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1 <br /> Committee Report <br /> HUMAN RESOURCES AND ECONOMIC DEVELOPMENT COMMITTEE <br /> To the Common Council of the City of South Bend: <br /> The December 13 , 1993 meeting of the Human Resources and <br /> Economic Development Committee was called to order by its <br /> Chairperson, Council Member Roland Kelly at 4 : 07 p.m. in the <br /> Council Informal Meeting room. <br /> Persons in attendance included Council Members: Luecke, <br /> Washington, Kelly, Puzzello, Slavinskas, Coleman, Duda, and <br /> Ladewski; Ernest J. Szarwark, Marc C. Krcmaric, Kenneth <br /> Fedder, Don Inks, Mike Beitzinger, Greg Freehauf, Don <br /> Porter, and Kathleen Cekanaki-Farrand. <br /> Council Member Kelly noted that the first item on the agenda <br /> was to review Bill No. 107-93 which is an Ordinance <br /> authorizing the City of South Bend to issue economic <br /> development revenue bonds for PAI properties in the amount <br /> $450, 000. 00. ' <br /> Mr. Ken Fedder made the presentation. He noted that the <br /> original bond issue was made in 1986 for the property <br /> located at 3601 Lathrop. PAI properties leases the property <br /> to North American Signs Inc. It is proposed that an <br /> addition be added of 20, 000 square feet which would also add <br /> 25 additional jobs. He noted that the Economic Development <br /> Commission passed a Resolution on November 19 , 1993 <br /> approving the bond issue. Mr. Marc Krcmaric, an attorney <br /> from Barnes and Thornburg, noted that there would not be any <br /> general obligation backing to this bond issue. He also <br /> noted that the state cap is between 60 and 70 million <br /> dollars. <br /> Following further discussion, Council Member Slavinskas made <br /> a motion, seconded by Council Member Duda, that Bill No. <br /> 107-93 be recommended favorably to Council . The motion <br /> passed. <br /> The Committee then reviewed Bill No. 108-93 which would <br /> authorize the city to issue economic development revenue <br /> refunding bonds for the First Bank Center project. Mr. <br /> Fedder made the presentation. He noted that the original <br /> revenue bond was issued in 1981. An 8 million dollar <br /> redemption bond is being sought to pay off that issue. The <br /> major tenant is First Source Bank. He noted that the <br /> Economic Development Commision passed a resolution approving <br /> the bond redemption and that a representative of First <br /> Source Bank was present along with Mr. Krcmaric. <br /> Following further discussion, Council Member Slavinskas made <br />