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~i <br />South Bend Redevelopment Authority <br />Special Meeting - August 28, 1992 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />receive pledges to be paid over a number of years. If <br />that is the case, we will want to sell bonds early in 1993 <br />for construction financing. The bonds will then be paid <br />off as the pledges come in. We don't want to sell the <br />bond for any more than we need to nor for any longer term <br />than is needed and we won't know the size and term needed <br />until we have completed our fundraising. <br />Resolution No. 63 authorizes reimbursement to the City <br />from bond proceeds for money spent on the project prior to <br />the bond sale, which is expected to be held in mid-1993. <br />Those early expenditures will be primarily architectural <br />and engineering costs. <br />Mayor Kernan noted that the City will pay for these <br />reimbursable costs from the downtown's tax increment and <br />from the City's general fund. Those funds will be repaid <br />from bond funds or from subscription pledges. <br /> <br />Mayor Kernan noted that the Civic Center Building <br />Authority approved an identical resolution at a meeting <br />earlier today (August 28). The Civic Center Buidling <br />Authority and the Redevelopment Authority will be pursuing <br />parallel paths related to the financing until we decide <br />which Authority will sell the bonds. <br />Mayor Kernan noted that the Board of Works has already <br />entered into a contract with Gerard Hilferty and <br />Associates to begin the design of the exhibitry. They <br />will soon be signing a contract with The Troyer Group for <br />architectural design of the building itself. <br />The Mayor noted that during the next four months the City <br />will be soliciting sponsorship of the Hall of Fame from <br />major corporations throughout the country. The University <br />of Notre Dame has been working closely with the City to <br />develop a solicitation strategy. <br />Mayor Kernan noted that Mikki Dobski will be the project <br />manager for the Hall of Fame. Baker & Daniels will serve <br />as bond counsel. Pat McMahon will chair a resource <br />committee which will provide technical expertise on such <br />things ~s marketing and financing. <br />The Mayor noted that construction will begin in June 1993 <br />• with completion by September 1994 <br />-2- <br />