1994-03-15 Minutes - Laserfiche WebLink

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r1 L_~ • South Bend Redevelopment Authority Special Meeting -March 15 , 1994 4. NEW BUSINESS (Cont.) a, continued... • 5. The City has already spent $3 million on pedevelopment costs. These five sources total the $14 million projected cost of the Hall of Fame. With this financing plan, the worst position the City could be in is its present position, except that we would have the Hall of Fame instead of $3 million in debt and no Hall of Fame. ~ there wasr an abso ute need~We ~ learlys do not used to retire debt service, want to use that revenue for debt service, but we could. Mayor Kernan noted that the bonds also fund improvements to Century Center. The Redevelopment Authority will be taking ownership of Century Center in order to make these improvements. Mrs. Kolata noted that most of the legal steps have been completed for this bond. In Resolution No. 88 the Authority is restating its intent to issue the • bonds and authorizing the Board of Public Works to act as its agent in the construction. After the bonds are sold the Authority will need to approve the Lease with the actual numbers resulting from the bond sale. Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved Resolution No. 88 ue Bonds and regarding issue Redevelopment Authority Lease Rental Re other related matters. Mayor Kernan thanked the Authority and acknowledged the effort of many people on behalf of this project. b. Authorit a royal re uested Bend RedeveloNment Commis onhe transfer of real ro crt from the South Mrs. Kolata explained that thedland be owned by the Au horitylin ordert for its owned by the Commission an bond funds to be spent to improve it. Therefore, the Commission wishes to transfer its ownership to the Authority. There is a service drive between the lots, a portion of which must be vacated for the project. The Commission will • -4-