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P age | 2 <br />3.APPROVAL OF MINUTES <br />A.Approval of Minutes of the Regular Meeting of November 22, 2021 <br />Upon a motion by Erin Linder Hanig, Vice-President seconded by Richard <br />Klee, President, the motion carried unanimously, the Authority approved <br />the Minutes of the Meeting November 22, 2021. <br />4.NEW BUSINESS <br />A.Resolution No. 211 (Accepting Transfer of Property from RDC) <br />Sandra Kennedy, Corporation Council presented Resolution No. 211 <br />(Accepting Transfer of Property from RDC). The Redevelopment <br />Authority will receive the property from the Redevelopment Commission to <br />receive the lease revenue. The Redevelopment Commission will be <br />paying the lease payments. <br />Anthony Fitts asked if there is enough coverage with the amount of tax <br />that will be generated. <br />Randy Rampola, Barnes, and Thornburg state that Baker Tilly has <br />projected that there is sufficient motel/hotel tax revenue that will be <br />received. There is a ½ percent specifically for the Morris. There should be <br />revenue left over for infrastructure projects. The intent is to have bond <br />closing on March 2nd and have the bond sale a week prior. <br />Daniel Parker noted that we expect the bids to come in much lower than <br />what was put in the documents. Even with rates going up we expect no <br />more than 2 ¾ percent. <br />Upon a motion by Anthony Fitts, Secretary made a motion seconded by <br />Erin Linder Hanig, Vice-President, the motion carried unanimously, the <br />Authority approved Resolution No. 211 (Accepting Transfer of Property <br />from RDC) on January 19, 2022. <br />B.Resolution No. 212 (Bond Resolution – South Bend _Morris Civic <br />Bonds 2022) <br />Mr. Rampola presented Resolution No. 212 (Bond Resolution – South <br />Bend Morris Civic Bonds 2022). One change that Baker Tilly did make <br />was although you are seeing rates at a competitive basis, we are <br />publishing a notice of intent with the 1st publication this weekend. We <br />want to have the ability to pivot in case there is a higher interest rate. We <br />would ask underwriters for their proposals. We are asking for a public <br />sale as that will be the best interest rate. This resolution does authorize <br />bonds at a not to exceed rate of $7.25M which is expected to cover the <br />cost of the project. It has a maximum term of not to exceed 25 years and