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South Bend edevelopment Commission <br />Regular Mee ing - November 22, 1991 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />e. <br />of $1,000,000 per year the Commission has <br />been paying. The Addendum to the Lease <br />takes effect on the date the bonds are <br />sold, approximately December 4, 1991. <br />The proceeds from the bond will be put <br />into an irrevocable escrow until the <br />existing bonds are redeemed, <br />approximately January 7, 1992. We <br />decided not to notify the current bond <br />holders of our intent to redeem until we <br />had closed on the refinanced bonds. <br />The efore, there will be about one month <br />dur ng which we have two outstanding <br />Mr.�Faccenda declared a conflict of <br />int rest on this item. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Combs and unanimously carried, the <br />Commission approved Resolution No. 1029 <br />app37oving the execution of an Addendum to <br />the Lease dated as of June 1, 1988 <br />between the South Bend Redevelopment <br />Commission and the South Bend <br />Redevelopment Authority for the Stanley <br />Cov leski Regional Stadium Facility. Mr. <br />Fac enda abstained. <br />Mrs Kolata noted that Resolution No. <br />1030 repeats the Commission's intention <br />to levy the taxes necessary to make the <br />payments and sets up funds for this bond. <br />Mr.�Faccenda declared a conflict of <br />int rest on this item. <br />-7- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1029 APPROVING THE EXECUTION <br />OF AN ADDENDUM TO THE LEASE DATED <br />AS OF JUNE 1, 1988 BETWEEN THE <br />SOUTH BEND REDEVELOPMENT <br />COMMISSION AND THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY FOR THE <br />STANLEY COVELESKI REGIONAL <br />STADIUM FACILITY <br />