09-24-18 Personnel and Finance - Laserfiche WebLink

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®CITY OF SOUTH BEND I OFFICE OF THE CLERK ' Herschel Frierson, Indianapolis, IN, replied, We are serving as the municipal advisor of this particular deal. In reference to the six percent (6%), in the ordinance it is a max interest rate. We have not sold the bonds yet so until it is approved by the Council and sold in the open market we won't know what the exact interest rate will be. We anticipate the interest rate to be below the six percent(6%) we do not try to guess what that interest rate will be because we don't want to come back before you to get approval for a higher interest rate. So it will not be a six percent (6%), knock on wood. We are estimating four percent (4%). Mr. Jarnecke replied, While we appreciate all citizens' comments and feedback, we do believe that, as supported by the Board of Park Commissioners, this makes South Bend a more livable destination. It enhances the experiences of the more than 240,000 people that attended the Zoo last ygar. Relative to the terms and to process, we will work on that to ensure there is greater clarity and transparency with how the Board of Park Commissioners interact with the Council moving forward. We've engaged the citizens throughout this effort. Ms. Dean replied, I do know there was some concern with the groundbreaking. We broke ground with the $1.5 million of private funding and the $450,000 Regional Cities money from the State. That money is in hand already. We had $2 million in hand which covers the first (1St) few phases of the entrance construction. This bond is anticipated to help with the completion of the final phases. We did not break ground without money. We would never break ground with anticipated money. In terms of the animal advocates, it is a very large and holistic conversation that we would not have time to touch on toni ht. I will say as part of the AZA accreditation, a great deal of it is how we take care of our animals. I answer this question a lot but would these endangered species be surviving if they were free?The answer is no. When we look at declining populations all across the world, zoos do great work in keeping these highly endangered species alive. We appreciate hearing what the animal advocates have to say but we have our own side as well. We not only bring great and many things to our direct community as a whole but we are working for the greater good in conserving endangered species. Committee Chair White then turned the floor back to the Committee for further comment or main motion. Committeemember Ferlic made a motion to send Bill No. 44-18 to the full Council with a favorable recommendation. Committeemember Williams-Preston seconded the motion which carried by a voice vote of four(4) ayes. With no further business,Committee Chair White adj oumed the Personnel and Finance Committee meeting at 5:26 p.m. Respectfully Submitted, Zfe!White, Committee Chair EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT 455 County-City Building 1227 W.Jefferson Bvld I South Bend,Indiana 466011 p 574.235.9221 if 574.235.9173 TTD 574.235.55671 www.southbendin.gov 18