1997-08-14 Redevelopment Authority Minutes

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. South Bend Redevelopment Authority Special Meeting -August 14, 1997 Ms. Kolata stated that this relates to the Coveleski Stadium Financing that was an Authority Bond Issue. As part of that, the Redevelopment Commission levied a tax to make the payments to the Redevelopment Authority that went to pay off the bond issue. At the conclusion of the payments on the bond and after all fees were paid by the Trustee, the amount remaining in the account totals $9,032.76. She stated that the Resolution states that these are surplus funds and that the intent is to use them to reduce the tax levy on bonds of the South Bend Redevelopment Commission issued for similar purposes. Ms. Kolata stated that the only other bond issue that is using a tax levy is the Studebaker Corridor Bond. If the Redevelopment Authority releases the remaining funds, they will come into the City and will be applied to the fund that is being used to pay for the Studebaker Corridor Bond. Both the Studebaker Corridor and the Coveleski Stadium Bonds issues were a levy of taxes in the South Bend Redevelopment District. Mr. Gammage asked if applying the remaining excess levy from the Coveleski Stadium Bond issue will reduce the amount of taxes levied. Ms. Kolata replied • that there would be a small reduction on the amount levied. Upon a motion by Mr. Ladewski, seconded by Mr. Gammage and carried, the Authority adopted Resolution No. 115 regarding use of surplus bond proceeds from South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Coveleski Stadium). 4. APPROVAL OF CLAIMS Claims submitted for approval on August 14, 1997 Palais Royale Project Norwest Bank Indiana, N.A. $1,058.00 1992 Parking Facility Project Norwest Bank Indiana, N.A. $2,658.50 Hall of Fame First Chicago Capital Markets, Inc. $22,437.50 Operation & Reserve Fund • Norwest Bank Indiana, N.A. $4,768.00 Operation & Reserve Fund