05/13/86 Board of Public Works Minutes

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55 REGULAR MEETING MAY 13. 1986 He stated that this Agreement is provided for in the Lease Purchase Agreement and indicates that the Park Board and the Board of Public Works are appointed to act as agents of Security Pacific for purposes of using the public bidding statutes which will permit the maximum involvement of local contractors and suppliers in the construction of the Coveleski Regional Stadium and executing construction contracts on behalf of Security Pacific. Further, the Agreement appoints lst Source Bank as escrow agent and establishes the escrow fund to receive the $5.25 million dollars from Security Pacific which will finance the acquisition of the site and construction of the facility as well as providing for the method that funds will be disbursed from the escrow as construction proceeds. It was noted that this Agreement will be approved and executed by the Board of Park Commissioners at their next meeting and has already been executed by Security Pacific National Bank. Mr. Vance advised that the City did solicit proposals and rates from local banks in regards to the establishment of this escrow account just as it tried to get local banks involved in the actual funding of the project. The result of this solicitation was the selection of lst Source Bank as the Escrow agent. In response to an inquiry of whether or not there was an interest rate on the escrow account, Mr. Vance stated that there is an overall acceptance fee, annual administration fee based on the amount of funds in the escrow account and fees for disbursement of funds. It is estimated that approximately $2,500.00 will be paid in fees during the life of the escrow account. Upon a motion made by Ms. Barnard, seconded by Mr. Vance and carried, the above referred to Agreement was approved and executed. FAVORABLE RECOMMENDATION - ALLEY VACATION: 1ST N/S ALLEY E. OF EDDY STREET, RUNNING NO. FROM ST. VINCENT STREET TO THE INTERSECTING E/W ALLEY Mr. Leszczynski advised that the matter of providing a recommendation to the Common Council regarding the above referred to alley vacation was tabled until this date. He further advised that Board members have had an opportunity to make a site visit of the alley to be vacated. It was also noted that favorable recommendations concerning this proposed alley vacation were received from the Area Plan Commission, Engineering Department and Department of Economic Development. There being no further questions or comments by members of the Board, upon a motion made by Ms. Barnard, seconded by Mr. Vance and carried, the Clerk was instructed to forward to the Common Council a favorable recommendation regarding the above referred to alley vacation subject to any and all utility easements. AWARD BID FOR ADDITIONAL STREET MATERIALS FOR THE SOUTH BEND STREET DEPARTMENT FOR 1986 In a letter to the Board, Mr. William Penn, Director, Division of Transportation recommended that the Board award the low bid of Koch Asphalt Company, 1510 Clover Road, Mishawaka, Indiana for additional street materials for calendar year 1986 as follows: #1 - Bituminous Material -Tack $122.40/ton #2 - Bituminous Mat. -Dust Palative .30/gal. #3 - Emulsified Asphalt .50/gal. Alternate bid of latex modified CCS-1 .75/gal. Additional charge of .0750, per gallon per each 1% of latex. It was noted that bids for these materials were opened by the Board on May 6, 1986. Upon a motion made by Mr. Leszczynski, seconded by Mr. Vance and carried, the recommendation was accepted and the bid awarded.