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2 Minutes 03-28-13 Meeting
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2 Minutes 03-28-13 Meeting
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South Bend Redevelopment Commission <br />Regular Meeting —March 28, 2013 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(2) continued... <br />approximately six months, ending on March 18, 2012. On March 27, 2012, the <br />Redevelopment Commission approved a six month extension for the two remaining <br />properties. Since that time, one of the two remaining properties has been sold, leaving one <br />property of the original five listed. <br />This is an extension for six months of the Listing Contract for the remaining property, 620 <br />Columbia Street, ending September 28, 2013. Staff requests approval of the extension with <br />Hallmark Real Estate, so they may continue to market this property. <br />Upon a motion by Mr. Downes, seconded by Ms. Schey and unanimously carried, the <br />Commission approved the Extension to Listing Agreement with hallmark Realty for 620 <br />Columbia St. <br />(3) Staff Report on Leighton Plaza <br />Item 6.B.(3) was withdrawn. <br />(4) Resolution No. 3133 continuing certain funds and accounts in connection with the Lease <br />dated as of November 1, 1993, as amended, between the South Bend Redevelopment <br />Commission and the South Bend Redevelopment Authority and regarding related <br />matters. (Century Center Bond Refunding) <br />Mr. Inks noted that interest rates have fallen since the Century Center Bonds were issued in <br />2008. It is estimated that refinancing now would save $346,000 over the remainder of the <br />bond term, net of new issuance costs. The net present value of these savings is estimated to <br />be $284,000. The bond maturity will stay at the original date of May 2028. It is estimated <br />bond payments will decline by about $25,000 per year. These bonds are being paid by <br />Hotel/Motel tax revenues. <br />Mr. Randy Rompola, Faegre Baker Daniels, noted that the Hotel/Motel tax board pledged up <br />to $600.000 a year for debt service on these bonds. The debt service is far less than that. <br />What isn't used for debt service is returned to the Hotel /Motel tax board. From a savings <br />standpoint the estimated percentage of savings will range between 6.1 % -7.3 %. The industry <br />standard deciding whether it is economical to do a refunding is 3 %. In 2008, the rates on the <br />old bonds ranged from 4%% - 5.6 %. The new rates are estimated at a range of 2% - 3/1 %. <br />Upon a motion by Mr. Downes, seconded by Ms. Schey and unanimously carried, the <br />Commission approved Resolution No. 3133 continuing certain funds and accounts in <br />connection with the Lease dated as of November 1, 1993, as amended, between the South <br />
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