Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Me ting - September 13, 1985 <br />6. NEW BUSINESS (Cont.) <br />a. uonrinuea... <br />re enue bond that will not increase the tax <br />lery for the City of South Bend. It is <br />im ssible for the Redevelopment Commission to <br />to n to the City for the general obligation to <br />re y the interest on the bond. The uses of <br />the funds fall into four categories. The <br />first use is for appoximately $1,000,000 for a <br />skywalk connection between the Century. Center <br />and the Marriott Hotel, which is a legal <br />obligation that the City entered into in 1979. <br />Because the City did not have the funds to <br />construct the skywalk at the time the Urban <br />Development Action Grant was used for the <br />atrium and parking garage, the City has been <br />able to delay that construction but needs to <br />no e ahead with construction now. The second <br />use involved the construction of the parking <br />facility associated with the Teachers Credit <br />Union project, which will involve <br />approximately 110 parking spaces contained on <br />two levels. The facility will be leased <br />during working hours to Teachers Credit Union <br />and will be open to the public during <br />no - working hours and weekends. The third <br />project involves approximately $750,000 for <br />la d acquisition for the proposed multiuse <br />stadium in the southwest corner of the South <br />Be d Central Development Area. It is not the <br />intent of the Commission to move ahead and <br />ac ire property until the financing plan is <br />in place for the stadium. At the same time, <br />should the stadium project not move ahead, the <br />Corudssion has expressed interest in <br />accpisition of that property anyway in terms <br />of potential future development. The other <br />US s for the proceeds from the TIF Revenue <br />Bond involve approximately $540,000 for a <br />facade program for the downtown property <br />owiers. This would involve acquiring the <br />facades of particular buildings, using bond <br />funds to renovate those facades, and leasing <br />thEm back to the property owners for a certain <br />number of years at a certain percentage rate, <br />with eventual reacquisition of the facade. <br />Th benefits of this program are that it <br />ClEans up some of the facades in the downtown <br />an adds to the whole ambiance that <br />Re evelopment is trying to create with new and <br />-3- <br />