1988-04-14 Minutes - Laserfiche WebLink

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I I Faci a South ion and Mrs. Kolata noted that the preliminary cost estimate for the construction of the garage is approximately $3,000,000. Costs in addition to the actual construction of the garage raise the total project cost to approximately $4,150,000. The purpose for approving the proposed lease using these approximate figures is so that the financing process can be started. As the process progresses and the figures become firm, they are expected to .decrease. The cost cannot be increased once the financing process is begun, so the costs have been conservatively estimated based on worst case projections. By the time the lease goes before the South Bend Common Council for approval, bids will have been received on the construction of the garage. By the time the lease goes before the Local Property Tax Control Board, who must approve the lease in its final form, the bid will be awarded SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING April 14, 1988 1:00 p.m. 1. ROLL CALL Members Present: Legal Counsel: Redevelopment Staff: News Media: 2. APPROVAL OF MINUTES 1200 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 Mr. Thomas J. Varga Mr. Chris Davey Mr. Joseph Wroblewski Mr. Thomas Bodnar Mrs. Ann Kolata, Acting Executive Director Mrs. Cheryl Phipps, Office Manager Ms. Jeanne Derbeck, South Bend Tribune Ms. Linda Kauffman, WSJV-TV Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Organizational Meeting of March 10, 1988. 3. Adoption of Resolution No. 2, a Resolution of the South Bend Redeve Mrs. Kolata explained that Resolution No. 2 accomplishes three things: (1) it approves the Lease between the Authority and the Redevelopment Commission; (2) it approves the preliminary cost estimates for the construction of the parking facility; and (3) it directs the Secretary to file a copy of the proposed Lease, as approved, with the Commission.