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• , ., Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved Resolution No. 23 establishing its intent to issue Redevelopment Authority Revenue Bonds and that certain preliminary redevelopment costs be reimbursed from the proceeds of said bonds. c. 1990 related to the South Bend Central Development Area. Mrs. Kolata explained that the Authority had previously entered into an agreement with Springsted to serve as financial advisor for the 1990 Lease Rental Revenue Bond. Their fee was to be based on the ntmtber of hours worked, not to exceed $30,000 plus expenses. The contract called for them to notify us if the cysts exceeded $30,000 to receive authorization to proceed. The $30,000 cap was established to try to limit costs, but it was probably unrealistic from the start. Mrs. Kolata noted that Springsted notified her earlier this year that they needed to go over that amount. The reason for their services on this bond requiring more time was due to the reassessment and to the complexity of the lease/purchase bond. Mrs. Kolata allowed Springsted to go ahead, but to provide information on their additional fees after the bond was completed. Mrs. Kolata explained .that the t made it necessary for Spri.rigsted to verify the revised base assessment for each piece of property in the development area and then verify the accuracy of the numbers they were working with. Mrs. Kolata noted that, because of the detailed work that Springsted did with the reassessment figures, we were able to issue a bond for $900,000 more than we expected. The final bill is $54,653.75. Additionally, expenses are billed at $6,629.14, including printing of the Official Statement, travel, computer time, telephone calls, etc. Mrs. Kolata stated that she had carefully reviewed the bill and the time spent on each aspect of their services and felt that it was justified. She noted that the cost is what Springsted originally felt it would cost them, and it is in line with what other cities are paying for financial services for similar size bored issues. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved an Amenchnent to Contract with Springsted Inc. for financial services related to the Lease Rental Revenue Bonds of 1990 related to the South Bend Central Development Area. 5. AUTC~iJRl~!' There being no further business to came before the Authority, Mr. Fewell made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and the meeting was adjourned at 3:56 p.m. ~ . ~ ~ ~~~~ p W. Wroblewski, President Ariz E. Kolata, Director