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SPECIAL MEETING NOVEMBER 30, 2010 <br /> <br /> <br /> <br />and now the Administration wants this project. She urged the Council to consider what it <br />is doing and try and think of the good of all people in this town. <br /> <br />In Rebuttal, <br /> <br />Mayor Luecke stated that he wanted to be clear that he never said that no tax payer <br />dollars would be used obviously they are asking for an appropriation of tax money for <br />renovations for the Cove and wasn’t sure who was reporting this. Mayor Luecke <br />addressed how many dollars were appropriated last year regarding TIF dollars and stated <br />that it was approximately 1 million dollars. He advised that Bill No. 73-10 mentioned 10 <br />million dollars but did not appropriate 10 million dollars. The project is a 10 million <br />dollar project if you include the 1 million dollars already appropriated it’s 11 million <br />dollars total. He advised that Bill 74-10 asked for the Council to issue bonds in the <br />amount of 5 million dollars for improvements to the Cove that will make it a more <br />enjoyable place for the fans and a more appropriate place for the team and make it a <br />facility that get more community use in a variety of ways. The bonding that they are <br />proposing is not a balloon payment it is an amortized payout over 8 years that is fully <br />funded by existing dollars within the fund of a reserve of approximately 1 million dollars <br />plus projected revenue. He stated that the projections show 620,000 to be received this <br />year and as they projected that out into the future they subtracted 40,000 anticipating that <br />the Hall of Fame will no longer be contributing to the fund and when they checked with <br />the Hall their annual contributions were approximately 30,000 to the PSDF, so as they <br />made those projections they asked their advisors to look at a payment schedule that <br />would be affordable within the revenue stream within the PSDF and believe that they still <br />have that at the end of the time fram and will have a balance of a ½ million dollars. He <br />stated that he believes that the dollars that they are using are appropriate and available to <br />the city because they have a professional baseball team in town and absolutely right to <br />use those dollars for the enhancement to Coveleski Stadium and asked the Council for <br />their full support of this bond issue as an investment to the Cove and an invest to the fans <br />who come to the cove and as an investment to families who enjoy attend the Cove and as <br />an investment in the community and as an investment into the greater downtown area as <br />well and believe that these are appropriate plans that will not only enhance the viewing <br />experience at the cove but enhance the great jewel located at the south end of downtown <br />and urged the Council favorable support. <br /> <br />Councilmember Henry Davis asked whether the City is in danger of losing the <br />Silverhawks and wondered if there was a contract in place keeping the team here for a <br />number of years. <br /> <br />Mayor Luecke advised that there is a use in management agreement that is reviewed on a <br />one-year or two-year basis and currently we have an agreement that continues until 2011. <br /> <br />Councilmember Davis stated that he keeps hearing this project being compared to Ft. <br />Wayne. He advised that he has not heard this project compared to a similar design as in <br />Gary, Indiana. This project is not being compared apples to apples, it’s apples to <br />oranges. <br /> <br />Mayor Luecke advised that they believe that the project stands on it’s own merits. <br />Comparing it to Ft. Wayne is a better comparison because they have an affiliate team <br />with a Major League Team, they play in the Midwest League while the Gary, Indiana <br />team is an independent team a separate entity, a different brand of baseball. Mayor <br />Luecke noted that Ft. Wayne is larger in population however the drawing is comparable <br />to both teams. <br /> <br />Councilmember Henry Davis asked is the team or the facility the catalyst. He questioned <br />whether they are investing in the team or the stadium. <br /> <br />Mayor Luecke responded that they are investing in the team and the stadium. They want <br />to enhance the facility to make it more useful for the community and make it a more <br />professional place for the baseball team. So, yes the investment is in the stadium and you <br /> 22 <br /> <br />