1998-01-21 Redevelopment Authority Minutes

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• The South Bend Redevelopment Authority Special Meeting January 21, 1998 approving the execution of an Addendum to the Lease. Mr. Rompola explained that Resolution No.118 modifies the lease for the Palais Royale/Morris Civic Center Project that was approved last Spring. The Addendum to the Lease provides three definitional terms. The Three Payment Test is a test made each year to see if there are sufficient monies to make the lease payments the following year; if not, then a tax needs to be levied. The Reserve Fund will be funded out of the bond proceeds, which will be accumulating investment earnings. These funds will be put back into the Sinking Fund to pay the Debt Service on the bonds. If funds are left after construction they will be used to reduce the amount the Redevelopment Commission pays on the lease. Upon a motion by Ms. Pfotenhauer, seconded by Mr. Gammage and unanimously carried, the Authority approved Resolution. No. 11.8. c. Authority approval requested for the Trust Agreement between the South Bend Redevelopment Authority and Norwest Bank Indiana, N.A. Upon a motion by Mr. Gammage, seconded by Ms. Pfotenhauer and unanimously carried, the Authority approved the Trust Agreement between the South Bend • Redevelopment Authority and Norwest Bank Indiana, N.A. 5. CLAIMS Claim submitted for approval for January 21, 1998. HALL OF FAME -OPERATION AND RESERVE ACCOUNT Landesbank Hessen-Thuringen, New York - $20,572.18 Upon a motion by Ms. Pfotenhauer, seconded by Mr. Gammage and unanimously carried, the Authority approved the Claim submitted January 21, 1998. 6. REGULAR MEETING DATE The first. and third Mondays of each month at 1:30 p.m. were established as the regular meeting times beginning March 2, 1998. A special meeting was also scheduled for Monday, February 23 at 1:30 p.m. 7. PROGRESS REPORT Mrs. Kolata informed the Redevelopment Authority that 19 acres of rolling land • 5 H:\WPDATA\AUTHORTY\012198.MIN