Loading...
HomeMy WebLinkAboutRM 08-02-622 A 11: SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING dust 1962 Redevelopment Commission Office ) A.M. 129 West Colfax Avenue This meeting was called to order by Mr. James G. Louis, President. Conurissioners present and answering to roll call: Mr. James G. Louis, President Mr. Clyde E. Williams, Vice - President Mr. Frank G. Koczan Mr. Virgil A. Place Absdnt: Also Staf Mr. Fred J. Helmen, Secretary present: Mr. Edgar Seybold, Civic Planning Association Mr. Joseph Fragomeni, Charles W. Cole & Son Mr. Rowland A. Hummel, Charles W. Cole & Son Mr. Louis Haines, Haines & Haines Mr. Jack Moulder, Haines & Haines Mr. Victor W. Terhune, Reith -Riley Construction Co. Mr. Buryl Daugherty, Marion M. Hamilton & Sons f: Mr. Henry Sucher, Executive Director Mr. Edward Bielicki, Relocation Supervisor Mr. Frederick K. Baer, LPA- Attorney I. APPROVAL OF MINUTES On motion made by Mr. Place, seconded by Mr. Koczan and unanimously car ied, the minutes of July 19, 1962 meeting were approved as read and the following business was discussed: -1- II. I APPROVAL OF OPTIONS The Commission reviewed the Option Agreement signed by property owner. in the Sample Street Redevelopment Area - Project No. Indiana R -7. Upon motion by Mr. Place, seconded by Mr. Williams and ananimously carried, the following option was approved: Parcel 12 -63. III. APPROVAL OF CLAIMS PROJECT EXPENDITURES,ACCOUNT FUND: 1440.,01 Options - Parcel 12 -63 10.00 1440.01 Acquisition - Parcel 9 -2 7,400.00 1440.06 St. Joseph Cty., Clerk - Parcel 9 -2 Court Cost 25.16 1440.06 St. Joseph Cty., Clerk - (Cause No. B -5937) 4.25 1440.06 Appraisals - Condemnation Michael J. Barany,- Realtor. 50.00 Harold C. Beck 50.00 Donald K. Fewell 50.00 Alex S. Langel 50.00 Phillip M. Oestreicher 50.00 Eugene J. Pajakowski 100.00 1440.05 Joan E. Elias - Reimburse Petty Cash Fund 48.60 1440.04 Abstract Company of St. Joseph County., Inc. 20.00 1410.19 Misc. Expense - Relocation Office Rent, Gas 56.38 1410.05 Freeman - Spicer Leasing& Ins. Corp. 68.08 1410.19 The Bond Buyer 37.34 . 1410.19 South Bend Tribune 23.20 1445.03 The Record 26.78 1455.03 The Record 14.76 1455 03 South Bend Tribune. 13.61 Total $8,098.16 REDEVELOPMENT REVOLVING FUND: Payroll - August 1 to August 15, 1962 2,496.65 1410.19 & 211 Indiana Bell Telephone Co. 66.03 141019 & 22L Indiana & Michigan Electric Co. 29.92 Total $2,592.60 GRAND TOTAL $10,690.76 III. APPROVAL OF CLAIMS - Continued Reimbursement to Redevelopment Revolving Fund for Expenditures for Month of July, 1962 From Project Expenditures Account Fund 4,794.01 From Urban Redevelopment'Fund 1,583.97 $6,377.98 On m tion made by Mr. Williams, seconded by Mr. Koczan and unani- mous y carried, claims for payment totaling $10,690.76 were endor- sed v the Commission. IV. RESOLUTION NO. 49 Resolution authorizing the sale, issuance,`and delivery of Pre- liminary Loan Notes in the aggregate principal amount of $1,375,000, the execution of Requisition Agreement No. 2, and the execution and delivery of Project Temporary Loan Note No. 3, in connection with Project No. Indiana R -7 was approved by the Commission, upon motion made by Mr. Williams, seconded by Mr. Koczan and unanimously carried. Resolution No. 49 covering this authorization is hereby attached and made a part of these minutes. V. REQUISITION FOR ADVANCE PAYMENT (FEASIBILITY STUDY) Upon motion made by Mr. Koczan,.seconded -by Mr. Place and unani- mously carried, the Commission approved HHFA Form H -6123 Requisi- tion for Advance Payment for submittal to Housing & Home Finance Agency requesting partial advance towards the Feasibility Study of t e South Bend Central Area. VI. REPORT OF RELOCATION PROGRESS The Commission, on motion- made -by Mr Place, seconded by Mt : Williams and unanimously carried, approved the submission of Form H -666 Report of Relocation Progress for submittal to the Housing and Home Finance Agency, Chicago, Illinois. VII. BID OPENING ON CONTRACT "B" OF THE CONTRACT FOR IMPROVEMENTS, INDIANA kw-!-­ Bids on Contract "B" for Site Improvements in the Sample Street Project Area, Indiana R -7, being duly advertised were opened at -3- VII. 11: on Bid Mary iss Sta Bid Stan Bid Insu: that The BID OPENING ON_ CONTRACT . "B "_OF THE CONTRACT FOR IMPROVE- MENTS, INDIANA R -7 -,Continued 0 A.M_ at the Commission; offi.ces four- bids , were received he Contract. They were as follows -: Haines and Haines $6,373.54 2620 S. Main Street Elkhart, Indiana bond of 5 %; Non - Collusion Affidavit enclosed; bond by land Casualty Co. Marion Hamilton Plumbing & Heating Co. $6,472.40 60689 U.S. 31 South South Bend, Indiana Collusion Affidavit ;.;,Bank- .Money,Order..,.in the sum of $325 ed by the First Bank & Trust Co. of South Bends Financial ement included. Rleth -Riley Construction Co.., Inc... $13,034.24 P.O. Box 775 South, Bend,, Indiana bond of 5 %; Non - Collusion Affidavit enclosed; bond by lard Accident Insurance,Co. O. J. Shoemaker, Inc. $14,583.54 1008 Lincolnway East South Bend 24, Indiana bond of 5 %; executed Non - Collusion Affidavit; insurance by rance Company of North America., Specific statement in bid it does not include.pavement.repairs. mission took the bids under advisement. mm VIII. PROGRESS REPORT Mr.ISucher reported that there were 15 remaining property RELOCATEES owners (17 parcels) with whom no agreement has been IND. R -7 reached on acquisition in the Indiana R -7 Sample Street Commission authorized Area. Mr, Joward Bellinger, Acting Acquisition of the George Sands Parcel No. 12 -63 for PARCEL NO. $2770 was approved with the Redevelopment Commission 12-63 to assume payment of the 1961 taxes due in 1962 and IND- R -7 all axes thereafter, on motion made by Mr. Williams, seco ded by Mr. Kor_zan and unanimously approved. On m tion made by Mr. Koczan, seconded by Mr. Place ACTING and inanimously carried, the Commission authorized DIRECTOR Mr, Joward Bellinger, Acting Director, to sign all SIGNATURE pape s in the absence of the Executive Director, AUTHORIZA- Mr. Henry Sucher, who will attend the Conference of tion Inte national Federation for Housing and Planning imme iately following his annual leave. The Commission decided that the Leon Kalka family, NOTICE TO parcel #12 -35, be served a 30 -day notice of termina- VACATE tion in view of the family's refusing a large number PARCEL of referrals to off -site housing from the Relocation 12 -35 Office. The commission approved submitting the proposed ECONOMIC contract for Economic Feasibility Survey under the FEASIBILITY Feasibility Survey Contract to the Regional Office SURVEY of the Urban Renewal Administration for their con- currence. Mr. Sucher reported to the Commission on the meeting CITIZENS of the Citizens Advisory Committee on Community ADVISORY Improvement which was held July 31 at the Council COMMITTEE Ch ers of the City Hall. IV; G. L President FreQY J H, Dmen, Secretary 11 -5- T f RESOLUTION #49 AUTHORIZING THE SALE, ISSUANCE, AND DELIVERY OF PRELIMINARY LOAN NOTES JX,THE AGGREGATE PRINCIPAL AMOUNT OF 1,,375,000.00, THE EXECUTION OF REQUISITION AGREEMENT NO. 2, ANb THE EXECUTION AND DELi7'ERYF PROJECT TEMPORARY LOAN NOT NO. 3, IN CONNECTION WITH P ECT NO. IND. R -7. WHEREAS, the City of South Bend, Department of Redevelop- men (herein called the "Local Public Agency ") has entered into a contract dated as of the 17th day of August, 1960, numbered Contract No. Ind. R- 7(LG), (which, together with any supple- ments thereto or amendments, modifications, or waivers of any provisions thereof, is herein called the "Loan and Grant Contract"), with the United States of America (herein called the "Government ") acting by and through the Housing and Home Fin nce Administrator, providing, in part, for a Project Temporary Loai by the Government to the Local Public Agency under Title I of he Housing Act of 1949 (Public Law 171 - 81st Congress, app oved July 15, 1949), as amended, in an amount outstanding at any one time not to exceed $2,527,500.00 to aid the Local Public Agency in its undertaking and carrying out of a certain slum clearance and urban redevelopment project (herein called the "Project") designated Project No. Ind. R -7, which is more fully identified in the Loan and Grant Contract; and WHEREAS, the Government has agreed, pursuant to Requisition Agreement No. 1 with the Local Public Agency dated as of the 20th day of February, 1962 (herein called the "Outstanding Requisition Agr ement "), to make a payment on account of said Project Tempor- ary Loan on the 24th day of August, 1962, which Project Tempor- ary Loan payment has been pledged for the payment of the principal of and interest upon Preliminary Loan Notes (First Series A) of the Local Public Agency which mature on the 24th day of August, 196:1, and are herein called the "Outstanding Preliminary Loan Not s "; and WHEREAS, pursuant to advertisement for the receipt of pro- posals for the purchase of the Second Series A of Preliminary Loan Notes (herein sometimes called "New Preliminary Loan Notes ") of the Local Public Agency aggregating $1,375,000.00, which appeared in a Notice of Sale published in the July 10, 1962 issue of the Daily Bond Buyer in the City of New York, proposals 4 for the purchase of said New Preliminary Loan Notes in the form approved by the Local Public Agency were received, opened, and canvassed at the time and place mentioned in said advertisement, to it: At 129 West Colfax Avenue in the City of South Bend, Ind ana, at 1 :00 o'clock, P.M., E.D.S,T., July 24, 1962, which proposals are as follows: Interest Principal Name of Bidder Rate Amount Premium Chemical Bank New York Trust Co. 1.920 $1,375,000 $25.00 New York 15, New York Moran Guaranty Trust Co. of N. Y. 1.88/0 $1,375,000 New York 15, New York Con inental Illinois National Bank 1.79•% $1,3750000 & T ust Co. of Chicago Chi ago 90, Illinois Sal mon Bros. & Hutzler 1,76% $1,375,000 New York 5, New York $26.00 ••0- $37.00 and I cane Gr a wit Pre ►lution No. 49 2. WHEREAS, the interest cost at which the Local Public Agency sell the New Preliminary Loan Notes is substantially lower i the interest rate which the Government is required to :ge the Local Public Agency under the terms of the Loan and it Contract, and the Government is desirous of cooperating z the Local Public Agency in its endeavor to sell said New Liminary Loan Notes in order to reduce carrying charges and :r costs of the Project: BE IT RESOLVED BY The City of South Bend Redevelopment ission AS FOLLOWS: Section 1. The aforesaid publication of the Notice of Sale and the form and contents thereof as so published are hereby, in all respects, approved, ratified and confirmed. Section 2. In order to provide funds to defray expenses incurred or to be incurred in the Local Public Agency's under- taking and carrying out of the Project, or to retire, refund, renew, or extend its outstanding notes issued in connection therewith, the Local Public Agency hereby determines to borrow the sum of One Million Three Hundred Seventy Five Thousand Dollars ($1,375,000.00) and issue its negotiable New Preliminary Loan Notes therefor in aggregate principal amount equal to said Section 3. The Local Public Agency hereby ratifies and approves the form of the proposal hereinafter in this Section 3 enumerated, for the purchase of the designated principal amount of the New Preliminary Loan Notes, which proposal the Local Public Agency hereby determines will provide the lowest interest cost and is therefore hereby accepted, and said New Preliminary Loan Notes are hereby awarded to said purchaser, as follows: Principal Amount $1,375,000 Au be 23 ra nu pr Interest Rate Purchaser 1.76% Salomon Bros. & Hutzler 60 Wall Street New York 5, New York Section 4. Each such note shall be dated the 21st day of xst, 1962; shall be designated "Preliminary Loan Note ", shall payable, as to both principal and interest, to bearer on the 3 day of August, 1963; and, pursuant to the proposal for the :hase of said notes, hereinabove accepted, shall bear the of interest per annum, payable at maturity, shall bear the Ders, be in the denominations, and be payable as to both zcipal and interest at the bank or trust company, as follows: Denomi- haser Number nations mon Bros. & Hutzler 1 -6 $100,000 'all Street 7 -15 50,000 York 5, New York 16 -23 25,000 24 -33 10,000 34 -38 5,000 Interest Rate Payable at 1.76/ The Chase Man- hattan Bank 1 Chase Manhattan Plaza New York 15, N.Y. Resolution No. 49 3. None of the New Preliminary Loan Notes shall be valid until after the bank or trust company at which it is payable shall have signed the agreement, appearing on each such note, to act as paying agent thereof. Each of the New Preliminary Loan Notes shall be signed in the name of the Local Public Agency by the Mayor of the City of South Bend and shall have the corporate seal of said City impressed thereon and attested by the Clerk of the City of South Bend thereof, and said officers are hereby authorized and directed to cause said notes to be properly executed. Section 5. Each of the New Preliminary Loan Notes shall be issued in substantially the form of the note hereto attached and marked "Exhibit A." Section 6. The Agreement entitled "Requisition Agreement No. 2" (herein sometimes called the "Now Requisition Agreement "), which has been executed by the officers of the Local Public Agency, and has been presented to and read before the meeting, and the execution thereof, are hereby fully ratified, confirmed, and approved. Said New Requisition Agreement, when executed by the Government, is hereby declared to be and is hereby assigned byt e Local Public Agency for the benefit of the holder or holders from time to time of the New Preliminary Loan Notes, and the proceeds of the Project Temporary Loan Note executed pursuant to Section 7 hereof are hereby irrevocably pledged, first, to the payment, at maturity, of the principal of and interest on the New Preliminary Loan Notes issued pursuant to this Resolution. Section. 7. The Mayor and Clerk of the City of South Bend are hereby authorized and directed to prepare and execute the Project Temporary Loan Note, in the principal amount of One Million Four Hundred Thirty Nine Thousand Dollars ($1,435,000.00), described in the New Requisition Agreement, the issuance of which was heretofore been authorized by a certain basic Note Resolution providing for the issuance of certain Project Temporary Loan Notes in connection with Project No. Ind. R -7 and providing for the security for the payment thereof, and for other purposes, duly adopted by the Local Public Agency on the 4th day of August, 1960. Said note shall be designated "Project Temporary Loan Note "; shall be numbered No. 3; shall be dated the 21st day of August, 1962; shall bear interest from the date of the acceptance of the Local Public Agency's delivery thereof and the payment the efor by the Government, shall bear a statement at the foot the eof in substantially the following form: "De ivery of this note was accepted and payment therefor made on �he day of 1 196 UNITED STATES OF AMERICA Housing and Home Finance Administrator By (T J- t1e) ' Resolution No. 45 MM and shall not be valid until said statement is duly executed on behalf of the Government. Said Project Temporary Loan Note shall be delivered by the Treasurer of St. Joseph County ex officio Treasurer of the City of South Bend to the Government to be held and paid for by the Government in accordance with the terms and conditions contained in said New Requisition Agreement. Section G. The proceeds derived from the sale of the New Pre iminary Loan Notes, together with such amount of other app opriate funds of the Local Public Agency as may be necessary, sha 1 be applied, simultaneously with the receipt of said pro- ceeds, as follows: First: To the payment and discharge of the principal of and interest on the following Project Temporary Loan Notes of the Local Public Agency issued pursuant to the Loan and Grant Contract and held or to be held by the Government for its ovnz use and benefit on the date of the New Preliminary Loan Notes herein authorized: Principal No. Date Amount None Second: Pursuant to the provisions of the Outstanding Requisition Agreement, the following amount shall be paid to the paying agent named below, for the sole and only purpose of paying the principal of and interest to maturity upon the designated Series of Outstanding Preliminary Loan Notes of the Local Public Agency: t Paving Agent Series $306,323.05 Chemical Bank New York First Series A Trust Company 20 Pine Street New York 15, New York Any balance of such proceeds shall be deposited in the appro- priate account or fund established pursuant to the Loan and Grant Contract and shall be used only in accordance with the nr visions of the Loan and Grant Contract. dix the let (1) de (2) tox pal on Section °. The Treasurer of St. Joseph County ex officio asurer of the City of South Bend is hereby authorized and ected to send immediately a letter to each paying agent for New Preliminary Loan Notes in substantially the form of the ter hereto attached and marked "Exhibit B" and to transmit: the New Preliminary Loan Notes to said paying agent for ivery and payment in accordance with the terms of said letter; None of funds of the Local Public Agency to the Administra- Housing and Home Finance Agency, to be applied against the ent of the principal of and interest to the date of payment the Project Temporary Loan Notes described in Section 0 Resolution No. 49 5. hereof; and (3) funds of the Local Public Agency to the paying agent of the designated Series of Outstanding Preliminary Loan Notes, to be applied against the payment of the principal of and interest to maturity on such Series of Outstanding Prelimin- ary, Loan Notes, as follows: $1919 , 900' 0 00 mis Paving Aaent Chemical Bank New York Trust Company 20 Pine Street New York 15, New York Series First Series A cued at the regular meeting of the South Bend Redevelopment mission Meld on August 2, 1962, at the office of the Com- sion, 120, West Colfax Avenue, South Bend, Indiana ATWST i Jam Louis, President util .Bend Redevelopment Commission MEMORANDUM ON BID OPENING Redevelopment Commission Office 129 West Colfax Avenue Present: Edwin L. Davies, Controller, City of South Bend, Indiana James G. Louis, President, South Bend Redevelopment Commission Henry Sucher, Executive Director, Department of Redevelopment Frederick K. Baer, Attorney for Redevelopment Commission The Executive Director, Henry Sucher, made proof of publication of Notice of Sale of $1,375,000, Second Series "A" Preliminary Loan Notes, having maturity date of August 23, 1963, funds to be used in connection with Project No. Indiana R -7, South Bend, Indi na. Publication was made in The Daily Bond Buyer on Tues- day, July 10, 1962, and proof of publication certified by affi avit was made. It n�w being 12 :05 P.M., Central Daylight Saving Time, the foil wing bids were opened and received: Chem cal Bank New York Trust Company, Bank Investment Division, 20 4ne Street, New York. Interest rate of 1.92 per cent per ann and premium of $25.00. Moron Guaranty Trust Company, 140 Broadway, New York 15, N. Y. Inte est rate of 1_88 per cent per annum and premium of $26.00. Bank of America, National Trust & Savings Association, 300 Mont omery Street, San Francisco 20, California. Interest rate of 1.79 per cent per annum and premium of $101.00. Cont nental Illinois National Bank and Trust Company of Chicago. Inte est rate of 1.79 per cent per annum and no premium. Saloon Brothers & Hutzler, Sixty Wall Street, New York 5, N. Y. Inte est rate of 1.76 per cent per annum and premium of $37.00. Upon examination of the bids it was determined that the low bid was gubmitted by Salomon Brothers & Hutzler calling for a prem'um payment of $37.00 and a rate of interest of 1.76 per cent per annum. The bids were telephoned to the Housing and Home Finance Agency in Chicago and approval was given to the bid f Salomon Brothers & Hutzler. Thereupon Edwin L. Davies, Controller of the City of South Bend, advised that he would forthwith wire Salomon Brothers & Hutzler of the acceptance of their bid. Henr Sucher/ Exec Live Director 7/24V62