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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />lease payment during the remaining years at <br />$1,600,000. <br />Mr. Horton noted that the Lease is <br />structured to assure that there is no mixing <br />of proceeds nor debt service between the <br />Century Center and Hall of Fame portions <br />of the project. <br />Mr. Horton summarized the benefits of this <br />bond issue: 1) the College Football Hall of <br />Fame; 2) a new owner for Century Center; <br />3) some impressive improvements to <br />Century Center; and 4) lower costs of <br />issuance and better interest rates. <br />Mr. Horton noted that the projected profits <br />from running the Hall of Fame were not <br />used at all as a revenue stream in this bond. <br />Mr. Rompola noted that once we get <br />through the lease approval process and get <br />the final order from the State Board of Tax <br />Commissioners we would come back to the <br />Commission and then to the Council for <br />their separate recommendation to the <br />Redevelopment Authority concerning the <br />issuance of bonds to fund the project. The <br />Redevelopment Authority has indicated that <br />it will not issue any bonds until it has the <br />final approval of the Common Council after <br />the lease has been approved by the state. <br />Mr. Hedman noted that the improvements <br />slated for Century Center will help fulfill the <br />destiny of Century Center to serve the <br />citizens of South Bend as they use the <br />W2 <br />