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• <br /> Century <br /> November 3, 1989 <br /> TO: Members of the South Bend Common Council <br /> RE: Request for the Establishment of a Non-reverting <br /> "Century Center Preventive Maintenance and <br /> Improvement Fund" <br /> On October 26, 1989, the Century Center Board of Managers, by motion, <br /> approved the establishment of a non-reverting "Century Center Preventive <br /> Maintenance and Improvement Fund" . <br /> The principle, initial amount of this fund is three hundred thousand <br /> dollars ( $300, 000 . 00 ) ; this amount is the license fee paid the Century <br /> Center Board of Managers by the Service America Corporation with whom the <br /> Century Center Board has renewed the contract for food and beverage <br /> services at Century Center . <br /> The principle is currently invested at a local financial institution to <br /> yield high interest earnings; interest earnings will be deposited with <br /> the principle amount. As the board determines the need to use these <br /> funds earmarked for maintenance and improvements at Century Center, <br /> request ordinances for appropriating funds will be brought to the <br /> Council . <br /> Therefore, it is respectfully requested that the Common Council approve <br /> the proposed non-reverting "Century Center Preventive Maintenance and <br /> Improvement Fund" . <br /> Thank you for your consideration. <br /> Brian R . Hedman <br /> Executive Director <br /> BRH:pp <br /> • <br /> cc: George Murray, Acting President <br /> Century Center Board of Managers <br /> ill <br /> Edwin Ehlers, Treasurer ' <br /> Century Center Board of Managers <br /> Katie Humphreys, City Controller <br /> 120 South Saint Joseph Street South Bend, Indiana 46601 (219) 284-9711 • <br />