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<br />South Bend Redevelopment Authority <br />Special Meeting - June 26, .1992 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />total $4.5 million dollars. We've added <br />million to the size of the bond to cover <br />interest and the cost of the issuance of <br />bond size will be approximately $5.4 mil <br />less, depending on interest rates at the <br />sale. <br />approximately $1 <br />capitalized <br />the bonds. The <br />Lion, more or <br />time of the bond <br />Mrs. Kolata noted that the Commission needs to approve <br />the Lease also and then it will go before the Common <br />Council and the State Tax Board. Then the bond sale can <br />take place and the Lease will be adjusted to reflect <br />actual interest rates and lease payments. <br />Mrs. Kolata noted that we expect to begin construction on <br />the golf course October 1, with the course open for play <br />in July 1994. The first full season of play will be <br />1995. We have capitalized interest through 1995 to make <br />certain that the revenues are on hand to make the 1996 <br />payments. <br />Mr. Nussbaum noted that the Redevelopment staff and Legal <br />Department have reviewed the Lease and related documents <br />and have found them to be in order. We recommend <br />approval of the documents. There needs to be a minor <br />correction in the Hurdzan contract: the date for the golf <br />course to be ready for play says June 1993, but should <br />say June 1994. <br />Mr. Nussbaum acknowledged the many hours spent on this <br />project by the Economic Development and Legal Department <br />staff. <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved the agreement <br />with Hurdzan Golf Design for consulting services in the <br />Airport Economic Development Area. <br />b. Authority annroval regu.ested for agreement with North <br />American Golf Inc for consulting services in the <br />Airport Economic Development Area. <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved the agreement <br />with North American Golf, Inc. for consulting services in <br />the Airport Economic Development Area. <br />c. Authority approval requested for agreement with Eckenhoff <br />Saunders Architects Inc for consulting services in the <br />Airport Economic Development Area. <br />-5- <br />