1989-11-16- Minutes - Laserfiche WebLink

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. South Bend RedevelopanPazt Authority Special Meeting -November 16, 1989 6. NEW .BUSINESS (Cont.) c. continued... is not unusual to handle it in this fashion. 'They submit a record of time acid expenses with their bill. Mrs. Kolata assured the Authority that on 'the bond issues that Baker and Daniels has done for us in the past they have always written off a portion of their time and have been more than fair with us. Upon a motion by Mr. McCullough, seconded 'by Mr. Wroblewski and unanimously carried, the Authority authorized hiring Baker and Daniels as bond counsel for the South Bend Redevelopment Authority Lease Rental Revenue Bonds. d. Authority authorization requested to hire financial advisor for the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project). Mrs. Kolata noted that we intend to hire Springsted Inc. as the financial advisor for the bond issue. They have done the financial analysis for this bond and have been our financial advisors on other redevelo~xnent bond issues since 1985. They have a thorough understanding of the tax i~rement that we are using for the bond issue. However, we do not have the contract • ready to sign today. She asked the Authority to table this item. Item 3.d. was tabled. e. Authority approval requested for Resolution No 14 entitled "Resolution of the South Bend Redevelopment Authority indicatina its intent to issue Redevelopment Authority Revenue Bonds, approving a proposed lease for Redevelopment Commission as lessee approving plans specifications and cyst estimates for the proiect and ratifying and confi~++;ng a certificate authoriziria the intent of the South Bend Redevelopment Authority to be reimbursed for preliminary project costs from proceeds of bonds to be issued." Mrs. Kolata explained that the Authority is considering Resolution No. 14 which does three things: 1) states the Authority's intention to issue bonds; 2} ratifies and. confirms the fact that same money has been spent preparing for the bond issue and that when the bond is sold the Authority will reimburse the ac,:counts that those funds have came out of; 3) approves plans, specifications and cost estimates for the projects and approves the proposed lease. She explained the projects that are planned. Mrs. Kolata noted that this is not the final form of the lease. We know that it will have to be amexided. Some of the projects may be dropped if the costs are higher than our estimates or if we cannot secure certain agreemexits from the adjacent property comers. -3-