1988-06-17 Minutes - Laserfiche WebLink

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outh Bend Redevelopment Authority pecial Meeting -June 17, 1988 4. Continued... Mrs. Kolata noted Ghat the. payment schedule provided is based on current rates and will be recalculated after the bond is sold. Upon a motion by Mr. Wroblewski, seconded by Mr. Varga and unanimously carried, the. Authority approved Resolution No. 6 authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds-for the Parking Facility Project. 5. Authority approval requested Parking Facility Project for Notice of Bond Sale on-July to schedule Bond Sale for the. St. J~ July 26, 1988_ and to authorize publ: .and July 8, 19AR_ Upon a motion by Mr. Varga, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the July 26, 1988 date for the Bond Sale for the St. Joseph/Wayne Parking Facility Project and authorized publication of Notice of Bond Sale on July l and July 8 , 1988. 6. Adoption of Resolution No. 7, a Resolution of the South Bend Redevelopment Authority approving modifications to and execution of a lease between the ;.South Bend Redevelopment Authority and the South Bend Redevelopment Commission for the Stanley Coveleski Regional Stadium and regarding other related matters. Mr. Nussbaum explained that Resolution No. 7 puts the estimated $1,000,000 annual rental payment into the previously approved form of lease. The Trust Agreement allows any future changes to the estimated figures which will lower the annual payment. He noted that the issue of the stadium bonds being taxable or tax exempt has not been resolved. The bonds will be sold as taxable but may be called. at any tune for refinancing as tax exempt . Mrs. Kolata noted that the lease provides for the Commission to complete the purchase option at any point during the term of the lease. If they do not exercise that option by the end of the term of the lease, the Authority will convey the stadium to the Commission at that time. Upon a motion by Mr. Wroblewski, seconded by Mr. Varga and unanimously carried, the. Authority adopted Resolution No. 7 approving modifications to and execution of a lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission for: the Stanley Coveleski Regional Stadium and regarding.-other related matters. 7. Adoption of Resolution No. 8, a Resolution of the South Bend Redevelopment Authority authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Coveleski Stadium Project}. Mr. Nussbaum noted that Resolution No. 8 includes as an attachment the Trust Agreement with First Interstate Bank. The numbers in the lease are conservatively-high and may be lowered after the bond sale. -3-