1988-03-10 Minutes - Laserfiche WebLink

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outh Bend Redevelopment Authority pecial Meeting - March 10 , 1988 1, FT.FCTION OF OFFICERS (Cont.) Upon a motion by Mr. Varga, seconded by Mr. Wroblewski and unanimously carried, nominations were closed and Mr. Davey was elected Secretary/Treasurer of the Authority. After the election of officers, Mr. Varga assumed the Chair. Mrs. Kolata explained the difference between the Redevelopment Co~nission and the Redevelopment Authority. She noted that they are separate bodies. The 1987 State legislature passed legislation allowing for the creation of a Redevelopment Authority. It may be created to finance and construct local public improvements which it will lease to the Redevelopment Commission. The local Authority was established by the Cotrnnon Council on December 21, 1987, through a City Ordinance. It provides for three members to be appointed by the Mayor. The Redevelopment Authority is a financing mechanism for financing public improvements in conjunction with the Redevelopment Commission. The Authority does not have the authority to issue general obligation bonds, only revenue bonds, which will be paid off through the lease payments that come from the Redevelopment Commission. Any lease between the Authority and the Commission is subject to Common Council approval. Ms. Derbeck asked if they would meet on a regular basis. Mr. Varga responded that they would meet on an as-needed basis, as often as necessary throughout the staditun refinancing and the financing of the parking garage. 2. NEW BUSINESS Ado tion of Resolution No. 1 indicating the Redevelo ment Authorit 's intent to issue Redevelopment Authority Bonds, ratifying and confirming an en ineering contract and indicating its intent to be reimbursed for ..r~, ;.,~,; nar~~ nr~;ect costs from proceeds of bonds to be issued. Mrs. Kolata noted that this resolution deals with both the St. Joseph/Wayne Street parking garage and the stadium. She brought the members up to date on the status of the parking garage. It will be a six story concrete structure with a brick facade. There will be 4,000 s.f. of first floor retail space along Wayne Street. It will accomodate 436 cars at 90° turn-in parking with two-way traffic on the ramps. There will be two elevator/stairway towers at opposite corners of the garage. One elevator. will accomodate skywalks to the Penney's Building and the IBM Building although the skywalks are not part of the project at this time. Mr. Davey asked what the construction/completion schedule is. Mrs. Kolata responded that the bid specifications should be ready in early May, after which bids will be taken for construction. The bids must be in before the bonds are sold. The garage should be under construction in July and completed approximately eight months later.