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11-07-08 Redevelopment Commission Minutes
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11-07-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -November 7, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(8) continued... <br />schedule indicated semi-annual lease <br />payments in the amount of $300,000. The <br />actual payment will be $198,500, on <br />October 15, 2009. The HoteUMotel Tax <br />Board has pledged $600,000 to support this <br />bond issue, so there is good coverage on it. <br />Mr. Varner asked if the $198,500 is a <br />constant throughout the life of the bond, or <br />does it vary from payment to payment. Mr. <br />Inks responded that it does vary, but not by <br />as much as is sometimes the case. <br />Mr. Inks reviewed the list of items to be <br />completed with bond funds: skylight <br />stabilization, replacing boilers, temporary <br />repairs to Island Park, replacing chillers, <br />replacing the fire alarm system, security <br />system, and renovation of some restrooms. If <br />funds are available after completing those <br />repairs, a larger renovation of Island Park, <br />renovation of C Hall, and replacing some <br />roofs could also be done. <br />Mr. Varner wanted it noted for the record <br />that the Sculpture Garden is to be funded <br />from excess proceeds from previous bonds, <br />as opposed to being funded from TIF or from <br />this bond issue. <br />Mr. Rompola noted that the bond rate was a <br />little higher than we anticipated several <br />months ago. The economic crisis affected <br />this bond sale because all the bond insurers <br />went away, and the rating agencies were <br />difficult to work with. We had to wait for the <br />13 <br />
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