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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />$496,000 per year in lease payments on a <br />lease that runs to 2004. Those bodies <br />cannot afford to make a larger payment. 2) <br />The TIF district has a tremendous burden <br />and cannot afford the additional burden of <br />supporting Century Center. 3) Century <br />Center is a 220,000 square foot facility. <br />Any facility that size has periodic major <br />maintenance needs. We cannot afford to be <br />in a position where their only source to meet <br />these important needs is the Civil City <br />budget or the Hotel/Motel Tax Board. <br />With those conditions in mind, we propose <br />to convey the building from the Civic Center <br />Building Authority to the Redevelopment <br />Authority. The Commission would be in a <br />better position than the City or Hotel/Motel <br />Tax Board to address the large but critical <br />needs of Century Center. Century Center <br />asked Alan Ritchie to design a renovation of <br />Century Center for $2.6 million that would <br />meet its needs for the next ten to fifteen <br />years. Alan Ritchie was the architect from <br />the Johnson - Burgee group which originally <br />designed Century Center. A $2.6 million <br />bond could be paid off by extending the <br />current lease payment an additional ten <br />years, to the year 2014. <br />The total amount of the bond issue for <br />Century Center will be $6.4 million. $3.2 <br />million will be used to pay off the existing <br />bond in order to convey Century Center to <br />the Redevelopment Authority. $2.6 million <br />will be used for improvements. Capitalized <br />interest accounts for the remaining <br />$600,000. <br />0 <br />