2008-05-21 Redevelopment Authority Minutes

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The South Bend Redevelopment Authority May 21, 2008 Meeting Minutes After discussion on the options available, the Authority chose to continue the meeting next Tuesday, May 27 at 1:30 pm. Mr. Thomas said that he will be gone from May 29 until June 8. Ms. Greene stated that she could draft a resolution that allows the Vice President to sign for the Secretary in Mr. Thomas' absence. Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Vice President was authorized to sign in Mr. Thomas' absence in regard to this lease. Mr. Thomas would like Ms. Green to draft a resolution that can be adopted in the future that authorizes the Vice President to sign in his absence at any time. He did not want to rush into an open resolution at this time. Authority approval requested for Resolution No. 167 approving a proposed second addendum to Lease for certain additional local public improvements between the South Bend Redevelopment Authority, as Lessor, and the South Bend Redevelopment Commission, as Lessee, approving preliminary plans, specifications and other related matters. (Century Center 2008 Project) Mr. Inks reviewed the list of repairs and replacements that Century Center wants to do to their facility that would be covered by the bond. There are also a number of enhancements to the building, grounds and streetscape that they would like to do if there is TIF money available in the downtown. We have not received a report from our consultant to know what TIF money would be available after the new legislation is in place, so we cannot make any commitments on the enhancements at this point. As the amount of money is made available then the lease will be amended. The amount of the major repairs is estimated at $7,829,330. The enhancements total $2,156,863. Ms. Sell said the bonds for the project would be a lease finance construction addendum to the 1993 lease that is in place. The maximum annual payment would not be more than $1,109,000 and would come from the Redevelopment Commission to the Redevelopment Authority. The maximum length of time for the bonds would be twenty years. Upon a motion by Ms. Pfotenhauer, seconded by Mr. Thomas, the Authority approved Resolution No. 167 approving a proposed second addendum to Lease for certain additional local public improvements between the South Bend Redevelopment Authority, as Lessor, and the South Bend Redevelopment Commission, as Lessee, approving preliminary plans, specifications and other related matters. (Century Center 2008 Project) 4. NEXT MEETING DATE: a continued meeting date of May 27, 2008 3 H:\WPDATA\AUTHORTY\5-21-2008 REDEVELOPMENTAUTHORITYMINi1TES.DOC