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Personnel and Finance Committee September 9, 1997 Page 3 STUDEBAKER BOND FUND NO. 310 1997: $489,097 1998: $ 809,083 Cathy Roemer noted that the levy was not high enough for the bond. As a result, the City must bring it up (as reflected above)to bring it current. She noted that the levy is set annually. The shortfall is set at$ 191,515. It was further noted that the bond would be paid off in February 2006. CENTURY CENTER FUND NO. 670 1997: $ 2,732,978 1998: $2,679,298 Brian Hedman, Liz Rowe, Cleo Hickey, Christina Butler, and Ed Ehlers then joined the Committee members. Mr. Hedman noted that the budget has been revised so that it is now a balanced budget. A new cafe would be introduced on the main floor level to meet the growing demand in this area. By next year, the Century Center will own all of its energy management equipment. Mr. Ehlers, Treasurer, noted that the Century Center is the catalytic agent for the downtown. He then reviewed the debt service. He noted that the contribution of the hotel/motel revenues was predictable by its past. In light of the formula established, he is hopeful that despite competing interests that funding would remain in place. He noted that the budget was balance by a readjustment of the hotel/motel monies by $ 34,000, and by increasing the parking rates from $2.00 to $3.00. MORRIS CIVIC FUND # 101-0401 1997:$ 314.850 1998: $ 282.240 Cleo Hickey noted that the Morris Civic would be closed in 1998. The renovations would begin with the site utilities being relocated first; followed by the 1st bid package addressing structural steel (to take place in Jan/Feb.1998) followed by the 2d bid package in March/April. The Grand Re-Opening is to take place in early 1999 for the theater. It was noted that the renovation is being funded by EDIT and private funding. Five (5) million dollars has been pledged with$ 1.8 million being collected to date. Following further discussion,the meeting was adjourned at 5:35 p.m. Respectfully submitted, Dr.David Varner,Vice-Chairperson Personnel and Finance Committee Attachments