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<br />• The South Bend Redevelopment Authority <br />November 20, 2000 Meeting Minutes <br />a little over 5.4%, which is a very good rate. The principle amount of the bonds is <br />able to be reduced to $15,370,000 from $17,500,000 because the money that was <br />kept in reserve for the variable interest was applied to the refunding. The lease rental <br />rates will range from $701,000 to $704,000 over the life of the financing. Resolution <br />No.144 approves the lease addendum, authorizes the execution of the addendum, <br />and also authorizes the execution of a treasury order for the purchase of <br />governmental securities. Mr. Rampola did not think we would be purchasing a <br />governmental security because City Securities is purchasing a treasury obligation <br />that will get deposited with the Trustee as escrow for the old bonds. The old bonds <br />will be paid off December 14, 2000, which means we will have both bonds for about <br />two weeks. The Lease Addendum will not become effective until we close on the <br />bonds, which should be November 29, 2000. The other change to the Addendum is <br />taking off all of the provisions that related to a variable rate financing in the Letter <br />of Credit. The Lease Addendum also makes reference to the Century Center because <br />the lease was used for both projects back in 1994. The Century Center Lease <br />remains the same. <br />Upon a motion by Ms. Pfotenhauer, and seconded by Mr. Alvarez, the Authority <br />unanimously approved Resolution No. 144 approving the execution of an <br />• Addendum to the Lease between the South Bend Redevelopment Authority and <br />the South Bend Redevelopment Commission for the College Football Hall of Fame <br />Project. <br />b. Authority approval requested for the Third Addendum to Lease between the <br />South Bend Redevelopment Authority, as Lessor, and the South Bend <br />Redevelopment Commission, as Lessee (College Football Hall of Fame). <br />Upon a motion by Mr. Alvarez, seconded by Mr. Washington and unanimously <br />carried, the Authority approved the Third Addendum to Lease between the South <br />Bend Redevelopment Authority, as Lessor, and the South Bend Redevelopment <br />Commission, as Lessee (College Football Hall of Fame). <br />5. CLAIMS <br />Claims submitted for approval November 20, 2000 <br />The South Bend Redevelopment Authority Lease Rental Revenue Refunding <br />Bonds of 1998 (Blackthorn Golf Course) <br />Annual administration fee for period ending 11/30/00 $1,250.00 <br />C7 <br />H:\WPDATAW UTHORTY\ 112000.min.wpd <br />