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The South Bend Redevelopment Authority <br />• November 16, 1998 Meeting Minutes <br />b. Authority approval requested for Letter Agreement Regarding Application of <br />Moneys Received by South Bend Entertainment, Inc., for the Morris <br />Performing Arts Center Renovation and Construction. <br />Mrs. Kolata stated that the bond issue for the Morris Performing Arts Center was <br />sized based on cash already raised by South Bend Entertainment, which was <br />approximately $2,250,000. South Bend Entertainment was also anticipating <br />receiving additional gifts over the next several years that would bring the total of <br />private donations to between $5,000,000 and $6,000,000. This agreement has been <br />worked on since Apri12, and commits South Bend Entertainment to make deposits <br />to the Redevelopment Authority account. The money comes in throughout the year <br />and is transferred to the Redevelopment Authority account twice a year. Cleo <br />Hickey stated that 4% of the fund raising goal of $6 million can be kept back for <br />fund raising expenses and operating expenses by South Bend Entertainment. In <br />addition to the 4%, any donations that are given specifically for operating expenses <br />can be held back by South Bend Entertainment. Approximately $38,000 has been <br />given for operating expenses, and combined with the $240,000 the cap that South <br />Bend Entertainment can hold back is about $278,000. To date, $180,000 has been <br />used for fund raising activities. The $2,250,000 has already been deposited with the <br />bond trustee and has been invested. <br />• Mr. Alvarez asked if the investment CDS were in a good interest bearing account. <br />Ms. Hickey stated that the treasurer of South Bend Entertainment checks for the best <br />rates before investing. <br />Upon a motion by Mr. Alvarez, seconded by Mr. Kahn, and unanimously carried, <br />the Redevelopment Authority approved the Letter Agreement Regarding <br />Application of Moneys Received by South Bend Entertainment, Inc., for the Morris <br />Performing Arts Center Renovation and Construction. <br />4. CLAIMS <br />Blackthorn Refunding Bonds of 1998 <br />Fitch IBCA, Bond Rating <br />$5,000.00 <br />Crowe Chizek, Professional Services $20,000.00 <br />Mrs. Kolata recommended that the claims be approved subject to the bond closing <br />and added that other claims will be coming in related to the bonds. Mr. Kahn asked <br />about the revised letter that Crowe Chizek was to send that clarified their proposal. <br /> <br />H:\WPDATA\AUTHORTI~ 111698.MIN <br />