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SOUTH BEND REDEVELOPMENT AUTHORITY <br />REGULAR MEETING <br />January 16, 2008 1308 County-City Building <br />1:30 p.m. 227 West Jefferson Boulevard <br />Presiding: Jose Alvarez South Bend, IN 46601 <br />The January 16, 2008 Regular Meeting of the Redevelopment Authority was called to order at <br />1:30 p.m. by Jose Alvarez. There was a quorum present. <br />1. ROLL CALL <br />Members Present: Mr. Jose Alvarez, President <br />Ms. Carolyn V. Pfotenhauer, Vice President <br />Mr. Ray Thomas, Secretary <br />Redevelopment Staff: Mr. Bill Schalliol, Economic Development Specialist <br />Mrs. Jenny Hullinger, Recording Secretary <br />2. APPROVAL OF MINUTES <br />Approval of the minutes of the Annual Organizational Meeting of January 2, 2008 <br />Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and <br />unanimously carried, the Authority approved the Minutes of the Annual <br />Organizational Meeting of January 2, 2008. <br />b. Approval of the Minutes of the Special Meeting of January 2, 2008. <br />Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and <br />unanimously carried, the Authority approved the Minutes of the Special Meeting <br />of January 2, 2008. <br />3. NEW BUSINESS <br />Redevelopment Authority Approval requested to adopt Resolution No. 162 <br />authorizing the Refunding of the Lease Rental Revenue Bonds of 1998 (the "1998 <br />Bonds") and approving the form of Bond Documents and Authorizing the <br />Execution of a bond purchase agreement and distribution of an official statement. <br />Ms. Allison Sell, of Baker and Daniels, said the bonds were for the Morris Civic <br />and the Palais Royale. The bonds originally were for $13,300,000. and as of <br />February 1, 2008 the outstanding amount will be $8,200,000. This resolution sets <br />forth the perimeters of the refunding, which will be an aggregate principal amount <br />not to exceed $8,000,000. The maximum interest rate is set at 6%. The final <br />maturity date will be no later than February 1, 2017, which is the same as the 1998 <br />financing. The bonds are not subject to optional redemption prior to maturity, <br />which is typical of a financing of less than ten years. They mature on February 1, <br />