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South Bend Redevelopment Commission <br />Regular Meeting - June 6, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />would be required to stay on top of <br />operations and manage them responsibly. <br />Ms. Kolata stated that the operation of the <br />Morris Performing Arts Center will have <br />the same goal with a permanent staff <br />available to show the facility on a year - <br />round basis. <br />Ms. Schwartz requested that it be stated, <br />for the record, how the Commission <br />anticipates making the semi - annual lease <br />payments. <br />Ms. Kolata stated that the bond issue will <br />be paid from two sources: private pledges <br />as they are received and the County <br />Economic Development Income Tax <br />There are no intentions of using property <br />taxes or tax increment financing for this <br />bond issue. There is, however, tax <br />increment financing going into the bond <br />issue that paid for the purchase of the <br />Palais Royale Building and it will <br />continue. The new bond issue will be <br />paid for solely with the pledges received <br />and the Economic Development <br />Incremental Taxes. <br />She stated that at the time the bond is <br />actually issued, which will probably be in <br />early 1998, the bond will be reduced by <br />the amount of cash on hand. <br />Ms. Schwartz stated that there is no <br />anticipation that operating revenue will <br />H:\ HOME\ CPHIPPS \WPDA'IA \COMMSN\060697.MIN _11- <br />