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HomeMy WebLinkAboutRM 07-07-60REDEVELOPMENT COMMISSION Regular Meeting 7 July, 1960 Redevelopment Department. Office 11:00 A.m. 129 West Colfax Avenue The meeting was called to order by Mr. Fred J. Helmen, President. Commissioners present and answering to roll call: Mr. Fred J. Helmen, President Mr. Clyde E. Williams, Sr., Vice President Mr. Frank G. Koczan Absent Mr. James G. Louis, Secretary Mr. Virgil A. Place The President declared a quorum present. Also present: Mr. Frederick K. Baer Mr. Henry Sucher, Executive Director On motion duly made, seconded, and unanimously carried, the minutes of the meeting of June 16, 1960 were approved as read, and the follow- inO business was discussed: II. PIROWAIL, 07 311L.IL,S; Sample Street Project Fund: 14 0.02 10% Balance of Appraisal Fees $ 700.00 14 0.23 Relocation - Vernetta Nowlin . 40.25 14 0.19 Sundry - Services, Supplies, Utilities, Rent 1488.22 14. 0.09 Social Security - Second Quarter, 1960 90.36 R- 1117 Petty Cash Reimbursement 36.91 $2355.74 ,. 1 - Urban Redevelopment Fund: i. 726 Other Equipment (Air Conditioner) $310.00 72 Air Conditioners 400.00 21 Travel Expense - James H. Neidigh (HHFA, Chicago, Illinois) 7.50 5 Two Law Books 30.00 $74.7.50 Upon otion made by Mr. Williams, seconded by Mr. Koczan, and unani- mously approved, the claims for payment totaling $3, 103.24 were endorsed by a majority of the Commission members. III. 1141(C9i'iO1W ®nit 11 BRIM I[SiSiliUIE The Executive Secretary presented a petition signed by more than fifty own- ers of taxable real estate located within the boundaries of the South Bend Redevelopment District requesting the Commission to authorize and issue bonds in an amount not to exceed $1, 100, 000 to pay the cost of acquisition, clearance and renewal of the property described in Resolution No. 14, along with verifying affidavits and as certified by the County Auditor. After con- sideration of said petition, on motion duly made, seconded and unanimously carried, the petition was approved and found to comply with the provisions ! of Sec 64 -313, Burns Statutes 1951 and said petition was received and - place on file. iV . IRES OIL,WY101 W NO. As After further consideration and discussion and on motion duly made, sec - onded and unanimously carried, the Commission adopted Resolution No. 18 which had been previously prepared by bond counsel at the request of the Commission, which resolution is attached hereto and made a part hereof. Mr. Frederick K. Baer, attorney for the Commission, stated that it would be necessary to hold a hearing on the additional appropriation of the pro- ceeds of the bonds not less than ten days after the first publication and posting of the notice of such hearing. After discussion and consideration, the Co mission decided to hold such hearing at the office of the Commis- sion al 129 'Nest Colfax Avenue, South Bend, Indiana, at 11 :00 A.M. (D.S. .), 10:00 (C.S.T.) on the 21st day of July, 1960. V I18.IESs(PIL,7>U -n[ORA NO- Ilg} The Commission again reviewed the recommended acquisition prices in the Swnple Street area for submission to the Housing and Home Finance <' Agency, Chicago, Illinois. - 2 - on ment said and Urban R -7 iI RIESOILU'SII01M MO.. ILS WHEREAS, this Commission adopted Resolution No. 14 5, 1960, declaring certain real estate in the South Bend Redevelop - strict to be a blighted area; and WHEREAS, this Commission held a hearing and confirmed ermination on June 16, 1960, by the adoption of Resolution No. 17; W H E R E A S , the Common Council of the City of South Bend said determination by the adoption of its Resolution approving the iewal Plan and the Feasibility of Relocation for Project No. Indiana ale Street Project) on May 23, 1960; and W H E R E A S , this Project has been approved by the South Bend P anning Commission; and W H E R E A S, a petition signed by more than fifty (50) owners of taxa le real estate located in the South Bend Redevelopment District and certified by the St. Joseph County Auditor, requesting the South Bend Rede- velopment Commission to issue bonds for the purpose of procuring funds to pay the cost of acquisition, clearance and renewal of the property described in said Resolution No. 14 and all expenses necessarily incurred in connec- tion wiih such Project, has been filed with the Commission; and W H E R E A S , the Commission finds that in order to provide funds for the payment of part of the costs of such Project, it will be neces- sary to issue bonds of the Redevelopment District in the amount of One Mil- lion Ono Hundred Thousand Dollars ($1, 100, 000); now therefore, - 1 - Resolution No. 18. B E I T R E S O L V E D by the South Bend Redevelopment Commission that: 1. For the purpose of providing funds to be used in paying the acquis Lion, clearance and renewal of the property described in Resolu- tion No. 14 and incidental costs necessary to be incurred in carrying out said P�oject, the City of South Bend, acting for and on the behalf of the South end Redevelopment District, shall make a loan in the amount of One M Ilion One Hundred Thousand Dollars ($1, 100, 000). In order to procur said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the City, payable solely out of a special tax to be levied on all property within the District, to be designated as "Redevelopment District Bonds of 1960, " in the ggregate principal amount of One Million One Hundred Thousand Dollar ($1, 100, 000), which bonds shall be issued in the denomination of One Tlousand Dollars ($1, 000), shall be numbered consecutively from I to 1, 100, ( shall be dated as of the first day of the month in which such bonds are sold, and shall bear interest at a rate not exceeding four per cent (4 %) per annum (the exact rate of rates to be determined by bidding), which intere t shall be payable on the first day of July preceding the maturity of the fir t series of such bonds , and semi - annually thereafter on January I and July 1 of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable in lawful money of the United States of America at the office of the Treasurer of St. Joseph County, ex officio Treasurer of the South Bend Redevelopment District. Said shall mature as follows: 2 Re s olu No. 18 $110, 000 on each January 1 in the years 1962 to 1971 inclusive. Said bonds shall be signed in the name of the City of South Bend, acting for and on behalf of the South Bend Redevelopment District, by the Mayor lof said City, and attested by the City Controller, who shall affix his official seal to each of said bonds. The interest coupons attached to said bonds Ohall be executed by placing thereon the facsimile signature of the City Controller and said official, by attesting said bonds, shall adopt as and for his own proper signature, his facsimile signature appearing on said a 2. The form and tenor of said bonds and the interest coupons to be thereto shall be substantially as follows, to -wit: UNITED STATES OF AMERICA State of Indiana County of St. Joseph No. CITY OF SOUTH BEND REDEVELOPMENT DISTRICT BOND OF 1960 $1,000 The City of South Bend, in St. Joseph County, State of Indiana, acting for and on behalf of the South Bend Redevelop- ment District (which District includes all of the territory with- in the corporation boundaries of the City of South Bend) for value received, hereby promises to pay to the bearer hereof, solely out of a special tax to be levied upon all of the property, within the South Bend Redevelopment District, the principal amount of ONE THOUSAND DOLLARS on the first day of January, 1962, and to pay interest thereon, solely out of the said special tax, from the date hereof until the principal is paid, at the rate of per cent { %) per annum, which interest is payable July 1, 1961, and - 3 - Re s oludon No. 18 emi- annually thereafter on January 1 and July I of each year, pon presentation and surrender of the annexed interest coupons s they severally become due. Both principal and interest of this bond are payable in Lwful money of the United States of America at the office of the reasurer of St. Joseph County, ex officio Treasurer of said edevelopment District. This bond is one of an authorized issue of one thousand ne hundred (1, 100) bonds of like date and tenor, except as to umbering and dates of maturity, in the total amount of One Zillion One Hundred Thousand Dollars ($1, 100, 000), issued by ie South Bend Redevelopment District pursuant to a resolution dopted by the South Bend Redevelopment Commission on July 7, 960, and in strict compliance with Chapter 176 of the Acts of 953, as supplemented by Chapter 187 of the Acts of 1955, for ie purpose of providing funds to pay the cost of acquisition, learance and renewal of the property described in Resolution 'o. 14, adopted by the South Bend Redevelopment Commission n May 5, 1960, and all expenses necessarily incurred in con - ection with said proceedings. This bond does not constitute a corporate obligation or indebtedness of the City of South Bend, but the same is an ob- ligation of the South Bend Redevelopment District and is pay- able only out of the special taxes to be levied upon all of the property within said District and deposited in the Redevelop- ment District Bond Fund of said District. Under the provisions of the authorizing statute, this bond is negotiable as an inland b 11 of exchange. It is hereby certified and recited that all acts, condi- tions and things required by law and the constitution of the State of Indiana to be done precedent to and in the issuance, sale and delivery of this bond have been properly done, hap - p ned and performed in regular and due form as prescribed b r law, and that the total indebtedness of the South Bend Re- d velopment District, including the bonds of this issue, does n t exceed any constitutional -or statutory limitation of indebt- e ness. The City of South Bend, acting by and through its Department of Redevelopment and its Redevelopment Commis- sion covenants that it will cause a special tax for the payment of the bonds of this issue to be levied, collected and applied f r that purpose. IN WITNESS WHEREOF, the South Bend Redevelopment Commission of the City of South Bend, St. Joseph County, State of Indiana, has caused this bond to be signed by the Mayor of said City, in the name of the City of South Bend, for and on - 4 - Res No. 18 half of the Redevelopment District of said City, the signature said Mayor to be attested by the Controller of the said City, seal of said City Controller to be affixed hereto, and the :erest coupons hereto attached to be executed by placing there - the facsimile signature of said City Controller as of the first y of , �9 (�eal of City Controller) tte st: No. r CITY OF SOUTH BEND By Mayor (Interest Coupon) On 19 the City of South Bend, Indiana, acting for and on behalf of the South Bend Redevelopment district, will pay to bearer at the office of the Treasurer of St. Toseph County, ex officio Treasurer of said Redevelopment Dis- ;rict, out of the Redevelopment District Bond Fund, Dollars, being the interest then due on its Redevel- :)pment District Bond of 19 , dated , 19 , No. CITY OF SOUTH BEND By (Facsimile) City Controller As soon as may be done after the adoption of this resolution, the Executive Secretary shall give notice of the filing of the petition for and de- termination to issue bonds as required by Sec. 64 -313 and Sec. 64 -1332 Burns Statute 1951 Replacement. Said notice shall be published once each week for two we ks in the two newspapers of general circulation in the District, and said nofice shall also be posted in three (3) public places in the District. - 5 - Re solul to be No. 18 4. Prior to the sale of said bonds, the City Controller shall cause iblished a notice of such sale once each week for two weeks in two newspapers published and of general circulation in the District, and at least one time in The Indianapolis Commercial, a financial journal publish- ed in the City of Indianapolis, Indiana and The Bond Buyer, a financial jour- nal published in the City of New York, New York. The date fixed for the sale sh " not be earlier than seven (7) days after the last of such publica- tions. Said bond sale notice shall state the time and place of sale, the pur- pose for which the bonds are being issued, the total amount thereof, the maximian rate of interest thereon, the time and place of payment, the terms and conditions upon which bids will be received and the sale made, and such other irlormation as the City Controller shall deem necessary. The notice of said sale shall not, however, be published prior to the expiration of the period during which taxpayers may file remonstrances or objecting petitions to the issuance of said bonds. In the event a remonstrance shall be filed by owners of taxable real estate under the provisions of Sec. 313 Burns Statutes 1951 Replacement, then the bond sale notice shall not be published unless and until the Redevelopment Commission shall have determined that such remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under the provisions of Sec. 64 -1332 Burns Statutes 1951 Replacement, then the bond sale notice shall not be published unless and until the State Board of Tax Commissioners shall issue its order approv- ing the issuance of said bonds. In the event it shall be determined by the State Board of Tax. Commissioners, or otherwise, that the whole amount of the bonds herein authorized shall not be issued, then the City Controller shall be authorized to advertise and sell a lesser amount of bonds and the bonds not issued and sold shall be the bonds of the latest maturity or maturi- ties. 6 _ .on Noi 16 5. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office. Bidders for said bonds shall be required to name the rate or rates of interest which the bonds are to bear, not ex- ceeding four per cent (4 0/6) per annum, and such interest rate or rates shall be in multiples of one - eighth (1/8) of one per cent (1 %) and not more than three (3) interest rates shall be named by each bidder. Bids specifying more d#n one interest shall also specify the amount and maturities of the bonds bearing each rate, but all bonds maturing on the same date shall bear the same rate. The Controller shall award the bonds to the highest quali- fied bidder. The highest bidder shall be the one who offers the lowest net interest cost to the Commission, to be determined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, in- cluding ccrued interest at the rate named to the date of delivery, shall be conside ed. The Controller shall have full right to reject any and all bids In the a ent no satisfactory bids are received on the day named in said notice: the Con roller shall be authorized to continue the sale from day to day there- after for a period of thirty (30) days without readvertisement; provide, how- ever, that if said sale be continued, no bid shall be accepted which is lower than the highest bid received at the time fixed for said sale in the bond sale notice. he City Controller is hereby authorized and directed to obtain legal opinion s to the validity of said bonds from Ross McCord Ice & Miller, bond counsel of Indianapolis, and to furnish, such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said project and shall be paid out of the proceeds of said bonds. 6. The Mayor is hereby authorized to execute said bonds and the City Controll r is hereby authorized and directed to have said bonds and coupons prepare , attest the bonds, affix his seal, and execute the interest coupons 7 .. Resolution No. 18 to be attached thereto in the form and manner herein provided. After said bonds have been properly. executed, the City Controller shall deliver the same to the St. Joseph County Treasurer, ex officio Treasurer of the City of South Bend and of the Redevelopment Commission, and shall take his receipt therefor; and upon the consummation of the sale of said bonds, the City C ntroller shall then certify to the Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be auth- orized to receive from the purchaser the amount so certified by the Control- ler an4 to deliver the bonds to such purchaser. 7. Subject to the hearing hereinafter mentioned, the proceeds of the sail bonds shall be appropriated for application on the cost of acquisi- tion, c earance and renewal of the property described in Resolution No. 14, adopte , by the Commission on May 5, 1960, and all expenses necessarily incurred in connection with said proceedings. The President and Executive Secretary are hereby authorized to call a meeting of the Commission at which a public hearing shall be held to hear all taxpayers and interested persons within the South Bend Redevelopment District on the matter of said appropriation. The Executive Secretary of the Commission is hereby ordered to give no�ice of such hearing as required by law in two newspapers and by posting Ado ATTES : d this 7th day of July, 1960 - cutive Secretary of --r further consideration and discussion, and on motion made by . Koczan, seconded by Mr. Williams, and unanimously carried, Commission adopted a resolution (No. 19) authorizing the filing 3HFA Form H -6144, "Request for Concurrence in Acquisition ces ", which resolution is attached hereto and made a part hereof. VI. ILl$Si®IL.V' 11OlW MO. z® Following a discussion of undertaking the Linden School area as the first part of the second project, General Neighborhood Renewal Plan, and on motion made by Mr. Williams, seconded by Mr. Koczan, and unanimously carried, the Commission adopted a resolution (No. 19) ap roving undertaking of GNRP and filing of application for federal ad ance of funds. Resolution No. 20 is hereby attached and made a art of these minutes. Vu. AlOVAANCE Or FEDERA1L, Ig WNDSi Having anticipated the approval of the Loan and Grant Contract by this date, and due to the delay in receiving the contract, it is necessary-to request an advance of $3,700. The Commission approved the requisi- tioa and Mr. Helmen signed the necessary documents for submission to KHFA. VIII. QIItt.G IRTMIKIL,Y IRRIP®IRT The Balance Sheet and Quarterly Report, covering the period from April 1, 1960 thru June 30, 1960,were submitted to the Commission fox their approval. The President signed the report for submission to the Urban Renewal. Administration office in Chicago. IX. IRSIL O CATION BIROC;IEMJIRZ Bids from two local printing companies were considered for printing of the brochure entitled "Sample Street Renewal Project and YOU!. " The decision of the Commissioners was influenced by the promised delivery date of the brochure. Upon motion made by Mr. Koczan; seconded by Mr. Williams, and unzmimously carried, the Commission accepted the bid of $591.00 by The Commercial Printing Company for 1, 000 printed copies of the brochure to be delivered on 7- 15 -60. -3- X. T11CMPOSAIRT MIZ1L P Th e Executive Director explained they present need for additional office help. Upon motion made by Mr. Williams, . seconded by Mr. Koczan, and unanimously carried, the Commission authorized Mr. Sucher to employ the necessary personnel for the remaining two months of the summer. XI. In TC:XZ'&5;E: PILOPOS ED BVIDGET Tie Commission was informed of the City Controller's request for aI L increase of $33, 000 in the proposed budget for 1961. The increase 11 cover the interest on the bonds for the Sample Street Project. Upon motion made by Mr. Koczan, seconded by Mr. Williams, and animously carried, the Commission approved a new account (No. 81) for $33, 000 in the Urban Redevelopment Fund to be set up in the City B deet. The new total for the 1961 budget will be $137,514. XII. AM55; 3 ZIPOIR II' Tie resolution, which approved the undertaking of the General Neigh- borhood Plan and Filing of Application, to be presented to the Common C uncil at their regular meeting on July 11 was reviewed by the Com- missioners. : Commissioners discussed the purchase of office furniture and ipment for the Relocation Office. The Commissioners decided to chase used furniture wherever possible. motion duly made, seconded, and unanimously carried, the ng .adjourned at 12:05 p.m. .I Fred/J I J*--� �— n, President J#nes G. L , Secretary _ 4' _ J +� ,,, :1 �� ,� �._' q� � � � .. \��� �` . �' ,��� ��