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RM 09-13-85
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RM 09-13-85
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South Bend Redevelopment Commission <br />Regular Me ting - September 13, 1985 <br />6. NEW BUSINESS (Cont.) <br />a. uomtinuea... <br />e coverage ratios are met and keeping in <br />the financial analysis is a very <br />ervative one, additional bonds for <br />tional Redevelopment purposes. <br />Mr Luecke asked if the Redevelopment <br />Co .ssion is the only body that has the <br />au ority to issue these bonds. <br />Mrs Hill stated that this was correct. <br />Mr Neil Gilbert asked about the legal <br />ob igations on the Marriott skywalk as far as <br />ho it was entered into and who it involved. <br />Mr. Hill stated that there are a series of <br />agreements that were negotiated in 1978 and <br />were formalized in 1979. They deal with the <br />City of South Bend, Redevelopment Commission, <br />Ralin Properties (the owner of the Marriott <br />Hotel) and 1st Source Bank. As an inducement <br />to HUD to enhance the City's ability to <br />receive $7,600,000 in UDAG funds that were <br />in olved in the financing of this project, the <br />City committed to construct a walkway between <br />Century Center and the Marriott Hotel. At one <br />point in time, there were other funds that <br />were identified to pay for this construction, <br />but they had to go into other parts of the <br />project. The skywalk construction is part of <br />our commitment to HUD as a condition to <br />receiving the UDAG award. The owners have <br />been patient with the City in that this was <br />actually to be constructed by 1981. The City <br />has not had the financing ability to undertake <br />this construction up until this point which is <br />why the project has been delayed. The City <br />does not have the ability to renegotiate or <br />change its commitment because the commitment <br />was made to induce the receipt of the <br />$7,600,000 grant. <br />Mr. Hunt commented that there is more than <br />just the legal obligation. There is also a <br />very good revitalization and economic <br />development reason why the skywalk should be <br />constructed. St. Joseph County is number two <br />in the State of Indiana in terms of tourism <br />
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