1988-04-13 Minutes - Laserfiche WebLink

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South Bend Redevelopment Authority Special Meeting - May 13, 1988 5. Authorization requested to send out Request for Proposals for Bond Trustee related to the Stanley Coveleski Regional Stadium. Upon a motion by Mr. Wroblewski, seconded by Mr. Davey and unanimously carried, the Authority authorized the Request for Proposals for Bond Trustee related to the Stanley Coveleski Regional Stadium with the insertion that we intend to select the Bond Trustee at a May 27th meeting of the Authority and, therefore, request the proposals be submitted no later than 4:00 p.m. on May 25. 6. Set meeting dates. I 8. The next meeting of the Redevelopment Authority was set for May 27, 1988 at 8:00 a.m. 7. Other Mr. Nussbaum gave a progress report on the refinancing of the Coveleski Regional Stadium. At the May 16th meeting of the Common Council, the Council suspended the rules to allow the first and second reading of the ordinance at that meeting. The Lease between the Redevelopment Commission and the Redevelopment Authority will have a hearing before the Local Property Tax Control Board by May 20th. The Local Property Tax Control Board acts as the hearing facilitator for, and makes a recommendation to, the State Board of Tax Commissioners. Mr. Varga shared with the rest of the members of the Authority a letter from legal counsel to Ann Kolata explaining the powers and legislative history of the Redevelopment. Authority. The Authority provides a mechanism for the Commission to enter into a lease with a not-for-profit organization the same way the Connni_ssion could already enter into a lease with afor-profit company. Mrs. Kolata noted that when construction of the garage was first considered, the Commission looked at lease/purchase proposals from private companies. In comparing construction costs to project costs it seemed likely that we could cut the project cost by doing the financing ourselves, using the new legislation that created the Redevelopment Authority. that Board, the bond structuring can begin. Mr. Varga asked. about the time schedule for the garage financing. Mrs. Kolata responded that construction bids will be received on June 13. The Local Property Tax Board hearing will be June 16. Following approval from Adjournment and the meeting was adjourned at 8:49 a.m. There being no further business to come before the Authority, Mr. Davey made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion ~~a.~~ ~ : ~ . ~ w Thomas Var a, Jr. ,.President Ann E. Kolata, Deputy Executive Director -3-