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South Bend Rcdc~~clopmcnt Comtnissicm <br />Regular Vlcctin<~ -No~cmhcr 7. ?U0~ <br />6. '.VEP1' BUSINESS (CO'S`T.) <br />C. South Bcnd Central De~~clopment Arca <br />(K) continued... <br />schedule indicated semi-annual Ieasc <br />payments in the amount of 5 ~OU.000. The <br />actual payment ~~~ill be ~ 19R.~00, on <br />October 1 ~. ?0O9. The Hotel'Vlotel Tax <br />L3oard has pledged 5600,000 to support this <br />hand issue. so there is good ancra~c on it. <br />'Vlr. Varner asked if the S 19~ 50U is a <br />constant throughout the litc ufthc bond. or <br />does it ~~arv from payment to pavmcnt. Mr. <br />Inks responded that it dacs Marv. but not by <br />as much as is sometimes the case. <br />Mr. inks re~~ic~~ed the list of items to be <br />completed with bond funds: skylight <br />stabilisation, rq~lacing boilers, temporary <br />repairs to Island Park. replacing chillers. <br />replacing the tiro alarm system. security <br />svstan, and reno~,ation of some restroums. If <br />funds arc available after completing those <br />repairs. a larger reno~~ation of Island Park. <br />renovation of C Hull. and replacing some <br />roofs could also be done. <br />Vlr. Varner ~eantcd it noted for the record <br />that the Sculpture Garden is to be funded <br />from csress proceeds from prc~ious bonds. <br />as opposed to bcin~~ fu~~ded from TIF or from <br />this bond issue. <br />Mr. Rompula noted th~it the bond rate ~~as a <br />little higher than we anticipatai sc~cral <br />months ago. ~hhe economic crisis af~iccted <br />this bond sale because all the bond insurers <br />«cnt a~~~av. and the rating a~~cncics ~~crc <br />difficult to ~~~ork ~~~ith. ly'c had to ~~~ait for the <br />1, <br />