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• South Bend Redevelopment Authority <br />Regular Meeting -November 4, 1993 <br />2. APPROVAL OF MINUTES (Cont. ) <br />a. continued... <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously <br />carried, the Authority approved the Minutes of the Regular Meeting of <br />Thursday, October 21, 1993. <br />3. NEW. BUSINESS <br />a. Authority approval requested for Resolution No. 84 establishine its intent that <br />certain vreliminary redevel~ment costs be reimbursed from the proceeds of <br />Redevelopment Authority Lease Rental Revenue Bonds. <br />Mr. Horton gave a presentation explauung the purpose and structure of the <br />bond issue. The bond issue will combine two separate bonds into one in order <br />to save on issuance costs: a bond to fund acquisition improvements, repairs, <br />and renovations at Century Center and a bond to fund the design and <br />construction of the College Football Hall of Fame. <br />Mr. Horton noted that the City hopes to be in a position to start construction <br />on the Hall of Fame in March 1994. In order to meet that timetable, the <br />technical process for the bonds needs to begin. However, since the City is not <br />ready to disclose the results of its corporate solicitation at this time, and since <br />the Authority will want to have that information before a final commitment to <br />issue bonds is made, the City is adding an additional step to the bond process. <br />By beginning the bond process now, the Lease will be considered by the <br />Redevelopment Commission and following its approval, the process can move <br />forward to get approval from the State Tax Board. Both the Redevelopment <br />Commission and the Common Council will then have the opportunity to <br />recommend to the South Bend Redevelopment Authority that it proceed to <br />issue the bonds. Under the current timetable the Commission will consider its <br />recommendation to the Authority on February 4, 1994 and the Council will <br />consider its recommendation to the Authority on February 14, 1994. The <br />Authority would not move forward with the issuance of the bonds without <br />Commission and Council support. The Redevelopment Authority will then <br />authorize issuance of the bonds on February 17. If the Commission is not <br />satisfied with the corporate solicitation, it can recommend that the Hall of <br />Fame portion of the bond be delayed or terminated. The Century Center <br />portion of the bond could go forward alone. This method allows for <br />maximum flexibility while still moving forward, <br /> <br />-2- <br />