment Commission <br />Regular Meeting -February 29, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />execution of an Addendum to the Lease <br />between the South Bend Redevelopment <br />Commission and the South Bend <br />Redevelopment Authority for the Morris <br />Performing Arts Center project. <br />(Refunding of the Morris PAC bond) <br />Mr. Inks noted that the Commission has a <br />lease with the Redevelopment Authority <br />related to an eleven year old bond for <br />renovation of the interior and exterior of the <br />Morris Performing Arts Center. Interest rates <br />have dropped so it is anticipated that by <br />refunding the bonds for the remaining term <br />the city could save approximately $420,000. <br />Staff anticipated the bond sale would have <br />taken place before this meeting, but it has <br />not, so the documents are not final. If the <br />Commission is comfortable approving the <br />form of documents and authorizing execution <br />of an amended lease that has a lower lease <br />payment than is in place today., it could do <br />so. The bond will not be refunded unless the <br />lease payments are less than they currently <br />are. <br />Upon a motion by Mr. King, seconded by <br />Mr. Peczkowski and unanimously carried, <br />the Commission approved Resolution <br />No. 2440 and authorized execution of the <br />Lease, provided that the lease payments are <br />not materially different than what has been <br />estimated. <br />COMMISSION APPROVED RESOLUTION NO. 2440 <br />AND AUTHORIZED EXECUTION OF THE LEASE, <br />PROVIDED THAT THE LEASE PAYMENTS ARE NOT <br />MATERIALLY DIFFERENT THAN WHAT HAS BEEN <br />ESTIMATED <br />