1993-11-04 Minutes - Laserfiche WebLink

Home Browse Search

South Bend Redevelopment Authority Regular Meeting -November 4, 1993 3. NEW BUSINPSS (Cont.) a. continued... Century Center is a critical facility in the economic development of the downtown. It is desperately in need of a new roof. The staff has also been looking ahead to their future needs in order to position the facility well for the next ten to fifteen years. Three factors control the proposal made to the Commission at this time: 1) Currently, the City, the school corporation and the HoteUMotel Tax Board make a total of $496,000 per year in lease payments on a lease that runs to 2004. Those bodies cannot afford to make a larger payment. 2) The TIF district has a tremendous burden and cannot afford the additional burden of supporting .Century Center. 3) Century Center is a 220,000 square foot facility. Any facility that size has periodic major maintenance needs. We cannot afford to be in a position where their only source to meet these important needs is the Civil City budget or .the HoteUMotel Tax Board. With those conditions in mind, we propose to convey the building from the Civic Center Building Authority to the Redevelopment • Authority. The Redevelopment Commission would be in a better position than the City or HoteUMotel Tax Board to address the large but critical needs of Century Center. Century Center asked Alan Ritchie to design a renovation of Century Center for $2.6 million that would meet its needs for the next ten to fifteen years.. Alan Ritchie was the architect from the Johnson-Burgee group which originally designed Century Center. A $2.6 million bond could be paid off by extending the current lease payment an additional ten years, to the year 2014. The total amount of the bond issue for Century Center will be $6.4 million. $3.2 million will be used to pay off the existing bond in order to convey Century Center to the Redevelopment Authority. $2.6 million will be used for improvements. Capitalized interest accounts for the remaining $600,000. The second element of this bond issue is the College Football Hall of Fame. The Hall of Fame will be a $14 million project. The City will make certain public improvements, as it does with any downtown development project. Those improvements, totalling $700,000, will include such things as landscaping, street improvements, and, in this case, constructing a tunnel to connect Century Center to the Hall of Fame. Capitalized interest and issuance costs will be $1,046,722 for a total expenditure of $15.7 million. Netting out investment earnings, the total bond for the Hall of Fame will be $15.48 million -3-