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1993-11-04 Minutes
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1993-11-04 Minutes
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• South Bend Redevelopment Authority <br />Regular Meeting -November 4, 1993 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />Mr, Horton noted that the Lease is structured to assure that there is no mixing <br />of proceeds nor debt service between the Century Center and Hall of Fame <br />portions of the project. <br />Mr. Horton summarized the benefits of this bond issue: 1) the College <br />Football Hall of Fame; 2) a new owner for Century Center; 3) some <br />impressive improvements to Century Center; and 4) lower costs of issuance <br />and better interest rates. <br />Mr. Horton noted that the projected profits from running the Hall of Fame, as <br />shown on the market study from Economic Research Associates, were not used <br />at all as a revenue stream in this bond. <br />Mr. Rompola noted that once we get through the lease .approval process and <br />• get the final order from the State Board of Tax Commissioners we would <br />come back to the Commission and then to the Council for their separate <br />recommendation to the Redevelopment Authority concerning the issuance of <br />bonds to fund the project. The Redevelopment Authority will not issue any <br />bonds until it has the final approval of the Common Council after the lease has <br />been approved by the state. <br />Mr. Hill noted that Resolution No. 85 is different than similar resolutions <br />stating intent to issue bonds in that it states that no bonds will be issued until <br />the Mayor and Common Council make an additional determination (following <br />the entire lease approval process) to move ahead with issuance. Resolution <br />No. 85 also approves a proposed form of lease which sets out two different <br />levels of maximum lease rental amounts for each portion of the bond. <br />Mrs. Kolata noted that Resolution No. 84 states the Authority's intent to issue <br />bonds for constructing and equipping the College Football Hall of Fame and <br />the acquisition and construction of improvements and expansion to Century <br />Center and to consider preliminary costs incurred by the Authority or <br />Commission as eligible expenses out of the bond issue. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanunously <br />carried, the Authority approved Resolution No. 84 establishing its intent that <br />-5- <br />
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