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South Bend Redevelopment Commission <br />Special Meeting - November 15, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />project. The Redevelopment Commission is <br />involved because of the potential these <br />projects have in redeveloping the downtown <br />and to spur other development in the area. <br />These projects are consistent with the overall <br />development plan for the South Bend Central <br />Development Area. <br />Mrs. Kolata noted that the Lease that is being <br />considered for approval calls for semi - annual <br />rental payments for each of the two portions <br />of the project. The Century Center portion <br />has a maximum semi - annual payment of <br />$300,000. The Hall of Fame portion starts <br />out with semi - annual payments of $660,000. <br />From the year 2005 on, the maximum semi- <br />annual payment is increased to $1,600,000. <br />Mrs. Kolata noted that by approving the <br />Lease at this time, the bond process can <br />move forward so that bond proceeds would <br />be available in the spring for construction. <br />However, the City is not in a position at this <br />time to disclose its sponsorships and pledges <br />for the Hall of Fame. It is the City's <br />intention to come back to the Commission <br />and to the Common Council with a report on <br />the sponsorships and pledges in February. At <br />that time the Commission and Council will <br />make a recommendation to the Authority to <br />issue the bonds. <br />Mr. Piasecki opened the Public Hearing for PUBLIC HEARING ON RESOLUTION NO. 1199 <br />whoever wished to be heard. He asked for <br />comments in support of the resolution first. <br />In <br />