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South Bend Redevelopment Authority <br />• Special Meeting.- DeceYnbex 14, 1989 <br />3. OLD BUSINESS (Cont.) <br />b. continued... <br />The fee schedule is based on an hourly rate plus expenses, not to <br />exceed $30,000. Mrs. Kolata noted .that this bond issue is fairly <br />ccmplicated and may require mere than the estimated hours. If the fee <br />will be higher than $30,000, Springsted will seek an amenchnent to the <br />contract. <br />Mr. Davey asked if consultants bid on this contract. Mrs. Kolata <br />explained that when we did our first bond, we did go out for <br />proposals. At that time, our criteria was to find someone who had <br />done a tax increment bond in another state, since ours was the first <br />in Indiana. Springsted, a Minneapolis firm, was experienced in TIF <br />bonds. They have since opened an office in Indiana and we have worked <br />with them on our subsequent bonds. 'This bond is carnplicated because <br />we have three revenue bonds and the parking garage which are financed <br />frcan the same tax increment. This bond will have to fit in with <br />those. Their projections of reverYUe have been very close on other <br />bonds. <br />Mr. Davey asked if $30,000 is a reasonable fee. Mrs. Kolata responded <br />that they had asked a significantly higher fee and we have negotiated <br />i it dawn to $30,000. We feel this is a reasonable fee due to the <br />complexity of this bond issue. Mrs. Kolata reco4rnnended hiring <br />Springsted because of the confidence we have in them. They do very <br />detailed work and are very competent and we .feel. confident that we can <br />repay the bonds without levying taxes. <br />Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously <br />carried, the Authority authorized the hiring of Springsted, Inc. as <br />financial advisor for the South Bend Redevelopment Authority Lease <br />Rental Revenue Bonds (South Bend Central Development Area Public <br />Improvement Project). <br />4. NEW BUSIl~TESS <br />a. Election of Officers <br />Mrs. Kolata asked that the election of officers be postponed until the <br />next meeting because of Mr. McCullough's absence and because the next <br />meeting would be the Annual Organizational Meeting for the Authority <br />and would require an election of officers. There was no objection and <br />item 4.a. was postponed until the next meeting. <br />b. Authority approval requested for Agreement with SiteScapes, Inc. for <br />professional services related to the renovation and expansion of the <br />Morris Civic Plaza in the South Bend Central Development Area. <br /> <br />-2- <br />