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• South Bend Redevelopment Authority <br />Special Meeting - October 18, 1991 <br />3. NEW BUSINESS (Cont.) <br />b. contunued... <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved the proposal <br />with Baker and Daniels for professional services related <br />to the refinancing of the Coveleski Regional Stadium. <br />c. Authority approval requested for investment banking <br />services with Banc One Capital Corporation related to <br />Coveleski Stadium Refinancing. <br />Mrs. Kolata noted that Banc One Capital Corporation will <br />proceed with the refinancing provided the Authority <br />realizes a minimum net savings of $250,000. If closing <br />fails to occur, the Authority is under no obligation to <br />reimburse any expenses related to the refinancing. If <br />the refinancing does occur, they commit to a fee of $7.50 <br />per thousand dollars of bond issue. This is conditioned <br />on Banc One Capital Corporation being the underwriter of <br />this negotiated sale. Mrs. Kolata noted that this is a <br />reasonable fee and the staff recommends accepting the <br />. proposal. <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved the proposal <br />for investment banking services with Banc One Capital <br />Corporation related to the Coveleski Stadium Refinancing. <br />d. <br />the City of South Bend, Indiana, to the Housing <br />Development Corporation of St. Joseph County, Inc. <br />Mrs. Kolata explained that in the Authority's 1990 bond <br />issue for the South Bend Central Development Area there <br />was money set aside for buying properties in Monroe <br />Park. Those properties are part of the lease-purchase <br />with the Redevelopment Commission. The Redevelopment <br />Commission has indirectly leased them, first to the Board <br />of Public Works, which has then leased them to the <br />Housing Development Corporation. .The purpose of the <br />lease is for the Housing Development Corporation to rehab <br />the properties and to rent them out as rental <br />properties. The terms of the master lease between the <br />Authority and the Commission requires that the Authority <br />approve any subleases. <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved Resolution <br />-4- <br />