09-24-01 Community Development & Personnel and Finance

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4ammittu deport: (Community Development anti 1erzonnez 00 final= Qommitteez The September 24, 2001 joint meeting of the Personnel and Finance and Community and Economic Development Committees was called to order by Community Development Chairperson, Council Member Roland Kelly at 4:05 p.m. in the Council Informal Meeting Room. Persons in attendance included Council Members Coleman, Varner, White, Pfeifer, Kirsits, Aranowski, King, and Kelly; Tom Skarbek, Citizen Member Kevin Hunter, Robert Case, Jack Dillon, Robert Case, Randolph Rompola, Terry Bland of the g'OUti) WO 14 i0UUe and Kathy Cekanski Farrand, Council Attorney. Council Member Kelly called for a presentation on Substitute Bill No. 86-01 which would authorize the issuance of revenue bonds and Bill No. 87-01 which would appropriate the proceeds of such bonds (2001C) for the Robert Bosch Corporation. the presentation. He noted that it Development ment made h Mr. Robert Case of the Division of Community p p . 510,000. He and Mr. Rompola explained the loan mechanism the principal amount involved is $ 510, po P involving the BDC. Following discussion, Council Member Varner made a motion, seconded by Council Member Kirsits that Substitute Bill No. 86-01 and Bill No. 87-01 be recommended favorably to Council. The motion passed. Mr. Case then presented Substitute Bill No. 88-01 which would authorize the issue of revenue bonds and Bill No. 89-01 which would appropriate the proceeds of such bonds (2001D) for the Robert Bosch Corporation. He noted that the principal involved is $ 510,000 of the Industrial Revolving Loan Fund. The Redevelopment Authority adopted a resolution regarding TIF funds as a"safety net"if necessary in the event that Bosch would be unable to repay such funds. Following discussion, Council Member Aranowski made a motion, seconded by Council Member Kirsits that Substitute Bill No. 88-01 and Bill No. 89-01 be recommended favorably to Council. The motion passed. Mr. Case presented Substitute Bill No. 90-01 which would authorize the issue of revenue bonds and Bill No. 91-01 which would appropriate the proceeds of such bonds (2001E) for the Robert Bosch Corporation. He noted that $ 1 million was involved which would be subject to a 3 % interest rate over a 15-year period. Council Member Kelly noted that the six (6) bills indicate how complicated this matter was and commended everyone involved in saving quality jobs in the community. Council Member King inquired about drawing down on the Indiana Remediation Revolving Loan Fund, with Mr. Case confirming that the Bosch Corporation being required to pay back these funds with the City acting as the funding conduit. Following discussion, Council Member Aranwoski made a motion, seconded by Council Member Kirsits that Substitute Bill No. 90-01 and Bill No. 91-01 be recommended favorably to Council. The motion passed. • There being no further business to come before the joint Committees,Council Member Kelly