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HomeMy WebLinkAbout2011-04-20 Redev Authority Minutes SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING April 20, 2011 1308 County-City Building 10:30 a.m. 227 West Jefferson Boulevard Presiding: Carolyn Pfotenhauer South Bend, IN 46601 The April 20, 2011 Regular Meeting of the Redevelopment Authority was called to order at 10:30 a.m. by its Vice-President, Carolyn Pfotenhauer. There was a quorum present. 1. ROLL CALL Members Present: Ms. Carolyn V. Pfotenhauer, Vice President Mr. Ray Thomas, Secretary Member Absent: Mr. Jose Alvarez, President Redevelopment Staff: Mr. Don Inks, Director of Economic Development Mrs. Cheryl Phipps, Recording Secretary Mr. Larry Meteiver, Legal Counsel 2. APPROVAL OF MINUTES a. Approval of the minutes of April 6, 2011 Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, the Authority approved the Minutes of the Regular Meeting of April 6, 2011. 3. NEW BUSINESS a. Authority approval for Addendum to the Declaration of Protective Covenants and Restrictions of Blackthorn Corporate Center Mr. Inks said he was approached by Mr. Bill Panzica, Steve Hartz and Larry Garatoni about putting the charter school into 3801 Crescent Circle, which was the former City Group Processing Center. There were questions as to whether the charter school could go into a site in the Blackthorn Corporate Center because of the covenants. The representatives of the school were asked to contact John Schalliol of the Airport Authority, as well as the business owners in the corporate park to see if they could support this type of activity at that location. They provided a letter showing that they had contacted those individuals and that they were in support of the school. The Redevelopment Commission has approved this addendum, and the last step is for the Authority to take the same action. Ms. Photenhauer asked if legal had checked the covenants and Mr. Inks stated that they had. Upon a motion by Mr. Thomas, seconded by Ms. Pfotenhauer, the Authority The Redevelopment Authority April 20, 2011 Meeting Minutes approved the Addendum to the Declaration of Protective Covenants and Restrictions of Blackthorn Corporate Center. b. Approval of Project Assignment with Crowe Horwath (Lease Rental Revenue Refunding Bonds of 2011 (College Football Hall of Fame) and Lease Rental Revenue Refunding and Improvement Bonds of 2011 (Century Center)) Mr. Inks said the interest rates are down from where they were when they were issued, so there isn't a great deal of savings but it is estimated to be in about the $30,000-40,000 range over the life of the bonds for Century Center since those were issued just a couple of years ago. The College Football Hall of Fame is expected to have about $100,000 in savings. The Hall of Fame will be going from a tax exempt to a taxable bond and yet will still have that much savings over the life of the bond. By combining the two bonds together we will do one offering statement and will be able to save on the issuance cost. We will assign Crowe Horwath the position of financial analysis for the bonds. This was put together by the City Controller. Upon a motion by Mr. Thomas, Seconded by Ms. Pfotenhauer, the Authority approved the Project Assignment with Crowe Horwath—Lease Rental Revenue Refunding Bonds of 2011 (College Football Hall of Fame) and Lease Rental Revenue Refunding and Improvement Bonds of 2011 (Century Center). 4. NEXT MEETING DATE: May 4, 2011 5. ADJOURNMENT There being no further business to come before the Redevelopment Authority the meeting was adjourned at 10:36 a.m. -5\ •z liZer arolyn Pfot ' hau-‘ice-President Donald I ks, Director 2 H'\WPDATA\AUTHORTY,04201 I MIN.DOC