2008-02-20 Redevelopment Authority Minutes

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The South Bend Redevelopment Authority February 20, 2008 Meeting Minutes Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority ratified the Board of Public Works approval for Financial Consultant Services (Crowe Chizek & Co. for 1998 EDIT and 2001 COIT Bond Refunds) h. Authority approval requested for Resolution No. 164 approving the sale of the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2008 (Morris Performing Arts Center Project) and Approving the Execution of an Addendum to the Lease between the Authority and the South Bend Redevelopment Commission for the Morris Performing Arts Center Project and other related matters. Mr. Inks said Resolution No. 164 approves the sale of the bonds that was to take place this morning. Mr. John Murphy said our Bond Counsel stated there is some reluctance in the market at this time, so there were no bidders today on the bonds. He wants to leave the bonds out until next week to see if we can find a buyer. Bond counsel is projecting around a $450,000. in savings on the bonds. Ms. Allison Sell said if a buyer is not found on Thursday then perhaps next week After the bonds are sold then we will need a special meeting to approve Resolution No. 164 and the Addendum. The final figures cannot be put into the resolution until after the bonds are sold. Mr. Alvarez asked if the rate on the bonds would be under 8%, and Mr. Inks said that is the maximum rate, but the rate of the bonds should be around 3 '/4 to 5%. Ms. Sell said the rates are looking good, we just need a buyer. Mr. Inks said the bond markets are doing some strange things these days but he still thought we could sell the bonds at a good rate. 4. NEXT MEETING DATE: March 5, 2008 5. ADJOURNMENT 3 H:AWPDATA~.4UTHORTY~2-20-2008 REDEVELOPMENT AUTHORITY MINUTES.DOC There being no further business to come before the Redevelopment Authority the meeting was adjourned at 2:10 p.m.