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REGULAR MEETING
<br />JULY 29, 1986
<br />1
<br />construction will be reimbursed to the Commission upon the
<br />finalization of the financing with Security Pacific National
<br />Bank.
<br />Mr. Joseph Guentert, 3510 Corby Boulevard, South Bend, Indiana,
<br />inquired if the proposed financing arrangement outlined above
<br />could be considered a loan.
<br />Mr. Richard L. Hill, Attorney at Law, Parker & Jaicomo, First
<br />Bank Building, 205 West Jefferson, Suite 250, South Bend,
<br />Indiana, representing the City of South Bend on the Stanley
<br />Covelelski Regional Baseball Stadium Project, advised that the
<br />above referred to use of $600,000.00 made available through the
<br />proceeds of the $4.1 Redevelopment District Tax Increment Revenue
<br />Bonds of 1985 is a permissible expenditure of funds. He stated
<br />that the Redevelopment Commission can construct parks within a
<br />redevelopment area and the funds will be reimbursed. The
<br />designation of the funds as a loan is not accurate.
<br />Mrs. Irene Mutzl, 320 Parkovash, South Bend, Indiana,
<br />representing Fair Tax, Inc. stated that she is protesting the
<br />award of the contract.
<br />Mr. Guentert stated that in the information presented at the time
<br />of the above referred to 1985 bond issue, the stadium project was
<br />not included as a project utilizing the proceeds of the bond
<br />sale.
<br />Mr. Hill stated that the 1985 bond issue provided for
<br />redevelopment and property acquisition. Within the definition of
<br />redevelopment, by state statute, is the construction of parks
<br />within the redevelopment area. Therefore, this is an appropriate
<br />expenditure.
<br />Mr. Eli Miller, Vice -President, South Bend -Mishawaka Area Chamber
<br />of Commerce, stated that personally speaking, he is in favor of
<br />the expenditure of funds to begin this project and supports the
<br />efforts to move ahead.
<br />Therefore, upon a motion made by Mr. Vance, seconded by Ms.
<br />Barnard and carried, Carl J. Reinke & Sons was awarded the bid
<br />for the above referred to project, subject to funding, and the
<br />letter of fund commitment from the Redevelopment Commission as
<br />submitted by Jon R. Hunt, Executive Director, Department of
<br />Economic Development was accepted for filing.
<br />ms. barnara aavisea that Mr. Neil Shanahan, Manager, Bureau of
<br />Public Construction, has recommended that the Board accept the
<br />base bid of St. Joseph Valley Structural Steel Company, 1203 Kent
<br />Street, Elkhart, Indiana, for the above referred to project in
<br />the amount of $433,000.00. It was noted that bids for this
<br />project were accepted and opened by the Board on July 8, 1986.
<br />Mr. Shanahan further noted that award of this bid is subject to
<br />funding. At the present time, there is $300,000.00 available in
<br />funds for this project.
<br />Mr. Vance stated that a Notice to Proceed will be issued only for
<br />the amount of funds available for this project at this time. He
<br />noted that the balance of the Tax Increment bond funds as
<br />committed by the Redevelopment Commission will be utilized for
<br />this project.
<br />Mrs. Irene Mutzl, 320 Parkovash, South Bend, Indiana, inquired
<br />how much money was available as this was the second award the
<br />Board was making in regards to the stadium project. She stated
<br />she also wondered at this time if the City really needed the loan
<br />from Security Pacific National Bank since all the above referred
<br />to monies were available.
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