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11 <br />SPECIAL MEETING <br />OCTOBER 22, 1982 <br />A special meeting of the Board of Public lJorks was convened <br />at 9:30 a.m., on Friday, October 22, 1982, by President <br />John E. Leszczynski, with Mr. Leszczynski, Mr. Richard L. <br />Hill and Mr. Joseph E. Kernan present. Also present was <br />Assistant City Attorney Carolyn Pfotenhauer. <br />APPROVAL OF FIRST AMENDMENT TO JOINT DEVELOPMENT <br />AGREEMENT (NEW ENERGY COMPANY OF INDIANA) <br />Mr. Hill explained that the Board of Public Works had executed <br />a revised Joint Development Agreement with New Energy Company <br />of Indiana on October 14, 1982, which agreement rescinded the <br />previously -approved agreement of October 9, 1981, for construction <br />of an ethanol plant by New Energy. He stated that, following <br />a meeting with the Department of Housing and Urban Development <br />last week, certain amendments were made by HUD to the Urban <br />Development Action Grant, one of which is to be effective as <br />of October 20, 1982, and relates to the use of the $5,000,000.00 <br />equity contribution that the South Bend Development Corporation <br />would be making to New Energy as a special limited partner. <br />Mr. Hill explained that, prior to last week, only a projection <br />was available as to what E. F. Hutton would be able to sell <br />on the market. Subsequently, it was learned that E. F. Hutton <br />had sold all of the partnership shares in the amount of <br />$32,000,000.00. Based on that sale, HUD requested a change <br />in the proportionate amount to $1.00 of UDAG funds for every <br />$7.00 of other equity funds. Upon a motion made by Mr. Kernan, <br />seconded by Mr. Leszczynski and carried, the First Amendment <br />to the Joint Development Agreement was approved. <br />Mr. Hill further explained that certain amendments were also <br />made by HUD to the Loan Agreement executed by the South Bend <br />Development Corporation and New Energy Company in order to <br />bring the agreement into compliance with Department of <br />Energy regulations. He noted that the agreement was not <br />consistent with the grant agreement in a few areas and was <br />subsequently amended. It was announced that the closing on <br />the project would take place on Tuesday, October 26, 1982. <br />There being no further business to come before the Board, <br />upon a motion made by,Mr. Leszczynski, seconded by Mr. Hill <br />and carried, the meeting was adjourned at 9:40 a.m. <br />Jo n E. Leszczyr/sk-11 <br />Richard L. Hill <br />d <br />J&eerph E. Kernan <br />ATTEST: <br />Barbara J. Byers, Cl k ^� <br />