1988- 06-08 Minutes - Laserfiche WebLink

Home Browse Search

,_. SOUTH BEND REDEVII~OPMENT AUTHORITY • SPECIAL MEETING July 8, 1988 1200 County-City Building 8.30 a.m. 227 W. Jefferson Boulevard South Bend, Indiana 46601 The July 8, 1988 Special ;Meeting of the Redevelopment Authority was called to order at 8:45 a.m. by its President, Thomas J. Varga, Jr. There was a quorum present. 1. Roll Call Members Present: Mr. Thomas J. Varga, Jr. Mr. Chris Davey Mr. Joseph Wroblewski Legal Counsel: Ms. Jennifer Pitts Manier Redevelopment Staff: Mrs. Ann Kolata, Deputy Executive Director Mrs. Cheryl Phipps, Office Manager • 2. Approval of the Minutes of the Special Meeting of June 17, 1988 Upon a motion by Mr. Wroblewski, seconded by Mr. Davey and unanimously carried, the Authority approved the Minutes of the Special. Meeting of June 17, 1988. 3. .Adoption of Resolution No. 9, a Resolution of the South Bend Redevelopment Authority approving an Official Statement relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Project) and authorizing distribution of information. Mrs. Kolata explained that the Official Statement contains a summary of the Notice to Sell the bonds, the official Notice, attachments which. describe the lease between the Redevelopment Commission and Redevelopment Authority, the Trust Agreement with First Interstate Sank and what accounts will be set up, etc.. It provides information on the project itself and how the bond proceeds will be. used. It also provides information on where potential bidders can obtain additional information on the bond issue. The contact for that purpose is Springsted Inc. Mrs. Kolata noted that the Official Statement indicates in one place that funds for payment of the lease will be generated by property taxes collected by the Redevelopment Co~unission. But under the Security and Financing section it indicates that the Commission intends to reduce tax levies to the extent funds are available from the three primary sources intended to be used to pay the lease. It states that sufficient funds are expected to be • available from these sources to make the payments without taxation. This reassures the bidders of the low risk they are taking in buying the bonds.