RM 06-17-88 - Laserfiche WebLink

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South Bend edevelopment Commission Rescheduled Regular Meeting - June 17, 1988 6. NEW BUSINESS (Cont.) d. Continued... As ith the lease for the parking facility, the stadium lease provides an Option to Purchase which may be exercised at any time. If it is not exercised, the Authoriy will deed the property to the Con#ission upon payment of the bonds. Mrs Kolata noted that the bond for the parking facility is a tax exempt bond, but the bond for the stadium is taxable. If Congress passes requested legislation, another refinancing could take place and the bond would be tax exempt. Upon a motion by Mr. Donoho, seconded by Mr. Piasecki and unanimously carried, the Cormtission approved Resolution No. 848 approving modifications to and execution of a Lease between the South Bend Red velopment Authority and the South Bend Redevelopment Commission for the Stanley Coveleski Regional Stadium and regarding other related matters. e. Adoption of Resolution No. 849, a resolution of the South Bend Red 7evelopment Commission establishing certain funds and accounts in connection wit the Lease dated as of June 1, 1988, between the South Bend Redevelopment Cormission and the South Bend Redevelopment Authority related to the Star,ley Coveleski Regional Stadium and other related matters. Mrs. Kolata explained that the resolution states that the Authority intends to issue bonds in the amount of $5,685,000 to finance the acquisition of the stadium, thereby creating a Redevelopment District Bond Fund and other accounts as nec ssary. It states that the Commission will levy a special tax on all taxable pro rty in South Bend in 1988 to help mako the required lease payment. -6- COMMISSION APPROVED RESOLUTION NO. 848 APPROVING MODIFICATIONS T0.1-AND EXECUTION OF A LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHOR- ITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION FOR THE STANLEY COVELESKI REGIONAL STADIUM