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South Bend Redevelopment Commission <br />Special Meeting - June 24, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />approving the transfer of real property to the <br />City of South Bend. <br />b. Commission approval requested for <br />Resolution No. 1270 approving and <br />authorizing the execution of an Amended and <br />Restated Lease with the South Bend <br />Redevelopment Authority relating to <br />College Football Hall of Fame Project. <br />Mr. Rompola explained that Resolution <br />No. 1270 is similar to the Lease Addendum <br />the Commission approved in connection with <br />the Century Center financing. The original <br />Lease was for a combined Century Center <br />and Hall of Fame financing. The earlier <br />Addendum made changes reflecting the <br />Century Center financing and the fact that it <br />was going forward alone. This Amended and <br />Restated Lease combines those changes and <br />adds the changes necessary to reflect the Hall <br />of Fame financing. <br />Since the Hall of Fame financing is a variable <br />rate financing, the lease includes some <br />definitions related to variable rate financing. <br />The most important change in the Amended <br />and Restated Lease relates to the fact that in <br />a fixed rate financing, the lease would go out <br />of existence when all of the bonds were paid <br />off. In a variable rate financing, the lease <br />goes out of existence when all the bonds are <br />paid off plus any other fundings owed by the <br />Redevelopment Authority for the repayment <br />of the bonds are repaid. The bonds are being <br />-4- <br />