1998-09-02 Redevelopment Authority Minutes

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• The South Bend Redevelopment Authority Regular Meeting, September 2, 1998 Mrs. Kolata stated that as the Authority sells land in the Airport Economic Development Area, money is set aside to defease a portion of the bonds that were used to purchase the land, and this money is put into the Sales Proceeds Escrow Account. Previously, approximately $150,000 was used to purchase and extinguish some of the bonds. The rate for purchasing bonds at this time is not favorable, therefore our Bond Trustee is recommending purchasing U.S. Treasury Securities that would mature in the year 2003. This motion authorizes our Bond Trustee to purchase U. S. Securities in order to reduce the semiannual lease rental payment for the bonds, which would be the equivalent of defeasing the bonds without actually defeasing them. Upon a motion by Matt Kahn, seconded Mr. Alvarez, and unanimously carried, the Authority authorized the Bond Trustee to purchase U.S. Treasury Securities provided that the reduction in payment is substantial enough to make the cost and efforts reasonable at the time of the purchase. --- Authority approval requested for use of property in the Airport Economic Development Area (Jr. Irish Soccer League). • Mrs. Kolata stated the Jr. Irish Soccer League is requesting an extension of the Authority's permission to use the temporary parking lot across from the Holy Cross property through June 30, 1999 as a parking area during its games.The Contract for Sale of Land with Holy Cross stipulates that there is to be no parking on Mayflower Road. Mrs. Pfotenhauer asked that the minutes reflect that she works for Holy Cross Health System and would not vote on this issue. Mr. Alvarez asked what liability the Redevelopment Commission would have if it allowed parking on the property. Mrs. Kolata stated that the Commission requires that anyone using its property sign an indemnification and hold harmless undertaking and requires anyone using its property to name the City, the Authority, and the Commission as an additional insured. Mrs. Pfotenhauer expressed her concern for traffic exiting the parking area conflicting with traffic in the area or traffic from the Holy Cross Facility, since there is no traffic light. Mrs. Kolata stated that there are several ways to approach the soccer parking area, such as Old Cleveland Road. Upon a motion by Mr. Alvarez, seconded by Mr. Kahn and carried, the Authority approved the request for the Jr. Irish Soccer League to continue to use the property for parking through June 30, 1999. Mrs. Pfotenhauer abstained from voting on this item. •