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SOUTH BEND REDEVELOPMENT AUTHORITY <br />REGULAR MEETING <br />May 21, 2008 <br />1:30 p.m. <br />Presiding: Jose Alvarez <br />1308 County-City Building <br />227 West Jefferson Boulevard <br />South Bend, IN 46601 <br />The May 21, 2008 Regular Meeting of the Redevelopment Authority was called to order at <br />1:29 p.m. by its President, Jose Alvarez. There was a quorum present. <br />1. <br />2. <br />ROLL CALL <br />Members Present <br />Redevelopment Staff: <br />Others: <br />Mr. Jose Alvarez, President <br />Ms. Carolyn V. Pfotenhauer, Vice President <br />Mr. Ray Thomas, Secretary <br />Mr. Don Inks, Director of Economic Development <br />Mrs. Jenny Hullinger, Recording Secretary <br />Cheryl Greene, Legal Counsel <br />Elizabeth Leonard, Director of Finance and Program <br />Management <br />Allison Sell, Baker & Daniels, LLC <br />APPROVAL OF MINUTES <br />Approval of the minutes of May 7, 2008 <br />3. <br />Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and unanimously <br />carried, the Authority approved the Minutes of the Regular Meeting of May 7, 2008. <br />NEW BUSINESS <br />Authority approval requested for Resolution No. 166 approving the execution of a <br />Note and other related documents concerning refinancing of Section 108 Loan. <br />Ms. Leonard said in 1999 we entered into an agreement with HUD for a Section <br />108 Loan in the amount of $1.8 million. There is $800,000 left to pay off, and we <br />will be paying the $200,000 principle in June. We would like to refinance the <br />remaining $600,000 with a lower interest rate and save about $40,000. The present <br />interest rate is 5% and the new one they are offering is around 2%. Ms. Greene has <br />prepared the documents for this transaction. Ms. Greene said the Authority only <br />needs to sign the contract and note to HUD. Ms. Greene is working on an opinion <br />letter to HUD. The Council has taken the actions they needed to take in regard to <br />this. <br />Upon a motion by Ms. Pfotenhauer, seconded by Mr. Alvarez the Authority <br />