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South Bend Redevelopment Commission <br />Regular Meeting - November 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />i. continued.... <br />Mrs. Kolata stated that the Letter <br />Agreement is relative to the Morris <br />Performing Arts Center project. South <br />Bend Entertainment, Inc., a non - for - profit <br />organization, has been spearheading a <br />capital fund- raising campaign for the <br />purpose of funding the renovations to and <br />construction of the Morris Performing Arts <br />Center. <br />She also stated that after the Morris <br />Performing Arts Center budget was <br />determined, the Bond amount was reduced <br />because South Bend Entertainment, Inc. <br />had $2,250,000 in cash at that time, on <br />hand, from donors. <br />Mrs. Kolata stated that South Bend <br />Entertainment, Inc. currently has <br />additional pledges totaling approximately <br />$3,000,000 million. <br />The Letter Agreement describes how <br />South Bend Entertainment, Inc. will <br />transfer the fund- raising donations to the <br />City of South Bend: South Bend <br />Entertainment, Inc. will transfer the fund- <br />raising donations to the City of South <br />Bend on a six -month basis. Every six <br />months South Bend Entertainment, Inc. <br />will deposit supplemental donations which <br />it has received from the donors. <br />The Letter Agreement also allows South <br />Bend Entertainment, Inc. to receive a total <br />of four percent of the $6,000,000 pledge <br />HAWPDATA \COMMSM110698.MIN -13- <br />