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The South Bend Redevelopment Authority <br />June 18, 2008 Meeting Minutes <br />Mr. Inks said we recently approved the bonds for capital improvements for <br />Century Center. We typically hire a financial advisor for the bond process to <br />estimate the revenues, to make sure they are sufficient to cover the bond debt <br />service requirements. Crowe Chizek has worked with the city on a number of <br />projects: The Controller has reviewed the proposal and has approved it. The total <br />fee is $35,000; the proposal lists the services they will perform. <br />Upon a motion by Ms. Pfotenhauer, seconded by Mr. Thomas, the Authority <br />unanimously approved the Proposal for financial consulting services for the South <br />Bend Century Center Bonds of 2008. (Crowe Chizek and Company, LLC) <br />c. Authority approval requested for Resolution No. 169 revising its procedures and <br />the duties of its Officers <br />Ms. Greene said this resolution is in regards to a discussion a couple of meetings <br />ago. Because the Authority did not establish any bylaws when it was formed, Ms. <br />Greene established the duties of the different officers. This resolution will allow <br />one person to sign and one to attest in the absence of the regular signers. <br />Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority <br />unanimously approved Resolution No. 169 revising its procedures and the duties <br />of its Officers. <br />4. OLD BUSINESS <br />a. Authority approval requested for Parking Garage Lease with Kite Realty <br />Construction, LLC <br />Mr. Rich Hill brought a copy of the lease that shows the changes that have been <br />made in the lease. The casualty insurance has been changed from two years to five <br />years to rebuild the parking garage if something happened to it. This will <br />minimize the possibility of the parking garage not being able to be rebuilt in the <br />case of something happening to it. The other issue would be the replacement cost <br />of building the garage in the future. The provision has been made for a yearly <br />review with an architectural engineer to make sure there is adequate insurance for <br />the replacement costs. If something occurred and there was still a deficiency, if <br />there is still a shortfall in the casualty insurance for rebuilding the garage. A <br />joinder provision is also in the document with the Mayor and the Board of Public <br />Works to acknowledge that the Mayor would have to come back to the Authority <br />and the Commission and ask that appropriate steps be taken to fund the shortfall if <br />it were to occur. <br />H:\WPDATA\AUTHORTY1061808.MIN.DOC 2 <br />