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South Bend Redevelopment Authority <br />• Special Meeting - July 16, 1992 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />Mrs. Kolata noted that Resolution No. 60 is related to <br />the refinancing of the St. Joseph/Wayne Street Parking <br />Garage. As the result of a bid submitted on June 23, the <br />bonds were awarded to Prudential Securities in the amount <br />of $4,660,000. As we were preparing for closing, it <br />became apparent that there were additional funds at <br />Norwest Bank that had not been accounted for in sizing <br />the bond. In order to maximize savings to the City, it <br />was necessary to reduce the size of the bond. Our bond <br />counsel, financial consultant and Prudential Securities <br />have come to an agreement to reduce the size of the bond <br />to $4,095,000. The interest rates are the same, although <br />the principal maturities of the bonds were revised. <br />Resolution No. 60 approves the award of the bond in the <br />new amount of $4,095,000 with a new maturity schedule and <br />amends the Addendum to the Lease listing reduced lease <br />rental payments. We expect to close on the refinancing <br />on July 22. <br /> <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved Resolution <br />No. 60 approving the award of a reduced aggregate <br />principal amount of South Bend Redevelopment Authority <br />Lease Rental Revenue Bonds (Parking Facility Refunding) <br />and approving the execution of an Addendum to the Lease <br />between the Authority and the South Bend Redevelopment <br />Commission and other related matters. <br />b. Authority authorization requested to petition the Board <br />of Public Works for Vacation of Alleys. <br />Mrs. Kolata explained that Briarwood Development is <br />building an apartment complex of fifty-seven units in the <br />Monroe Park area on property the Authority purchased with <br />funds from the 1990 South Bend Central Development Area <br />Lease Rental Revenue Bond. The Authority must own the <br />property until the bonds are paid off, so Briarwood will <br />lease purchase the land. Briarwood needs to have the <br />alleys through the property vacated in order to do the <br />project. As the owner of the property, the Authority <br />must be the petitioner for alley vacations. The alleys <br />to be vacated are a North/South and East/West alley in <br />the block bounded by Monroe, Rush, South and Fellows <br />Streets. <br />• <br />-2- <br />