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HomeMy WebLinkAbout02-06-08 Redevelopment Commission Minutes SOUTH BEND REDEVELOPMENT COMMISSION RESCHEDULED REGULAR MEETING February 6, 2008 10:00 a.m. 227 West Jefferson Boulevard Presiding: Marcia I. Jones, President South Bend, Indiana 1. ROLL CALL Members Present: Ms. Marcia Jones, President Mr. Karl King, Vice President Mr. Greg Downes, Secretary Mr. Hardie Blake, Jr. Mr. Ken Peczkowski Legal Counsel: Mr. Charles S. Leone, Esq. Mr. Lawrence Meteiver, Esq. Redevelopment Staff: Mr. Don Inks, Director Mr. Jeff Gibney Mrs. Cheryl Phipps, Recording Secretary Mr. Bill Schalliol, Economic Development Specialist Mr. Robert Mathia, Economic Development Specialist Ms. Jennifer Laurent, Economic Development Specialist Mr. Nicholas Witwer, Economic Development Specialist Others Present: Mayor Stephen Luecke Mr. Tom Price, Mayor’s Office Mr. Dave Matthews Mr. Richard Hill, Baker & Daniels Mr. Greg Hakanen, Notre Dame Ms. Nancy Sulok, South Bend Tribune Ms. Rita Kopala Mr. Bill Eagan Ms. GlendaRae Hernandez Ms. Jackie Rucker, Notre Dame Mr. Dennis Andres Jr., Baker & Daniels Mr. John Rappelli Mr. Donald Sniegowski Mr. David Kimble, Cressy & Everett Ms. Ashley Ottesen, Kite Mr. Chris Malloy, Kite Four others present who did not sign in South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 2. APPROVAL OF MINUTES A. Approval of Minutes of the Regular Meeting of Friday, January 18, 2008. CM Upon a motion by Mr. King, seconded by Mr. OMMISSION APPROVED THE INUTES OF THE RMF,J18, EGULAR EETING OF RIDAY ANUARY Downes and unanimously carried, the Commission 2008 approved the Minutes of the Regular Meeting of Friday, January 18, 2008. 3. APPROVAL OF CLAIMS Redevelopment Commission Claims submitted February 6, 2008 for approval. 420 FUND TIF DISTRICT – SBCDA GENERAL Ralph D. Lauver $ 2,850.00 CB Richard Ellis 1,062.68 Wightman Petrie 3,922.50 Indiana Michigan Power 251.09 Total $ 8,086.27 CC Upon a motion by Mr. Downes, seconded by Mr. Blake OMMISSION APPROVED THE LAIMS F6,2008, SUBMITTED EBRUARY AND ORDERED and unanimously carried, the Commission approved the THE CHECKS TO BE RELEASED Claims submitted February 6, 2008, and ordered checks to be released 4. COMMUNICATIONS TC There were no Communications. HERE WERE NO OMMUNICATIONS 5. OLD BUSINESS A. Other (1) Commission approval requested for Substitute Resolution No. 2430 setting procedures for contracts for services. Mr. Leone noted that Resolution No. 2430 as the Commissioners originally saw it related only to title services, intending that it be a format for discussion and revision. The 2 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 5. OLD BUSINESS (CONT.) A. Other (1) continued… substitute version deals not only with title services, but appraisals, land surveys, and Phase I Environmental Surveys. It encompasses all of the types of pre-closing services that staff routinely engages in and sets certain maximum fees. Mr. Peczkowski noted that counsel did not make the change he suggested at the last meeting in point two. “All contracts originated by staff must be related to property in which the Commission has expressed an interest in acquiring.” He preferred to see that stricken and have the paragraph say only, “All contracts originated by staff must be related to property which the Commission owns, intends to sell, use, exchange, lease or otherwise engage in disposition.” He felt the phrase as it currently reads in the resolution was too “open.” He was afraid of putting so much money into a project on the front end that we feel compelled to go ahead with it. Mr. Leone responded that that is a policy issue for the Commission. Mr. Downes and Mr. King disagreed with Mr. Peczkowski’s point of view. They felt to delete the portion would defeat the purpose of what the resolution is intended to accomplish, streamlining the process. Mr. King asked Mr. Leone to confirm that none of these actions being conferred to staff in this resolution indicates a commitment on the Commission’s part to acquire property 3 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 5. OLD BUSINESS (CONT.) A. Other (1) continued… nor should a prospective seller take them as an indication that the Commission will purchase their property. Mr. Leone agreed. Mr. Leone said that any buyer of property will go through a due diligence process. At some point the information that is obtained through that process may indicate that that property should not be acquired. In order to get to that point, a buyer wants have to have the information from these sources. Mr. Peczkowski did not agree with the sense of urgency on these actions, nor with the assumption that the buyer must bear all of the cost of these types of actions. CS Mr. King made a motion to adopt Substitute OMMISSION APPROVED UBSTITUTE RN.2430 ESOLUTION O SETTING PROCEDURES Resolution No. 2430. Mr. Downes seconded FOR CONTRACTS FOR SERVICES the motion. The motion carried on a vote of four to one with Mr. Peczkowski opposed. 6. NEW BUSINESS A. Receipt of Bids (1) Receipt of Bids for disposition of property. (NW corner Hill & Colfax) N Mr. Inks noted that the deadline for bids was O BIDS RECEIVED February 1, 2008, the scheduled date for this meeting. There were no bids received. The property remains for sale. No bids may be accepted for other than the offering price until 30 days have passed. After that time, a negotiated offer may be accepted. 4 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) A. Receipt of Bids (1) continued… Mr. Peczkowski asked what the offering price was for the property. Ms. Laurent responded $135,000. B. South Bend Central Development Area (1) Commission approval requested for proposal for professional services in the South Bend Central Development Area. (Title work, 415 S. William and 405 W. Wayne) Mr. Schalliol noted that staff has solicited a proposal for title work at 415 S. William and 405 W. Wayne Streets. Meridian Title has proposed a fee of $200. Staff recommends accepting the offer. C Upon a motion by Mr. Downes, seconded by OMMISSION APPROVED THE REQUEST FOR 415S. PROPOSAL FOR TITLE SERVICES AT Mr. Blake and unanimously carried, the W405W.W, ILLIAM AND AYNE AND ACCEPTED Commission approved the request for MT THE PROPOSAL FROM ERIDIAN ITLE FOR THE proposal for title services at 415 S. William SCOPE OF SERVICES AND FEE PROPOSED and 405 W. Wayne, and accepted the proposal from Meridian Title for the scope of services and fee proposed. (2) Commission authorization requested for Downtown South Bend Inc. to use LaSalle Hotel parking lot for St. Paddy’s Day Downtown Tent Party Mar 13-15, 2008. Mr. Inks noted that this is a routine request The tent party has become an annual event in the downtown and staff recommends approval. 5 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) B. South Bend Central Development Area (2) continued… Mr. Peczkowski said that, as an owner of a business in that block where this event has taken place, and especially in reference to last year’s event, he is very happy to vote in favor of more public intoxication on the street in front of his store, more vomit on his sidewalks that he must clean up because DTSB is not there to do the job, more broken bottles in the parking lot behind his building and in the LaSalle Grill’s lot thanks to street gangs that come around and pick up the empty bottles. Plus, the feasibility and the good foresightedness of having a tent in South Bend in the middle of March when the weather is always balmy. Last year’s weather was just wonderful. Mr. Peczkowski said the postal delivery workers who came to his store the week after the event were regaling with stories of broken bottles they had to make their way around and excrement and things left on the sidewalk thanks to this wonderful event. He thinks people who are looking to get intoxicated in South Bend are really well served by this event. He thinks this event needs to be revisited and handled by the professionalspeople who sell liquor C for a living. There are enough bars and pubs downtown to handle this. Mr. Leone noted that the version of the Authorization for Entry Upon and the Temporary Use of Public Property document the Commission is asked to approve is slightly different than the one distributed in the Commission packet. The changes were clerical. The substance of the document is 6 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) B. South Bend Central Development Area (2) continued… the same. Mr. Downes asked staff to make sure that the cleanup after the event will be better this year. He asked that DTSB provide a written plan for cleanup. Mr. Peczkowski asked that DTSB responsibility be extended to at least a block radius of the event, though he didn’t expect them to accomplish that. Ms. Jones responded that DTSB has responsibility for the cleanliness of the entire downtown area. She also expected they should clean the entire area after the event expeditiously. CA Mr. King made a motion to approve the OMMISSION APPROVED THE UTHORIZATION EUTU FOR NTRY PON AND THE EMPORARY SE OF Authorization for Entry Upon and the PPSB UBLIC ROPERTY IN THE OUTH END Temporary Use of Public Property within the CDA ENTRAL EVELOPMENT REA South Bend Central Development Area. Mr. Downes seconded the motion. The motion passed on a vote of four to one with Mr. Peczkowski opposed. C. Airport Economic Development Area (1) Commission approval requested for Grant of Easement to Indiana Michigan Power Company (Oliver Industrial Park) Mr. Inks asked that item 6.C.(1) be tabled. I6.C.(1) Upon a motion by Mr. King, seconded by TEM WAS TABLED Mr. Downes and unanimously carried, the Commission tabled Item 6.C.(1). 7 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) D. West Washington-Chapin Development Area (1) Quarterly report from South Bend Heritage Foundation on progress at Engman Natatorium. QSB Mr. Schalliol gave the report Phase I of the UARTERLY REPORT FROM OUTH END HF ERITAGE OUNDAION ON PROGRESS AT Engman Natatorium project , the new EN NGMAN ATATORIUM addition, has essentially been completed. Final closeout items are expected to be completed in the spring. E. South Side Development Area (1) Commission approval requested for proposal for professional services in the South Side Development Area. (4215, 4219 and 4325 S. Main St.). Mr. Schalliol noted that staff requested a proposal for title work at 4214, 4219 and 4325 S. Main St. These properties are in the Main/Lafayette intersection area where the Commission has been acquiring property for the new intersection. Meridian Title has submitted a proposal to complete the work for a fee of $300. Staff recommends approval. C Upon a motion by Mr. Peczkowski, seconded OMMISSION AUTHORIZED THE REQUEST FOR SSD PROPOSALS IN THE OUTH IDE EVELOPMENT by Mr. King and unanimously carried, the A REA AND ACCEPTED THE PROPOSAL FROM Commission authorized the request for MT ERIDIAN ITLE FOR THE SCOPE OF SERVICES proposals in the South Side Development AND FEE PROPOSED Area and accepted the proposal from Meridian Title for the scope of services and fee proposed. 8 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) Commission approval requested for Development Agreement by and among the South Bend Redevelopment Commission, the South Bend Redevelopment Authority, the City of South Bend and Kite Realty Group, LP. Mr. Inks reviewed the significant terms of the Development Agreement. Mr. Inks pointed out Section 1.3, bond call costs. The agreement between Kite and the University of Notre Dame is still being documented. That means that Kite does not have ownership of the land, or lease interest in the land, and cannot convey that to the city for the city to build the roads, the right of way, that’s necessary nor to convey the leased site for the construction of a parking garage. So, when the city actually issues the bonds, the bond proceeds will be set aside and not spent. There will then be a call provision in the bonds that for a period of time (still being defined, but probably in the neighborhood of $120-145 days) in which Kite will finish the documentation of their agreement with the university and convey the necessary property to the city. If all that goes well, the call provision goes away and the project proceeds. If, for some reason, that does not transpire within that time frame, then the city has the option of paying off all of the bonds that have been issued, and Kite has agreed to pay for all the costs related to paying off those bonds under that call provision. Kite has until May 31 to include all of their arrangements with the university and avoid those circumstances. 9 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… Section 1.9 addresses the funding amount, the $35,000,000 that has been consistently talked about for this development site. This agreement includes an additional $1.7M which is reserved for the Triangle development. The total amount of money addressed in the Development Agreement is $36,700,000. The amount of money available on the Kite side of the project is $35M. That will be derived from two sources: the project proceeds from the bond issuance and from $5M in cash resources from Major Moves and sewer capital from the city’s accounts. It is important to understand that if the net proceeds from the bond are less than the anticipated $30M (because we have to fund a debt service reserve, or because the interest rates go up) the city is not obligated to fund those shortfalls in the bond proceeds. The city’s entire obligation is the $33M, including the $5M cash). On the other hand, if we realize more in bond proceeds, the city’s requirement would only be $3M in cash, capped at $35M total. Mr. Peczkowski asked if there are any TIF revenues in the payback of the bonds. Mr. Inks responded that the next agenda item is a pledge resolution pledging TIF revenues for repayment of the bonds. Mr. Peczkowski noted that the real cost of the project is $79M, including interest on the bonds. That is the total amount of money 10 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… that will not be available for other projects. He believes the city should be up front about the total cost, as a bank must be in making its loans. He would like to see that language put into the Development Agreement so it is clear. Mr. Inks didn’t think it was appropriate information for this document. The city has made public the debt service to be paid on the bonds. This document talks about the actual purchase price. Other documents address the cost of financing. Mr. Inks noted that Section 1.10 talks about a hotel agreement. We will be receiving a Letter of Intent from the developer for the hotel development prior to the sale of the bonds. Mr. King asked about the hotel agreement. At this point there’s no definitive agreement by the hotel developers with Kite or with us to development the hotel? So we’re at risk to the extent of whatever amount of TIF is attributable to the projected assessed value of the hotel…I think the hotel constitutes a reasonably good sized chunk of the anticipated assessed value of the project. Mr. Inks responded that there is some risk. Our understanding is that they will provide a full, formal Letter of Intent. Mr. Hill noted that no bonds would be issued until that Letter of Intent is presented. Section 1.2 talks about the pledged funds that the Redevelopment Commission will have available to make the lease payments. 11 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… Section 1.3 outlines the definition of private investment. We wanted to be clear with everyone, including the developer, that private investment must be directly related to construction. It includes hard construction costs, and may include some soft costs such as architectural and engineering, but these private investment costs are really expected to be investments that create assessed value on the site. Mr. Inks noted that in Section 2.3, the Term of the Agreement, the agreement is terminated upon the earlier of the private investment number reaching $169,300,000 or the date on which the assessed value is determined to be $157,000,000. Sections 4.3, 4.4 and 4.5 lay out the description of the project: square footage of the office space, the retail space, the apartments, the hotel development, the other residential aspects. Section 4.5(d) gives a market driven residential component: 60 of the flats, 47 of the city homes and 20 courtyard townhomes will essentially be constructed as there is demand for those units. Mr. Peczkowski noted, referring to the site plan, that no single structure covers as much square footage as the garage that the city is responsible for building. Why is it that exclusively on taxpayer nickels? He said he understands the theory of municipal parking garages, but there are a lot of challenges to 12 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… the theory that it is the right of every person who owns a car to have a parking place and that that parking place needs to be provided by a municipality. Why isn’t the hotel contributing to the cost of the parking garage? Won’t they benefit from it? Why aren’t some of the apartment buildings going to contribute to the cost of parking? Mr. Inks responded that in some communities the market can pay for structured parking. Chicago is a good example for that. But South Bend will not pay the rates Chicago charges for parking. From an economic standpoint, that garage would not be self sufficient. The only way those structures will exist is if they are publicly funded. If you want to see dense development, which the City of South Bend does want, particularly in the inner city, it needs to be supported by structured parking. Mr. Peczkowski also pointed out how costly maintenance is on garages. Mr. Inks indicated that the city has taken into account the cost of garage maintenance in the way this deal is structured with Kite. The city will be looking to dispose of the property under a lease, the terms of which will call for the leasing entity to provide all operating and maintenance costs, including capital costs over the term of the lease (25 years). The city will not pay any costs related to operation of the garage. At the end of 25 years, ownership of the garage will be turned over to the leasing entity. 13 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… Mr. Inks noted that Section 4.8 addresses the use of local labor. The city will be periodically informed of the number of local contractors and laborers involved in the project. Also, the city has done projections as to how many jobs and other benefits will be created by the project, so there are reporting requirements for the first five years after the project to verify that those benefits occur. Mr. Inks also noted that there is a development delay section in the agreement that provides for penalties up to $1M should various aspects of the project fall behind schedule. The Commission’s obligations under this agreement include completion of the financing for public infrastructure improvements and acquisition of the remaining right-of-way for the Napoleon St. extension. In Section 6.1 the agreement anticipates a construction management agreement with Kite Realty Construction. The reason for that stipulation is that this is a large, complex development on a small site. To properly coordinate the various construction aspects, it makes a lot of sense for both parties to have Kite as construction manager. Sections 6.2 and 6.3 talk about parking garage leases. The first lease is the lease from the Redevelopment Authority to the 14 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… Redevelopment Commission. The Commission has already approved that. The second is the lease anticipated to go from the Redevelopment Commission to the developer and it covers the terms discussed this morning. Mr. Peczkowski asked what would happen if the developer decided after 25 years that it didn’t want the garage because it was in need of too many repairs. Mr. Inks responded that an earlier form of the Development Agreement contained an option for the developer to own the garage. That option has been removed and the developer must take ownership of it after 25 years. In Section 6.4, Kite agrees to dedications of grants to provide the necessary rights of way for construction of the streets. Section 6.5 relates to a street maintenance agreement. There are some streets where we will be using public funds, such as to put in Burns St.; but because of the way the hotel juts out into Burns, the city doesn’t want to be responsible for maintaining anything related to that with public funds. Responsibility for maintenance of that street and any other similar improvement are being assigned to the developer. Sections 8.1(b) and (c) are sequential in their timing. If the developer is late on a piece of the project, there may be a development delay fee attached to that. After three years 15 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… of delay, the city has other remedies it can seek beyond the delay fees. Mayor Luecke thanked the Commission for its strong attention to this project. It is a significant project for South Bend and we are eager to break ground, as is the developer. There has been a lot of intense work to come up with a Development Agreement that reflects the deal we’ve all been anticipating. It is impossible to write an air-tight, no-risk agreement. There will always be some risk on each side. We believe the Development Agreement properly reflects the investment the city has made or will make. He asked for the Commission’s favorable action. Mr. King asked what stands between this document and a finished development agreement. Mr. Inks responded that there is very little. There are some dates that need to be filled in based on the agreed-to schedule. There may be some additional language on the call provisions. The exhibits to the document also need to be wrapped up. Mr. Hill stated that any substantive changes would only favor the city. CD Upon a motion by Mr. King, seconded by OMMISSION APPROVED THE EVELOPMENT ASB GREEMENT BY AND AMONG THE OUTH END Mr. Downes and unanimously carried, the RC,S EDEVELOPMENT OMMISSION THE OUTH Commission approved the Development BRA,C END EDEVELOPMENT UTHORITY THE ITY Agreement by and among the South Bend SBKRG, OF OUTH END AND ITE EALTY ROUP Redevelopment Commission, the South Bend LP. AS PRESENTED AND AUTHORIZED EXECUTION DA, Redevelopment Authority, the City of South OF THE FINALIZED EVELOPMENT GREEMENT SUBJECT TO FINAL APPROVAL BY COUNSEL Bend and Kite Realty Group, LP.as presented 16 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (1) continued… and authorized execution of the finalized Development Agreement, subject to final approval by counsel. (2) Commission approval requested for Resolution No. 2434 establishing certain funds and accounts in connection with the lease dated as of October 15, 2007 between the South Bend Redevelopment Commission and the South Bend Redevelopment Authority for the Eddy Street Commons Project. Mr. Inks noted that this resolution is commonly referred to as the “pledge resolution.” Mr. Hill noted that the Whereas clauses refer to all the previous actions the Commission has taken related to this project. The operative sections are on page three. Section 1 creates and establishes the Eddy Street Commons principal and interest account in the Redevelopment District Bond Fund which is the account that would pay principal and interest on the bonds. The bonds would be issued under the authority of the Redevelopment Authority. Section 2 refers to a tax levy. When the Department of Local Government Finance approved the financing, they determined that this was not a controlled project, meaning this is not a project that anticipates the use of tax levy proceeds. The project is structured so that the tax increment produced by the 17 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (2) continued… improvements that Kite is going to construct would be adequate to make principal and interest payments on the bonds. The tax levy backup is included for purposes of enhancing the marketability of the bonds. It is being approved by the Commission in this resolution solely in that context. This resolution would authorize the tax levy if there is a shortfall in funds. Kite and the city have worked exhaustively to make sure that the assessments would come on time to make the bond payments. CRN.2434 Upon a motion by Mr. King, seconded by OMMISSION APPROVED ESOLUTION O ESTABLISHING CERTAIN FUNDS AND ACCOUNTS Mr. Downes and unanimously carried, the IN CONNECTION WITH THE LEASE DATED AS OF Commission approved Resolution No. 2434 O15,2007SB CTOBER BETWEEN THE OUTH END establishing certain funds and accounts in RCS EDEVELOPMENT OMMISSION AND THE OUTH connection with the lease dated as of October BRA END EDEVELOPMENT UTHORITY FOR THE ESCP 15, 2007 between the South Bend DDY TREET OMMONS ROJECT Redevelopment Commission and the South Bend Redevelopment Authority for the Eddy Street Commons Project. (3) Commission approval requested for Resolution No. 2435 regarding reimbursement of certain City of South Bend funds advanced for the Eddy Street Commons Project. Mr. Inks noted that the city is committing $5M to this project, in addition to $1.7M for the Triangle development. As we presented that financing structure to the Common Council, the Council requested that it be made clear that that money was a loan and that they would be repaid from project 18 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 6. NEW BUSINESS (CONT.) F. Northeast Neighborhood Development Area (3) continued… areaTIF revenues. Resolution No. 2435 recognizes that we are receiving other city funds for the completion of Eddy Street Commons. It includes an amortization schedule for the $6,727,397 that is expected to go into the project. It includes capitalized interest and an assumed interest rate of 5% and schedules payments through the fifteen years after the TIF cash flows start and recognizes that TIF revenue will be used to make those payments. CRN.2435 Upon a motion by Mr. Downes, seconded by OMMISSION APPROVED ESOLUTION O C REGARDING REIMBURSEMENT OF CERTAIN ITY Mr. King and unanimously carried, the SB OF OUTH END FUNDS ADVANCED FOR THE Commission approved Resolution No. 2435 ESCP DDY TREET OMMONS ROJECT regarding reimbursement of certain City of South Bend funds advanced for the Eddy Street Commons Project. Mr. Blake suggested that staff make public the schedule of economic impact this project is expected to have on the community. He felt that it has not been adequately publicized how big of an impact the project will have. This is a really great project with a really significant impact. G. Douglas Road Economic Development Area There was no business in the Douglas Road Economic Development Area. 7. PROGRESS REPORTS PR Mr. Inks noted that the Commissioners requested an ROGRESS EPORTS update on the Studebaker Auto Parts building. A memo 19 South Bend Redevelopment Commission Rescheduled Regular Meeting –February 6, 2008 7. PROGRESS REPORTS (CONT.) from Ann Kolata was passed out. She was not able to attend the meeting today, so will ask her to speak about it at the February 15 meeting. Mr. King said he appreciated the report from Ann and that the situation has turned out the way it has, but this is not what Mr. King was asking for. When the Commission had extensive discussion about incurring the expense that Ann refers to in her memo, at the time there was no choice. But he remembers the Commission being unanimous in saying they want from staff a long term plan for the building, including a solution that would protect the Commission from the risk of repeatedly having to step in to provide financial support because the operator of the building is not financially capable of doing it. 8. NEXT COMMISSION MEETING NCM The next meeting of the Redevelopment Commission is EXT OMMISSION EETING scheduled for Friday, February 15, 2008 at 10:00 a.m. 9. ADJOURNMENT A There being no further business to come before the DJOURNMENT Redevelopment Commission, Mr. King made a motion that the meeting be adjourned. Mr. Downes seconded the motion and the meeting was adjourned at 11:00 a.m. 20