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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mr. Sharp stated that he feels that the <br />combined bond with a future opportunity to <br />move ahead on only the Century Center <br />bond makes sense and has a cost advantage <br />to the City. <br />Ms. Auburn thanked Mr. Horton for a clear <br />presentation and document. It is very <br />attractive and well arranged. <br />Mr. Brademas asked for permission to speak <br />and was granted permission. Mr. Brademas <br />noted that he is the acting president of the <br />Hotel/Motel Tax Board, and the member of <br />that board with the longest service on the <br />board, he is the owner of a local hotel, he is <br />the first winner of the leadership award for <br />that body. This shows that he has a long <br />and continued interest in conventions and <br />tourism in our community. <br />Mr. Brademas believes that Century Center <br />is absolutely indispensable to this <br />community. The Hotel/Motel Tax Board <br />has a commitment to make the payments on <br />the initial bond issue. It has provided a <br />substantial amount of money for the <br />operation of Century Center. A year ago <br />the Hotel/Motel Tax Board received from <br />Mr. Hedman a list of unfunded capital <br />items. This cost of funding that list of needs <br />was about $1,175,000. The Hotel/Motel <br />Tax Board looked at floating a $2.6 million <br />bond issue which would have taken care of <br />those needs as well as taking care of <br />Studebaker Museum so that Discovery Hall <br />could be expanded and available to Century <br />Center for other uses. <br />-11- <br />