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RM 11-05-93
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RM 11-05-93
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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />additional step to the bond process. With <br />Commission approval of the proposed Lease <br />at this time, the process can move forward <br />to get approval from the State Tax Board. <br />Both the Commission and the Common <br />Council will then have the opportunity to <br />recommend to the South Bend <br />Redevelopment Authority that it proceed to <br />issue the bonds. The Commission will <br />consider its recommendation to the <br />Authority on February 4, 1994 and the <br />Council will consider its recommendation to <br />the Authority on February 14, 1994, under <br />the current timetable. The Authority has <br />resolved not to move forward with the <br />issuance of the bonds without Commission <br />and Council support. The Redevelopment <br />Authority will then authorize issuance of the <br />bonds on February 17. If the Commission <br />is not satisfied with the corporate <br />solicitation, it can recommend that the Hall <br />of Fame portion of the bond be delayed or <br />terminated. The Century Center portion of <br />the bond could go forward alone. This <br />method allows for maximum flexibility while <br />still moving forward. <br />Century Center is a critical facility in the <br />economic development of the downtown. It <br />is desperately in need of a new roof. The <br />staff has also been looking ahead to their <br />future needs in order to position the facility <br />well for the next ten to fifteen years. Three <br />factors control the proposal made to the <br />Commission at this time: 1) Currently, the <br />City, the school corporation and the <br />Hotel/Motel Tax Board make a total of <br />-5- <br />
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