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keuth Bend Redevelopment Commission <br />Special Meeting - March 11, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />decisions of the City. We are fortunate <br />to have been selected as a site for this <br />tourist attraction. <br />Mr. Sharp also noted that combining the <br />bonds was an excellent way to achieve <br />cost savings. The improvements to <br />Century Center, especially those for the <br />art museum, are very important to <br />increasing the quality of life in the <br />community also. He thanked the Mayor <br />and Brian Hedman for their diligent <br />pursuit of these programs. <br />C-11 Mr. Piasecki remembered similar <br />community opposition against the <br />construction of Coveleski Stadium, <br />predicting failure. The Commission had <br />the vision to move ahead and it has been <br />a wonderful addition to the quality of life <br />in South Bend. The entire nation will <br />envy us for the Hall of Fame. <br />Mayor Kernan responded to Mr. <br />Oakley's comments about the difference <br />between the face value of the bonds and <br />the total cost. The financing package <br />that has been put together accommodates <br />the receipt of donations (or funds) over a <br />seven year period rather than the 20 year <br />term of the bonds. These funds will be <br />borrowed at tax exempt rates, invested at <br />taxable rates, and used to defease the <br />bonds as they become due, for a net <br />break -even effect. <br />-14- <br />