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HomeMy WebLinkAboutRM 09-13-8510:00 a Presidi: 1. ROLL 2. 3. SOUTH BEND REDEVELOPMENT COMMISSION REGULAR SCHEDULED MEETING 13, 1985 1200 County -City Building 227 W. Jefferson Boulevard Officer: Mr. F. Jay Nimtz South Bend, Indiana 46601 President Present: Mr. F. Jay Nimtz, President Ms. Paula N. Auburn, Vice - President Mr. Roman J. Piasecki, Secretary Mr. Sandy Combs, Member Absent: LegallCounsel: Mr. Michael Donoho, Assistant Secretary Ms. Eugenia Schwartz Mr. Richard Hill opment Staff: Mr. Jon R. Hunt, Executive Director Mrs. Ann Kolata, Executive Deputy Director Ms. Hedy Robinson, Econ. Dev. Specialist Mr. Rick Pitts, Econ. Dev. Specialist Ms. Denise Sullivan, Office Manager of Housing Staff: Ms. Mary Richmond, Project Director Mr. Ted Leverman, Project Director News edia: Ms. Jeanne Derbeck, South Bend Tribune Mr. Ed Ernst, WSBT -TV Ms. Ann Ladenburger, WSJV -TV Ms. Darlene Daniels, WZZP Radio Other 3: Ms. Glenda Rae Hernandez Mr. Neil Gilbert, South Bend Heritage Mrs. Janet Allen Mr. Ernest J. Szawark Mr. Stephen J. Luecke APPRCYZAL OF MINUTES Upon a motion made by Ms. Auburn, seconded by MINUTES OF THE REGULAR Mr. C s and unanimously carried, the minutes MEETING OF FRIDAY, AUGUST 23., of the Regular Meeting of Friday, August 23, 1985 WERE APPROVED 1985 were approved. Upon Mr. P TAL OF CLAIMS motion made by Mr. Combs, seconded by isecki and unanimously carried, the ;ion formally approved the claims South B, Regular 3. NEw 4. Redevelopment Commission ting - September 13, 1985 (Cont.) submitted August 22 and August 28, 1985, and CLAIMS SUBMITTED AUGUST 22 ordeyed checks dated September 1 and September AND AUGUST 28, 1985 WERE 4, 1985 to be released. FORMALLY APPROVED AND CHECKS DATED SEPTEMBER 1 AND P.E.A. SEPTEMBER 4, 1985 WERE ORDERED TO BE RELEASED Indiana Bell $ 511.75 1st Source Auto Lease 231.71 Service America Corp. 266.50 Business Communication Center 220.40 Business Systems, Inc. 886.84 Eddy Coat 1,003.00 Indiana Bell Communications 296.69 PDH Office Products 159.30 South Bend Drafting Supply 38.07 BBP 28.34 ICMA 22.20 Peirce & Associates 450.00 Corp. of Enterprise Develolxnent 78.00 Star remporary Services 162.75 Self Funded Employee Benefit Prog. 1,193.98 Payroll Fund: 8 -3 to 8 -16 -85 12,382.36 Total $17,931.89 Grand Total $17,931.89 Therel were no communications. THERE WERE NO COMMUNICATIONS 5. OLD Therelwas no old business. THERE WAS NO OLD BUSINESS 6. NEw a. Piblic hearing concerning appropriation of PUBLIC HEARING CONCERNING proceeds of the City of South Bend APPROPRIATION OF PROCEEDS Redevelopment District Tax Increment Revenue OF THE CITY OF SOUTH BEND nds of 1985. REDEVELOPMENT DISTRICT TAX INCREMENT' REVENUE BONDS OF Hunt asked that Item a and b be considered 1985 gether. Mr. Hunt explained that this public hearing is the next technical legal step in t rms of the proposed Tax Increment Financing Revenue Bonds for the South Bend Central velopment Area. This involves a $4,200,000 -2- South Bend Redevelopment Commission Regular Me ting - September 13, 1985 6. NEW BUSINESS (Cont.) a. uonrinuea... re enue bond that will not increase the tax lery for the City of South Bend. It is im ssible for the Redevelopment Commission to to n to the City for the general obligation to re y the interest on the bond. The uses of the funds fall into four categories. The first use is for appoximately $1,000,000 for a skywalk connection between the Century. Center and the Marriott Hotel, which is a legal obligation that the City entered into in 1979. Because the City did not have the funds to construct the skywalk at the time the Urban Development Action Grant was used for the atrium and parking garage, the City has been able to delay that construction but needs to no e ahead with construction now. The second use involved the construction of the parking facility associated with the Teachers Credit Union project, which will involve approximately 110 parking spaces contained on two levels. The facility will be leased during working hours to Teachers Credit Union and will be open to the public during no - working hours and weekends. The third project involves approximately $750,000 for la d acquisition for the proposed multiuse stadium in the southwest corner of the South Be d Central Development Area. It is not the intent of the Commission to move ahead and ac ire property until the financing plan is in place for the stadium. At the same time, should the stadium project not move ahead, the Corudssion has expressed interest in accpisition of that property anyway in terms of potential future development. The other US s for the proceeds from the TIF Revenue Bond involve approximately $540,000 for a facade program for the downtown property owiers. This would involve acquiring the facades of particular buildings, using bond funds to renovate those facades, and leasing thEm back to the property owners for a certain number of years at a certain percentage rate, with eventual reacquisition of the facade. Th benefits of this program are that it ClEans up some of the facades in the downtown an adds to the whole ambiance that Re evelopment is trying to create with new and -3- South B Regular Redevelopment Commission !ting - September 13, 1985 6. NEW BOSINESS (Cont.) a. Continued... old buildings working well together to create a good physical environment. Secondly, this would improve the value of the buildings, which means more property tax dollars going back to pay off the bonds. The final proposed use of the TIF Revenue Bond funds involves approximately $200,000 for various public works in the South Bend Central Development Area which would include curbs, sidewalks, li hting, etc. There also are a series of co is associated with establishing a reserve f d for the bond issue and bond issuance Mr. Hunt further noted that this will be the first Tax Increment Finance Revenue Bond in the State of Indiana. The people who benefit fr the projects paid for by the Bond pay for the Bond. ;. Kolata asked that the following items be .ered into the record: 1. An original Notice of Public Hearing of the South Bend Central Development Area. 2. An Affidavit of Carol Smith, Classified Manager of The South Bend Tribune, that Notice of Public Hearing was published in that daily newspaper on August 30, 1985. 3. An Affidavit of Steve Kollar, owner of the Tri- County News, that Notice of Public Hearing was published in that weekly newspaper on August 30, 1985. 4. An Affidavit of Hedy Robinson that a Notice of Public Hearing was posted on August 30, 1985 in the Lobby of the County -City Building, 227 W. Jefferson Boulevard, the Lobby of the Post Office, 424 South Michigan Street, and the Lobby of the Public Library, 122 W. Wayne Street all in the City of South Bend, Indiana. Th Chair entered the above information into the record. -4- South Bend Redevelopment Commission Regular Me ting September 13, 1985 6. NEW BUSINESS (Cont.) a. coMinuect .. . Mr. Richard Hill noted that this is a co tinuation of the bond process. He stated that it should be a tribute to the Redevelopment Commission that this is the fi st bond of its type in the State of Indiana. The legal staff feels there are a nunber of other cities around the State that are waiting for South Bend to complete the process, and they already have plans for the Use of this type of financing in their co unities. Mr. Hill further stated this is a pioneering effort that has resulted from about five or six years of continuous work on thE part of the Redevelopment Commission. Mr.1 Nimtz noted for the record the corqplementary editorial from the South Bend Tr�bune concerning Tax Increment Financing. Chair opened the public hearing for any ents or discussion from the public. Mr. Steve Luecke asked about the cost of the TC parking facility and if the lease payments wo ld go back toward reducing the bond. Mr. Hunt responded that the facility would cost approximately $1,075,000 and the lease pa ents would go back toward reducing the Mr Luecke asked if this was the only Tax Fi . ance bond that is available or can this co tinue to be done in the future. Mr. Hunt stated that Redevelopment does have thE ability to issue Tax Increment Financing bonds, but there are some very practical market issues that will limit that. There are some restrictions that will be placed in the bo d documents including a very strict debt co eraae ratio. Mr. Hill indicated that there are protections designed to protect the purchasers of these bo ds so that until a certain coverage ratio is met additional bonds cannot be issued. This Resolution would permit, assuming that -5- South Bend Redevelopment Commission Regular Me ting - September 13, 1985 6. NEW BUSINESS (Cont.) a. uomtinuea... e coverage ratios are met and keeping in the financial analysis is a very ervative one, additional bonds for tional Redevelopment purposes. Mr Luecke asked if the Redevelopment Co .ssion is the only body that has the au ority to issue these bonds. Mrs Hill stated that this was correct. Mr Neil Gilbert asked about the legal ob igations on the Marriott skywalk as far as ho it was entered into and who it involved. Mr. Hill stated that there are a series of agreements that were negotiated in 1978 and were formalized in 1979. They deal with the City of South Bend, Redevelopment Commission, Ralin Properties (the owner of the Marriott Hotel) and 1st Source Bank. As an inducement to HUD to enhance the City's ability to receive $7,600,000 in UDAG funds that were in olved in the financing of this project, the City committed to construct a walkway between Century Center and the Marriott Hotel. At one point in time, there were other funds that were identified to pay for this construction, but they had to go into other parts of the project. The skywalk construction is part of our commitment to HUD as a condition to receiving the UDAG award. The owners have been patient with the City in that this was actually to be constructed by 1981. The City has not had the financing ability to undertake this construction up until this point which is why the project has been delayed. The City does not have the ability to renegotiate or change its commitment because the commitment was made to induce the receipt of the $7,600,000 grant. Mr. Hunt commented that there is more than just the legal obligation. There is also a very good revitalization and economic development reason why the skywalk should be constructed. St. Joseph County is number two in the State of Indiana in terms of tourism South Bend Redevelopment Commission Regular Me ting - September 13, 1985 6. NEW BUSINESS (Cont.) a. uo r-inuea... and convention dollars that are brought into the community. This is a major industry and it can only go up. The connection of the Marriott and Century Center by a skywalk will enhance the competitiveness to market this general community. It has been a concern of Ce tury Center that they are going head to head with cities of our size in competing for regional and national conferences that have almost a totally enclosed facility. The project has long term benefits. Mr. Gilbert asked what the public's opportunity was in 1979 to participate in the de ision to construct a skywalk. Mr Hill stated that as part of the UDAG appropriation process there were public hearings before the City Council. Any actions by the Redevelopment Commission in terms of th ground lease were conducted only when public hearings were held. That project itself creates a very substantial portion of th increment that permits Redevelopment to issue these bonds. There was a series of ne otiations in terms of any development agreement that were executed by the Board of Public Works. If it were not for the Marriott project, Redevelopment would not have the ability it does to benefit from that Mr. Nimtz noted that at the time the feeling was to fill the "hole ". If it hadn't been for th former Congressman John Brademas' assistance, we would never had received the UD G award. He noted that this project was a bid boom for downtown South Bend. Mrs. Allen asked how the skywalk would be connected to the Art Center without affecting th design of Century Center. Mr. Hill explained that the staff has worked wi th Johnson /Bargee Architects on the concept an design of the skywalk. Johnson / Burgee has ha representatives on site and believe that the skywalk can come into the second story -7- South Bend Redevelopment Commission Regular Meting - September 13, 1985 6. NEW BUSINESS (Cont.) a. Comtinuea... using the existing structure and tying in right on an angle that would bring it in on the second floor by the elevators so that ha dicapped access would be provided without doing any violation at all to the structure. The hotel was constructed so there is space at the second story level to have the skywalk tie in The construction will not be involved with anything inside the hotel. It only involves the public portion which is outside the exterior walls. There would be a stairway co structed by the hotel from the lobby up to the second floor. The skywalk would then tie in out over the roadway and connecting at an angle into the existing glass that is there. The Johnson /Burgee representative thought that it was an acceptable concept and something that would enhance the architecture. Mr Hunt stated that Allan Ritchie, who represented Johnson /Burgee, was deeply involved in the Century Center project. The staff met with Mr. Ritchie, Rich Hill, Century Center and the Marriott Hotel representatives. Si ce then there have been some telephone co versations and written correspondence on the project with Mr. Ritchie. Johnson /Burgee decided that they would do the same thing as th y did with the Century Center which was to go with a local engineering firm. At that time they worked with Cole Associates, and Cole Associates would be involved in the skywalk project also. The connection was agreed upon by Johnson /Burgee. The connection makes the access to the Century Center el vator and the stairs on the second level. Tht preliminary design work will be completed after the sale of the TIF bonds. . Allen asked if the original thought of an redevelopment was to return to the city of the monies that were taken away when ldings were torn down resulting in lost tax Mr. Hunt stated this was true and that was what the Tax Increment will do. It is not a co tinuous program that runs forever in terms South Bend Redevelopment Commission Regular Me ting - September 13, 1985 6. NEW BUSINESS (Cont.) a. CoMinuect... of capturing the increased taxes generated by new development. Once the TIF bonds are paid for, then all that development that has occurred, in part because of the bonds and the initial development, all those increased taxes wo ld be available to the City, the County, th schools, TRANSPO and all those who get oa is of the taxes. . Allen asked why Redevelopment has to get bond with monies that must have been lected over the years. Mr� Hunt explained that this is the first year th Tax Increment has been collected. Mr Hill explained that with the creation of the various allocation areas the statute provides that bonds can be issued or a icipality can reimburse itself for expenditures that were made in advance. In this particular situation, the first money in terms of the actual collected tax proceeds came in June, 1985, in anticipation of the bonds being issued. The Tax Incremental Financing mechanism is something that has to be triggered by action of each local Commission. The tax proceeds do not go into the special fund until the Redevelopment Co ssion passes the appropriate resolution to utilize it. All of the tax proceeds that have been paid in the redevelopment areas have go me to those regular governmental units that would typically get them. It is only the triggering mechanism of this Commission that would cause the fund to temporarily be di erted in terms of those funds that are over th frozen base. Ms Derbeck asked if the concept of the facade program is to buy the facades, fix them up and th lease them back and whether that constitutes an easement? Mr. Hill stated that the mechanism used on the Pa ais Royale was a grant of an easement to the City and then we would lease it back to the owners with a lease payment actually being South Bend Redevelopment Commission Regular Me ting - September 13, 1985 6. NEW BU$INESS (Cont.) a. uomLinuea... a repayment for the work that was done. That same mechanism or something else might be used. Essentially it will be the equivalent of a facade easement. Part of the requirement would be that the owner would be leasing the fa ade back with the intention of a payback, bu during the period Redevelopment would hold th easement Redevelopment would not want it Mr Hunt stated that this is the facade coilcept that we have right now, but it might be modified. Center City Associates has a committee involved with business and economic development. One of this committee's tasks will be to work with the staff to development the facade program in more detail. Redevelopment wants to work with the downtown merchants in developing the program. MrJ Nimtz stated that Historic Landmarks Fo dation of Indiana has used this process in th past. Any sale would be subject to the . Allen asked if the we would be restoring building to the original facade. Mr. Hunt stated that it was the staff's recommendation to Center City Associates and th building owners to restore the facades to th it original condition as much as possible. TM staff feels that this would create a very ni e physical environment and set off the do town. Mr. Rick Pitts stated that in some instances it would be the intent to restore a building to its original condition if it's on the Multiple Resource District and is definitely of historic nature. The overall staff direction would be to uncover the original design of the building whether historic or not and not try to falsely create how it was originally constructed. "..Mill South Bend Regular Me C.. NEW BU a. Co elopment Commission - September 13, 1985 ( font . ) Mr. Neil Gilbert stated it seems as if much of the skywalk and facade design work is yet to be completed. He asked how the estimates were done with so little of the design work COMDleted. Mr. Hunt stated it was based on staff meetings wit Alan Ritchie and Cole Associates. There is standard set of numbers per lineal foot on a skywalk and whether heating, lights, air conditioning are included will tell the general costs. The estimates were determined by the basic components of the steel, glass, heating and air conditions systems. The costs cou d be more or less 10 -12% of the estimate de ndinq on how extensive a treatment is e there were no further comments, Mr. z noted that the public hearing was luded. Mr. Hill explained that the bond issue will be subirLitted to the Indiana State Board of Tax Comaissioners and the Local Property Tax Control Board for their approval. The Local Property Tax Control Board will be reviewing the issue and making a recommendation to the State Board of Tax Commissioners. The public he ing completes the local approval process. The bonds will then go up for sale on the pub is market. b. Commission approval r No. 748, a resolution Million Two Hundred T ($4,200,000) for ac in the South Bend Cen rel ted costs. for Resolution Four on and redevelopment Development Area and Upo a motion made by Ms. Auburn, seconded by Mriasecki and unanimously carried, the cog ssion approved Resolution No. 748, a -11- PUBLIC HEARING WAS CONCLUDED South B Redevelopment Commission Regular Meeting - September 13, 1985 6. NEW BIUSINESS (Cont.) b. dontinued... C. olution appropriating Four Million Two dred Thousand Dollars ($4,200,000) for uisition and redevelopment in the South d Central Development Area and related ts. ission approval requested for bids and s in connection with the Rental Rehab Loan ram for property located at 606 W. Colfax 608 -610 W. Colfax in accordance with the from the Bureau of Housing. Hunt asked that this item be continued to e next scheduled Commission meeting. The ds were opened and one of the bids was ightly higher than had been estimated. The ner of the property needs to update some of s financial information and bank commitment the private financing. The package should ready for the next Commission meeting. Chair directed this item be continued to next meeting. d. CDmmission approval requested fora propos . d loan in connection with the Affordable an Program in accordance with the commendation from the Bureau of Housing. Contractor COMMISSION APPROVED RESOLUTION NO. 748, A RESOLUTION APPRO- PRIATING FOUR MILLION TWO HUNDRED THOUSAND ($4,200,000) FOR ACQUISITION AND REDEVELOP- MENT IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA AND RELATED COSTS ITEM 6c CONTINUED TO THE NEXT MEETING Bid F orence Smith V.V. Engle Construction $3,400.00 1440 E. Bowman . Hunt noted that this was just a proposal d not a loan as originally indicated on the enda. . Richmond explained that this involves a bid on a portion of the work that was finished by the original contractor. There re two bids received. The Bureau of using's recommendation is to go with the gher bid from V.V. Engle based on the ility of V.V. Engle to start immediately on e project. The original contract was Bockaj nstruction who has discontinued business as contractor. This was the last of the -12- South Bend Redevelopment Commission Regular Meeting - September 13, 1985 6. NEW BUSINESS (Cont.) d. ntinued... ap7arded contracts to Bockaj and he had neglected to complete the contract. The extra c st will be absorbed by the contractor's bond held by the Bureau of Housing. Ucon a motion made by Mr. Piasecki, seconded b Mr. Combs and unanimously carried, the Cmmission approved a proposal in connection w'th the Affordable Loan Program as listed ve. e. Cmmission approval requested for proposal a-id grants in connection with the Emer enc R air Program in accordance with the r commendation from the Bureau of Housing. COMMISSION APPROVED A PROPOSAL IN CONNECTION WITH THE AFFORDABLE LOAN PROGRAM AS LISTED ABOVE Nimie Contractor Bid Grant Stella Polcyn Plaia Construction Company $3,480.00 $2,500.00 729 S. Carlisle B rbara Henry Kennedy SLR Plumbing & Sewer Cleaning $ 265.00 $ 265.00 1 58 E. Calvert L everda Turley Bob Frame Heating & Plumbing $ 805.60 $ 805.60 526 E. Haney it-. Hunt noted that the amount of the bid for Stella Polcyn, 729 S. Carlisle, over the $2,500 grant limit will be covered by the hcoeowner. Upon a motion made by Mr. Piasecki, seconded by Mr. Combs and unanimously carried, the Ccomission approved proposals and grants in connection with the Emergency Repair Program as listed above. f. Ccmmission authorization requested to petition for vacation of an alley in the vicinity of N'les and LaSalle Avenues within the South nd Central Development Area. Mrs. Kolata explained that a portion of the alley in question that went into the East Race was previously vacated. Since the Redevelopment Commission owns the former C escent Electric building, the staff is -13- COMMISSION APPROVED PROPOSALS AND GRANTS IN CONNECTION WITH THE EMERGENCY REPAIR PROGRAM AS LISTED ABOVE South B Regular 6. NEW f. Redevelopment Commission !ting - September 13, 1985 ,INESS (Cont.) tinued... king that that alley just north of that ilding be vacated to help assemble this xcel of land for resale. Half of the cated alley would be given to the ajoining operty owner, Batteast Construction. The mmission is being asked to authorize omission of the petition to the Board of blic Works and the final decision by the ty Council. The property owners on the her side of the alley are supportive of the cation and are expected to join in the tition request. . Kolata noted that the contract for Dlition of the former Crescent Electric lding has been bid through the Board of lic Works. The bid has not been awarded to a question on the bonding ability of low bidder. Upon a motion made by Ms. Auburn, seconded by Combs and unanimously carried, the Commission authorized the request to petition for vacation of an alley in the vicinity of Niles and LaSalle Avenues within the South Bend Central Development Area. g. Cxxmission approval requested for Resolution F 749 approving an a� erty tax deduction. :)lication for real . Hunt explained that because the abatement tition involves property located within the K Increment Financing Allocation Area, the rmission is required to take action prior to Knitting the petition to the Common Council. Hedy Robinson gave the staff report. All ormation requested on the petition was plied. The property is properly zoned for proposed use. The property is located in area designated as a Tax Abatement Impact a by the South Bend Common Council. The perty is located in a Tax Incremental ancing Area. The amount of taxes to be ted over a ten year period is $69,567.00. 3012 COMMISSION AUTHORIZED THE REQUEST TO PETITION FOR VACATION OF AN ALLEY IN THE VICINITY OF NILES AND LaSALLE AVENUES WITHIN THE SOUTH BEND CENTRAL DEVELOPMENT AREA South Bend Redevelopment Commission Regular eting - September 13, 1985 6. NEW 3USINESS (Cont.) g. �:ontinued... Hunt noted that the petition in question the last parcel available in the Block 6 elopment Area. r. Ernest Szarwark was present representing Ze petitioner, Lowe's Inc. Mr. Szarwark Hinted out on a map the parcel in question id explained that Dr. John F. Harrington will purchasing the parcel fran Lowe's and will zild approximately a 3,400 square foot tilding with a $300,000 true cash value. The irpose of the building will be for Dr. irrington's orthodonistry office. It was �ntioned at the last caucus of the Common )uncil that James E. Childs & Associates, the •chitect, will be meeting with some of the her owners in Block 6 to be sure everyone is � accordance with the plans, specifications .d diagrams of the project. Lowe's, Inc., is e present owner of the property which Dr. .rrington has an option to purchase. Due to ty ordinance, Lowe's, as property owner, is quired to file the abatement petition. a motion made by Ms. Auburn, seconded by Combs and unanimously carried, the ission approved Resolution No. 749 oving an application for real property tax h. C ission aPproyal requested for a rental a reement with Center City Associates, Inc. Rick Pitts explained the agreement in q.iestion concerns the Shoppers Park Free lot i the downtown. The agreement involves the vacant parcels east of the TRANSPO lot. The lot was previously leased to Center City sociates. The lease had to be cancelled due to the need for the staging area for the Teachers Credit Union construction. This new agreement has a revised legal description and e purpose would be to provide two hour free parking to downtown customers. The terms a uld be that Center City Associates would n intain the property and pay for the cost of nanagement. There is a 30 -day cancellation ovision for either Redevelopment or Center -15- COMMISSION APPROVED RESOLUTION NO. 749 APPROVING AN APPLI- CATION FOR REAL PROPERTY TAX DEDUCTION South Bi Regular 6. NEW h. 7. i. Redevelopment Commission ting - September 13, 1985 (Cont.) ty Associates. There is also a provision on notice to use the lot for the Ethnic stival and other special events. )n a motion made by Mr. Piasecki, seconded Mr. Combs and unanimously carried, the mission approved a rental agreement with ter City Associates, Inc. mission approval requested for a Commercial se with National Bank and Trust Company, essina Realt, and John J. . Hunt explained this involves part of the d Robertson's building store front. This is $1.00 lease with the owners of the building lease the display area of the building to nstruct partition walls inside of the ilding. The staff feels this is a minor st for an interim improvement to keep the antown cleaned up and avoid boarded up . Nimtz noted he is a minor stockholder in National Bank and disqualified himself xn voting. Ms. Auburn was placed in the on a motion made by Mr. Piasecki, seconded Mr. Combs and unanimously carried, the mmission approved a Commercial Lease with tional Bank and Trust Company, Bessina alty, Mary M. Haney and John J. Droeges. . Nimtz resumed the Chair. . 2.O. Mr. Hunt reported that the staff appeared at a special public hearing of the South Bend CcmmLuiity School Board in support of a request for wi extension of the present option agreement on Central High School with Central Estat s Limited. The School Board did agree to ex end the option until December 31, 1985. -16- COMMISSION APPROVED A RENTAL AGREEMENT WITH CENTER CITY ASSOCIATES, INC. COMMISSION APPROVED A COMMERCIAL LEASE WITH NATIONAL BANK AND TRUST COMPANY, BESSINA REALTY, MARY M. HANEY AND JOHN JU: DROEGES South Be rd Redevelognent Commission Regular Meeting - September 13, 1985 7. PROGRESS REPORTS (Cont.) Mr. Bunt also thanked Eugenia Schwartz and Ann Kolata who attended a NAHRO meeting with Richard Treptow, Springsted Incorporated, to make a presentation to a State -wide group of develoment officials on Tax Increment Financing. The Chair announced a continuation of the Executive Session immediately following the adjournment of the regular meeting. 8. NEXT COMMISSION MEETING Mr. N' tz noted that the next Regular Meeting of the Carmission will be rescheduled to Monda , September 30, 1985 at 10:00 a.m. 9P There being no further business to cane before the Ommission, Mr. Piasecki made a motion that e meeting be adjourned. Mr. Combs seconded the motion and it was unanimously carried. The meeting was adjourned at 11:15 a.m. 6ZZJI& 40M President Jon R. Hunt, -17- NEXT COMMISSION MEETING • - 1 15 ve Director