1990-01-11 Minutes - Laserfiche WebLink

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South Bend Redevelopment Authority • Special Meeting -January 11, 1990 6. NEW BUSINE55 (Cont.) e. continued... perpendicular parking and assigrnneizt of the complete contract for redesign of Washington Street from Niles Avenue to Hill Street. Mrs. Kolata noted that the the contract between the Carrnnission and Ken Herceg and Associates for the design of Washington Street from Niles Avenue to Hill Street will be assigned in its entirety to the Authority so that it can be paid out of the bond issue. The value of that contract is $14,400. f. Authorization requested to send out Request for Proposals for Bond Trustee related to the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) Mrs. Kolata noted that under the Lease Purchase Bond a separate entity, usually a bank, serves as Trustee for the bond.. They pay the bills and make all of the bond payments based upon the financing as it is put together. The Trustee serves for the life of the bor~l, estimated. for this bond to be 22 years. Mrs. Kolata noted that when the Authority issued the bond for the parking garage, we made a Request for Proposals to all local banks and the lamest banks in Trxlianapolis Banks on what their fee structure would be. The response was very good and the proposals were very competetive. After reviewing the proposals a reconnnendation was made to the Authority and a Trustee chosen. Mrs. Kolata indicated that she did not have before her the list of banks which would receive the Request for Proposals, but that the list was meant to be inclusive, not exclusive. Upon a motion by Mr. McCullough, seconded by Mr. Fewell and unanimously carried, the Authority authorized the staff to send out a Request for Proposals for Bond Trustee related to South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project). 7. PROGRESS REPORTS Mr. Nussbaum brought the Authority up to date on the status of the bond issue.. He noted that the South Bend Conmton Council, at its last meeting, approved the maximum lease payment of the Proposed Lease between the Redevelopment Authority and the Redevelopment Conmiission. The next step is to approve the plans and specifications so that the Board of Public Works can put the projects out for bid and receive actual construction costs • instead of estimates. When the actual construction costs are known, we will know if we will be able to do all of the projects or will have to -5-