2008-03-13 Redevelopment Authority Minutes

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SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING March 13, 2008 1200 County-City Building 1:00 p.m. 227 West Jefferson Boulevard Presiding: Jose Alvarez South Bend, IN 46601 The March 13, 2008 Special Meeting of the Redevelopment Authority was called to order at 1:00 p.m. by its President, Jose Alvarez. There was a quorum present. 1. ROLL CALL Members Present: Mr. Jose Alvarez, President Mr. Ray Thomas, Secretary Member Absent: Ms. Carolyn V. Pfotenhauer, Vice President Redevelopment Staff: Mr. Don Inks, Director of Economic Development Mrs. Jenny Hullinger, Recording Secretary Others Present: Ms. Allison Sell, Legal Counsel 2. APPROVAL OF MINUTES Approval of the minutes of February 20, 2008 Upon a motion by Ray Thomas, seconded by Jose Alvarez, the Authority approved the Minutes of the Regular Meeting of February 20, 2008. 3. NEW BUSINESS Authority approval requested for Resolution No. 165 approving the sale of the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2008 (Eddy Street Commons Project), amending Resolution No. 163 and approving the execution of an addendum to the lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission for the Eddy Street Commons Project, and other related projects Ms. Sell said the Resolution approves the sale of bonds to City Securities Corporation, the underwriter for the bond sale, with the aggregate principle amount of $36M. The bonds mature in 2033. Resolution No. 165 amends Resolution No. 163 as far as the terms of the bond. This resolution also adds provisions for the Extraordinary Optional Redemption, which can occur on or before July 1, 2008. Mr. Inks said the optional redemption period is there because at the time we sold the bonds the University of Notre Dame still owns the property related to the site. Kite is in the process of completing the property transfer from the University of Notre Dame to themselves, and then Kite will transfer the