HomeMy WebLinkAbout09-13-04 Redevelopment Commission MinutesIL
14
SOUTH BEND REDEVELOPMENT COMMISSION
SPECIAL MEETING
September 13, 2004
8:00 a.m.
Presiding: Marcia I. Jones, President
1. ROLL CALL
Members Present:
Members Absent:
227 West Jefferson Boulevard
South Bend, Indiana
Ms. Marcia Jones, President
Mr. Philip J. Faccenda, Vice President
Mr. Matt Kahn, Secretary
Mr. Hardie Blake, Jr.
Mr. Robert W. Hunt
Legal Counsel: Ms. Cheryl Greene, Esq.
Redevelopment Staff: Mr. Bill Schalliol, Economic Development Specialist
Ms. Cheryl Phipps, Recording Secretary
Others Present: Ms. Pam Paluszewski, Legal Dept.
Mr. Randy Rompola, Baker & Daniels
Mr. Shawn Peterson, Baker & Daniels
2 photographers from WSBT
2. APPROVAL OF MINUTES
There were no Minutes for approval.
3. APPROVAL OF CLAIMS
There were no Claims
4. COMMUNICATIONS
There were no Communications.
5. OLD BUSINESS
There was no Old Business.
THERE WERE NO MINUTES FOR APPROVAL.
THERE WERE NO CLAIMS
THERE WERE NO COMMUNICATIONS
THERE WAS NO OLD BUSINESS
Redevelopment Commission Meeting
Special Meeting — September 13, 2004
6. NEW BUSINESS
A. South Side Development Area
(1) Public Hearing on Resolution No. 2096
approving an amendment to the South
Side Development Area of the City of
South Bend, Indiana, and related matters.
Mr. Inks noted that Resolution No. 2096
creates a new allocation area within the
South Side Development Area at the site of
the former Scottsdale Mall for the separate
accounting of the TIF revenue to be
generated by the allocation area for the
Erskine Village project.
Mr. Inks asked that the following items be
entered into the record: (1) a copy of the
Notice of Hearing; (2) a copy of Resolution
No. 2096; (3) a copy of the affidavit from
Carol Smith, Classified Manager of the South
Bend Tribune, stating that the Notice of
Hearing was published in that newspaper on
September 3, 2004; (4) a copy of the affidavit
from Richard J. Andrysiak, Office Manager
of the Tri- County News, that the Notice of
Hearing was published in that newspaper on
September 3, 2004; (5) a memorandum from
Bill Schalliol, project manager of the South
Side Development Area, stating that the
affected property owners and registered
neighborhood associations were notified; (6)
there were 0 written remonstrances
received as of 8:00 a.m., September 13,
2004.
Ms. Jones opened the Public Hearing for
anyone who wished to speak regarding
Resolution No. 2096. There was no one who
wished to speak. Ms. Jones closed the Public
Redevelopment Commission Meeting
IL Special Meeting — September 13, 2004
6. NEW BUSINESS (CONT.)
A. South Side Development Area
(1) continued...
Hearing for whatever action the Commission
wished to take.
(2) Commission approval requested for
Resolution No. 2096.
Upon a motion by Mr.Kahn, seconded by
Mr. Faccenda and unanimously carried, the
Commission approved Resolution No. 2096
approving an amendment to the South Side
Development Area of the City of South
Bend, Indiana, and related matters.
(3) Commission approval requested for
Resolution No. 2097 pledging certain tax
increment revenues to the payment of the
City of South Bend, Indiana, Taxable
Economic Development Revenue Bonds,
Series 2004 (Erskine Village Project)
Mr. Rompola noted that Resolution No. 2097
pledges tax increment finance revenues for
the purpose of allowing an Economic
Development Commission revenue bond to
be issued by the City of South Bend for
onsite improvements related to the project.
The Commission's pledge of the TIF
revenues will be one of the sources of
support for that bond issue. If the TIF
revenues were ever insufficient, the
developer would be required to make up the
shortfall in the bond payments. Unlike
Erskine Commons, which contemplated the
Redevelopment Commission issuing the
bond, all of this TIF revenue is anticipated to
be used for the Economic Development
ILCommission revenue financing so that there
COMMISSION APPROVED RESOLUTION NO. 2096
APPROVING AN AMENDMENT TO THE SOUTH SIDE
DEVELOPMENT AREA OF THE CITY OF SOUTH
BEND, INDIANA, AND RELATED MATTERS.
Redevelopment Commission Meeting
Special Meeting — September 13, 2004
6. NEW BUSINESS (CONT.)
A. South Side Development Area
(3) continued...
would be two series of EDC bonds: one sold
to the public, backed by the developer and
the second series actually purchased by the
developer. The pledge is for a period not to
exceed 25 years. The bond term is expected
to be 20 years. There is a recapture of 5
years in the event that the TIF were ever
short. In the negotiations, the City would
allow TIF to be extended for 5 additional
years.
Upon a motion by Mr. Faccenda, seconded
by Mr. Blake and unanimously carried, the
Commission approved Resolution No. 2097
pledging certain tax increment revenues to
the payment of the City of South Bend,
Indiana, Taxable Economic Development
Revenue Bonds, Series 2004 (Erskine
Village Project)
7. Progress Reports
There were no Progress Reports.
8. Next Commission Meeting
The next meeting of the Redevelopment Commission is
scheduled for Friday, September 17, 2004 at 10:00 a.m.
9. Adjournment
COMMISSION APPROVED RESOLUTION NO. 2097
PLEDGING CERTAIN TAX INCREMENT REVENUES
TO THE PAYMENT OF THE CITY OF SOUTH BEND,
INDIANA, TAXABLE ECONOMIC DEVELOPMENT
REVENUE BONDS, SERIES 2004 (ERSKINE
VILLAGE PROJECT)
PROGRESS REPORTS
NEXT COMMISSION MEETING
There being no further business to come before the ADJOURNMENT
Redevelopment Commission, Mr. Kahn made a motion
that the meeting be adjourned. Mr. Blake seconded the
motion and the meeting was adjourned at 8:07 a.m.
' i "
�^ Donald E. Inks, Dire or -Mafei.R4, J
Philip J. Faccenda, Vice President