HomeMy WebLinkAbout2011-08-03 Redev Authority Minutes SOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
August 3, 2011 1308 County-City Building
10:30 a.m. 227 West Jefferson Boulevard
Presiding: Jose Alvarez South Bend, IN 46601
The August 3, 2011 Regular Meeting of the Redevelopment Authority was called to order at
10:30 a.m. by its President, Jose Alvarez. There was a quorum present.
1. ROLL CALL
Members Present: Mr. Jose Alvarez, President
Mr. Ray Thomas, Secretary
Member Absent: Ms. Carolyn V. Pfotenhauer, Vice President
Redevelopment Staff: Mr. Don Inks, Director of Economic Development
Mrs. Jenny Hullinger, Recording Secretary
Others: Mr. Randy Rompola, Baker& Daniels
2. APPROVAL OF MINUTES
a. Approval of the minutes of July 6, 2011
Upon a motion by Ray Thomas, seconded by Jose Alvarez, and unanimously carried, the
Authority approved the Minutes of the Regular Meeting of July 6, 2011.
3. NEW BUSINESS
a. Authority approval of Resolution No. 174 authorizing the appointment of a
Trustee for the South Bend Redevelopment Authority Lease Rental Revenue
Refunding Bonds, Series 2011 and other related matters
Mr. Inks said Wells Fargo has been used on a number of bond projects, and was
the original Trustee for this bond but their trustee fees were more than double
those of other trustees. We are going with U.S. Bank, who is our trustee for the
Eddy Street Commons bond. We have a good working relationship with them.
Mr. Rompola said that as early as last year there were just three banks in Indiana
that did trust work, but now there are five or six. Most of the banks are automated,
so where there used to be multiple people doing the trust work now most banks
are automated. In Chicago, Wells Fargo is able to charge those kind of fees for
large transactions but they can't for the smaller deals since there are less
expensive trustees. They are not willing, at this point, to distinguish between the
large and small deals. Mr. Rompola was concerned that Wells Fargo may not be
The Redevelopment Authority
August 3, 2011 Meeting Minutes
cooperative since we are switching over to a new trustee. He was pleasantly
surprised that Wells Fargo is being very helpful, and they will be the escrow agent
for the bonds that are being refinanced. They will hold the cash and pay off the
bonds.
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
Resolution No. 174 authorizing the appointment of a Trustee for the South Bend
Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 2011
and other related matters
4. NEXT MEETING DATE: August 17, 2011
5. ADJOURNMENT
There being no further business to come before the Redevelopment Authority the meeting
was adjourned at 10:40 a.m.
Jose Alvarez,'resident Do ald Inks, Director
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