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REGULAR MEETING <br />OCTOBER 6, 1987 <br />The regular meeting of the Board of Public Works was convened at <br />9:32 a.m. on Tuesday, October 6, 1987, by President John E. <br />Leszczynski, with Mr. Leszczynski, Mrs. Patricia E. DeClercq <br />and Mr. Michael L. Vance present. Also present was Chief Deputy <br />City Attorney Thomas Bodnar. <br />APPROVE MINUTES OF PREVIOUS MEETING <br />Upon a motion made by Mrs. DeClercq, seconded by Mr. Vance and <br />carried, the minutes of the September 29, 1987, regular meeting <br />of the Board were approved. <br />OPENING OF PROPOSALS FOR FINANCING AND CONSTRUCTION OF A PARKING <br />FACILITY (N.W. CORNER OF E. WAYNE AND S. ST. JOSEPH ST.) <br />Mr. Leszczynski advised that this was the date set for the <br />receiving and opening of sealed Proposals for the financing and <br />construction of an approximately four hundred forty (440) space <br />parking garage to be located at the northwest corner of East <br />Wayne Street and South St. Joseph Streets in downtown South Bend, <br />Indiana. The Clerk tendered proofs of publication of Notice in <br />the South Bend Tribune and the Tri-County News which were found <br />to be sufficient. The following Quotation was opened and <br />publicly read: <br />PRIVATIZATION VENTURES <br />8200 Haverstick Road, Suite 155 <br />Indianapolis, Indiana 46240 <br />Proposal was signed by the following individuals: <br />Underwriter: Raffensperger Hughes & Co., Inc. <br />Brian Long, Director of Public Finance and <br />Russell Breeden III, Executive Vice -President <br />Consultant: Walker Parking Consultants <br />Thomas A. Butcher, P.E., Vice -President <br />Developer: Privatization Ventures, Inc. <br />John M. Evans, President <br />Engineer: Cole Associates, Inc. <br />Louis J. Polman, P.E., President <br />The Proposal submitted by Privatization Ventures, Inc., (PVN) <br />indicated that it is for the financing, design and construction <br />of the St. Joseph and Wayne Street parking garage on a lease <br />basis. It further stated that PVN proposes to privately finance, <br />design and construct a four hundred thirty-six (436) space <br />parking garage in return for a long term fixed lease to be <br />negotiated with the City. Two (2) different Scheme A parking <br />garages are proposed to give the City a choice between a basic <br />functional garage and an enhanced design with architecturally <br />distinguishing facade. City operation and maintenance is assumed <br />for both options. <br />The Proposal further indicated that PVN's analysis of all <br />available options has led to the conclusion that a lease rather <br />than a lease purchase would result in the lowest cost to the City <br />for bath annual and life cycle costs. They will not require G.O. <br />backups for revenue sources and will reduce their lease amounts <br />should T-Bill rates decline. Three (3) lease terms are offered <br />giving the City the option to choose which lease best meets the <br />City's needs. <br />The Proposal is as follows: <br />OPTION I - ENHANCED DESIGN GARAGE <br />This option has a brick facade with architectural <br />embellishments to the elevator enclosure on the corner <br />of St. Joseph and Wayne Streets. The facade and level <br />of exterior finish is assumed to be commercial grade <br />similar to that found in Class A office structures. <br />1 <br />