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The South Bend Common Council's Standing Committee Report from the <br /> Community and Economic Development Committee <br /> The September 27, 2004 meeting of the Community and Economic Development <br /> Committee was called to order by its Chairperson, Council Member Roland Kelly at 3:50 p.m., <br /> in the Council Informal Meeting Room. <br /> Persons in attendance included Council Members Kelly, Puzzello, Dieter, Varner, <br /> Coleman,White and Kuspa,Community and Economic Development Executive Director Sharon <br /> Kendall, City Controller Frederick B. 011ett III,Ken Fedder,Randy Rompola, City Engineer Carl <br /> Littrell, Gladys Kopola, Jack Dillon, Don Inks, Larry Magliozzi, George Adler, Tedd Schaffer, <br /> City Attorney Charles Leone, Andy Laurent, James F. McCune, Paul Hartz, David Hatch, Isabel <br /> Gonzalez and Kathleen Cekanski-Farrand,Council Attorney. <br /> Council Member Kelly noted that the first item on the agenda was Bill No. 60-04 which <br /> would appropriate $397,640 of HUD initiative grant funds within Fund 209 for the purpose of <br /> redevelopment of the Studebaker-Oliver Area. <br /> Andy Laurent, an Economic Development Specialist, made the presentation. He noted <br /> that the grant monies would be used to implement the Studebaker/Oliver Redevelopment <br /> Strategy which was previously approved by the Council. The funds are federal earmark grant <br /> monies awarded by Congress before the formal application documents are submitted. <br /> Council Member Coleman made a motion, seconded by Council Member Kuspa, that <br /> Bill No. 60-04 be recommended favorably to Council. The motion passed. <br /> Council Member Kelly then called for a presentation on Substitute Bill No. 61-04 which <br /> would authorize the city to issue its"taxable economic development revenue bonds, series 2004" <br /> for the Erskine Village Project. <br /> Randy Rompola, an attorney with Baker & Daniels with offices at Suite 250 First Bank <br /> Building in downtown South Bend made the presentation. He noted that there would be two (2) <br /> series with one being sold to an underwriter and one would be purchased by the developer or a <br /> related entity. The combined principal amount will not exceed $8 million and the interest rate <br /> would not exceed 8%. The City of South Bend bears no responsibility at all with regard to the <br /> payment of principal or interest on the bonds or any related expenses. Payment would be from <br /> TIF. The Redevelopment Commission has adopted a resolution on this prior to this meeting. He <br /> noted that Ken Fedder the attorney for the Economic Development Commission was present and <br /> would be present this evening. If the Council approves the substitute bill this evening, there <br /> should be a closing in the next sixty(60)days. <br /> Council Member Coleman made a motion, seconded by Council Member Kuspa, that <br /> Bill No. 61-04 be recommended favorably to Council. The motion passed. <br /> Council Member Kelly then called for a presentation on Bill.No. 04-110 which is a five <br /> (5)year real property tax abatement request of James F. and Sandra M. McCune for the property <br /> located at 225 Garst Street. <br /> Community and Economic Development Committee Meeting of September 27,2004 Page 1 <br />