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South Bend Redevelopment Commission <br />Special Meeting - November 15, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Tribune, stating that the Notice of Public <br />Hearing was printed on November 5, 19931 <br />be made part of the official record. There <br />was no objection and they were so entered. <br />Mr. Horton explained that we are proposing <br />a bond issue to make improvements in the <br />downtown: 1) construction of a 58,000 <br />square foot College Football Hall of Fame; <br />and 2) repairs and renovation of Century <br />Center, including new exhibit space; 3) a <br />tunnel connecting Century Center to the Hall <br />of Fame under St. Joseph Street. He noted <br />that this will be a single bond issue with two <br />components. Each component, Century <br />Center and the Hall of Fame, will have its <br />own pro rated cost of issuance and <br />underwriters discount and each will be <br />supported by a separate revenue stream. <br />The size of the Century Center bond will be <br />approximately $6,300,000 plus investment <br />earnings of approximately $100,000. Of that <br />amount, approximately $3,200,000 will be <br />used to defease the existing bond on Century <br />Center. Improvements to Century Center <br />will cost $2,600,000. Capitalized interest <br />and costs of issuance bring the total uses to <br />$6,400,000. <br />Mr. Horton noted that Century Center will be <br />conveyed from the Civic Center Building <br />Authority to the Redevelopment Authority. <br />The reason for this conveyance is that the <br />Civic Center Building Authority has no <br />power to use tax money for improvements. <br />-4- <br />