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REGULAR MEETINGNOVEMBER 28, 2005 <br />BILL NO. 75-05 PUBLIC HEARING ON A BILL OF THE <br /> COMMON COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, AUTHORIZING THE CITY <br /> OF SOUTH BEND, INDIANA, TO ISSUE ITS <br /> ADJUSTABLE RATE DEMAND ECONOMIC <br /> DEVELOPMENT REVENUE BONDS FOR THE <br /> STANLEY CLARK SCHOOL, INCORPORATED <br /> AND APPROVING AND AUTHORIZING <br /> OTHER ACTIONS IN RESPECT THERETO <br />Councilmember White made a motion to hear the substitute version of this bill. <br />Councilmember Dieter seconded the motion which carried by a voice vote of nine (9) <br />ayes. <br />Councilmember Puzzello, Chairperson, Community and Economic Development <br />Committee, reported that this committee held a Public Hearing on this bill this afternoon <br />and voted to send it to the full Council with a favorable recommendation. <br />Mr. Randy Rompola, Attorney at Law, Baker & Daniels, First Bank Building, 205 W. <br />Jefferson Blvd, Suite 250, South Bend, Indiana, made the presentation for this bill. <br />Mr. Rompola advised that this is a substitute bill. The only substantive change from the <br />originally filed ordinance is that the bonds will now be designated as adjustable rate <br />demand economic development bonds. The ordinance continues to provide that the <br />bonds will be issued in one (1) or more series with the combined aggregate principal <br />amount of $15 million and an interest rate not to exceed 10% and that the City will bear <br />no responsibility, financial or otherwise, with respect to the payment of the principal of <br />and interest on the bonds or any other expenses associated with the bond issuance. Mr. <br />Rompola further advised that the bonds will be utilized for the improvement, expansion, <br />and renovation of the educational facility commonly known as Fannin Hall, to include <br />four kindergarten rooms, three preschool rooms, a large-motor multipurpose room and an <br />atelier. There is also be improvement, expansion and renovation of the educational and <br />administrative facility commonly known as Martin Hall to provide for, among other <br />improvements, additional classrooms, common rooms and office space; (iii) <br />improvements to roads, walkways, parking lots and other educational facilities on the <br />same site, including site improvements and landscaping; and water retention <br />improvements, all of which are to be located on the approximately thirty-two (32) acre <br />site at 3123 Miami Street. The rebuilding of the educational facility on the site <br />commonly known as the Lower School will provide for up-to-date technology and <br />amenities; the construction of a fine arts center and an improved media center on the site <br />which may include an auditorium, additional fine arts and music classrooms and <br />improved media equipment and technology. The relocation and construction of athletic <br />fields or facilities on the (4) acre site located on the northeast corner of High Street and <br />Donmoyer Avenue. <br />This being the time heretofore set for the Public Hearing on the above bill, proponents <br />and opponents were given an opportunity to be heard. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this bill, Councilmember Puzzello made a motion for favorable <br />recommendation to full Council concerning this bill as substituted. Councilmember <br />Dieter seconded the motion which carried by a voice vote of nine (9) ayes. <br />BILLS – THIRD READING <br />5 <br /> <br />