HomeMy WebLinkAboutSM 11-18-85November 18 1985
10:00 a.m.
Presiding O ficer
SOUTH BEND REDEVELOPMENT COMMISSION
SPECIAL MEETING
Mr. F. Jay Nimtz
President
1. ROLL C
OF CLAIMS
Members
Present:
Members
Absent:
Legal Counsel:
carried, the
Redevelopment
Staff:
News Media:
submitted
Others:
and ordered
1200 County -City Building
227 W. Jefferson Boulevard
South Bend, Indiana 46601
Mr. F. Jay Nimtz, President
Mr. Roman J. Piasecki, Secretary
Mr. Michael Donoho, Assistant Secretary
Ms. Paula Auburn, Vice President
Mr. Sandy Combs, Member
Mr. Richard Hill
Mr. Jon R. Hunt, Executive Director
Mrs. Ann Kolata, Executive Deputy Director
Ms. Denise Sullivan, Office Manager
Mr. Wayne Falda, South Bend Tribune
Mr. Dick Maginot, WSBT -TV
Mr. Kevin Burke, WNDU -TV
Ms. Beth Martin, WZZP Radio
Mayor Roger O. Parent
2. APPROVAL
OF CLAIMS
Upon a notion
made by Mr. Donoho, seconded by
Mr. Pia
ecki and unanimously
carried, the
Commission
formally approved
the claims
submitted
November 14, 1985,
and ordered
checks dated
November 21, 1985 to be released.
P.E.A.
-66
A -1 Coffee
Service
$ 86.80
Caddylak
Systems, Inc.
122.52
Dainty Naid
Bake Shop
25.70
Indiana
Bell Communications
296.69
Petroleum
Traders Corp.
53.90
Summit Club
of South Bend
19.20
Tri-County
News
84.78
Wagner Travel
Inc.
1,548.00
PERF
1,068.00
Payroll:
10 -26 thru 11 -8 -85
11,885.00
Total
$15,191.45
Grand Total
$15,191.45
COMMISSION APPROVED CLAIMS
SUBMITTED NOVEMBER 14, 1985
AND ORDERED CHECKS DATED
NOVEMBER 21, 1985 TO BE
RELEASED
South Bend ede ve
Special Meeting
3. New Bus ness
a. Co ssi
No. 752
747
lopment Commission
- November 18, 1985
1 requested for Resolution
action 6 of Resolution No.
Mr. Hunt noted that Resolution No. 752 amends
the Tax Increment Financing Bond resolution
that was previously passed by the Commission.
There is a need to amend the resolution to
bri g it in line with the bond insurance
co y's request relating to Section 6
governing the issuance of other TIF bonds
(parity bonds). Once the resolution is
amended, insurance will be in place for the
Mr. Hill explained that Section 6 deals with
provisions referring to parity bonds or
additional bond issues. The primary impact of
the modification is to provide for additional
coverage meaning that the increment has to be
at a certain level before additional bonds can
be issued. It also tightens up the
certification process whereby there would be
an independent certification process of the
existing increment at that time. Essentially
this, was language that was negotiated, and a
coimLitment was received from AMBAC Indemnity
Co ration that with these modifications the
bond issue would be fully insurable.
Mr. Hill further explained that, during the
terni that the bonds are outstanding,
Redevelopment can expect to have a far more
favorable interest rate due to the fact that
with bond insurance there is an automatic AAA
rating. That rating is very significant in
lig t of this being the first Tax Incremental
issue in the State of Indiana. The benefit to
the City and the Commission is that the bids
will be at a much more competitive interest
rat than would happen without bond insurance
and ithout the AAA rating.
The
recognized Mayor Roger Parent.
-2-
South Bend
Special Me,
3. New Bu
a. Coi
elopment Commission
- November 18, 1985
(Cont.)
Mayor Parent recognized the accomplishments of
the Commission and the staff accomplishments
related to the first TIF bond in the State of
Indiana. The Commission and staff have been
working on this bond issue since late 1979,
goirig through a lot of difficult work. This
will. be a benefit to the whole State. Mayor
ParEMt thanked the Commission and staff for
the hard work put into the TIF bond issue.
Upo a motion made by Mr. Piasecki, seconded
by . Donoho and unanimously carried, the
Co 'ssion approved Resolution No. 752
am ding Section 6 of Resolution No. 747.
4. NEXT COMMISSION MEETING
a
The ne Regular Meeting of the Commission
Will be held on Friday, November 22, 1985 at
10:00 a m.
There being no further business to come before
the CormLission, Mr. Donoho made a motion that
the meeting be adjourned. Mr. Piasecki
seconded the motion and it was unanimously
carried. The meeting was adjourned at 10:15
a.m.
L-2
. Hunt,
COMMISSION APPROVED
RESOLUTION NO. 752 AMENDING
SECTION 6 OF RESOLUTION
NO. 747
NEXT COMMISSION MEETING
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