04/10/1978 Board of Public Works Minutes

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REGULAR MEETING APRIL 10, 1978 BID ADVERTISING APPROVED - CARPETING AND LIGHTING, DISCOVERY HALL Patrick M. McMahon, Director of Public Works, requested that the Board approve advertising for for carpeting and lighting for Discovery Ha -11 Museum. Specifications are being prepared and an advertising date will be set. Upon motion made by Mr. McMahon, seconded by Mr. Brunner and carried, the request was approved. COMMUNITY GARDEN PROJECT APPROVED A proposed form for use in allowing individuals to use city - owned lots for gardens was submitted to the Board. The form was drafted by the Legal Department for use in previous years. Upon motion made by Mr. McMahon, seconded by Mr. Brunner and carried, the project was approved. CLAIMS APPROVED Michael L.'Vance, Deputy City Controller, submitted Claim Docket Numbers 5997 through 6450 to the Board and recommended approval. Upon motion made by Mr. McMahon, seconded by Mr. Brunner and carried, the Board approved Claim Docket Numbers 5997 through 6450 and directed that checks for payment be issued. TRAFFIC CONTROL DEVICE RECOMMENDATION APPROVED Ralph J. Wadzinski, Manager of the Bureau of Traffic and Lighting, recommended that the,Board approve removal of a Two Hour Parking Zone at 219 W. Madison Street. The doctor's office at this location has been moved and the restriction is no longer needed. Upon motion made by Mr. McMahon, seconded by Mr. Brunner and carried, the recommendation was approved. APPROVAL OF FORM OF LEASE - PARKING FACILITIES OF SOUTH BEND, INC. Robert M. Parker, Deputy City Attorney, submitted to the Board a proposed form of lease between Parking Facilities of South Bend, Inc. and the City of South Bend. The lease will be submitted to the Common Council at its' meeting tonight for action in ordering a public hearing scheduled on the terms of the lease. The Council should be advised that the Board of Public Works has approved the form of the lease. The Board is the proper body to take action on the lease agreement. Under the terms of the lease, the City will lease and operate the two parking garages from the lessor. Revenues will go toward the payment of the bond issue over a thirty -year period. The lease's advantages are that it is flexible in regard to the parking meters and with lower service costs the City can save $100,000 in payments for the first five years of the lease. The net savings will change our bond rating from Triple B to Double A. It could be possible to realize a savings as high as $592,000 over the term of the lease. The language is couched in terms of average monthly net rental of $240,000. The lease provides that the City will provide insurance and maintenance. Mr. Parker noted that Gordon Medlock was a consultant on the refinancing agreement and Mr. Medlock was present to answer any questions. Mr. Parker then recommended that the Board approve the form of lease agreement. Upon motion made by Mr. McMahon, seconded by Mr. Brunner and carried, the Board approved the form and nature of the lease between Parking Facilities of South Bend, Inc. and the City of South Bend, Indiana. 1