HomeMy WebLinkAboutSM 11-26-85November 2', 1985
12:00 Noon
Presiding Officer:
1. ROLL
SOUTH BEND REDEVELOPMENT COMMISSION
SPECIAL SCHEDULED MEETING
Mr. F. Jay Nimtz
President
1200 County -City Building
227 W. Jefferson Boulevard
South Bend, Indiana 46601
MemberE
Present:
Mr.
F. Jay Nimtz, President
Ms.
Paula N. Auburn, Vice - President
Mr.
Roman J. Piasecki, Secretary
Mr.
Michael Doncho, Assistant Secretary
Mr.
Sandy Combs, Member
Legal Counsel:
Ms.
Eugenia Schwartz
Mr.
Richard Hill
Redevelopment
Staff:
Mrs.
Ann Kolata, Executive Deputy Director
Ms.
Loren Rooney, Econ. Dev. Specialist
Ms.
Denise Sullivan, Office Manager
News
dia:
Ms.
Judy Bradford, South Bend Tribune
Mr.
Kevin Burke, WNDU -TV
Others:
Mayor Roger O. Parent
Mr.
Michael Vance, City Controller
Mr.
Richard Treptow, Springsted, Inc.
Mr.
Fred Kahn, Merrill Lynch
Mr.
Lucky Reznik, lst Source Bank
Mr.
Robert Magor, lst Source Bank
Mr.
Richard Greulich, City Securities
Mr.
William Rozycki, National Bank
2. NEW BU
INESS
The Chair recognized Mr. Michael Vance, City
Controller. Mr. Vance noted that the
Commis ion had received four bids relating to
the Ta Incremental Bond Issue sale. He
opened and read the following bids:
Bidder
Merril]
1 st Sol
E. F. HL
City SE
Net % Net
Cost Effective Rate
Lynch Capital Markets $4,379,216.92 8.3097%
•ce Bank $4,637,600.00 8.80%
ton $4,396,033.33 8.3416%
!unities Corp. $4,480,257.09 8.5014%
South BendlRedevelopment Commission
Special Me ting - November 2 6, 1985
2. NEW BUSINESS (Cont.)
Mr. Richard Treptow, Springsted, Inc., stated
that he would call the bid rates into the
Springsted office to verify the calculations.
Mr. Tr ptow returned stating that the bid
rates had been checked and were accurate as
submitted.
Mr. Vance awarded the bid to Merrill Lynch
Capital Markets as the low bidder.
Upon a motion made by Ms. Auburn, seconded by
Mr. Conbs and unanimously carried, the
Commis ion ratified and confirmed the bid
award to Merrill Lynch Capital Markets.
Upon a motion made by Mr. Combs, seconded by
Mr. Do oho and unanimously carried, the
Commis ion authorized the President and
Secret ry to execute any and all necessary
docume ts.
Mr. Va ce stated that all bids received were
excell nt bids and expressed appreciation and
thanks to all the bidders.
Mr. TrE
favorax
and the
bond it
approxi
Other i
includE
downtov
TIF bor
Treptov
Commis;
sale.
Mr. Nir
complir
work tt
bond sz
Eugenie
Redeve]
bond.
ptow commented that all received were
le bids due to the current bond market
bond insurance. He noted that the
surance will save Redevelopment
mately $400,000 in interest costs.
tems attributable to the favorable bids
d the economic development growth in
n South Bend and this being the first
d issue in the State of Indiana. Mr.
congratulated the Redevelopment
ion and staff for an excellent bond
z on behalf of the Commission
nted Springsted, Inc., for the good
y performed in preparation for the
e. He also thanked Richard Hill,
Schwartz, Michael Vance and the
ument staff for their work on the
-2-
COMMISSION'RATIFIED AND
CONFIRMED THE BID AWARD TO
MERRILL LYNCH CAPITAL
MARKETS
COMMISSION AUTHORIZED THE
PRESIDENT AND SECRETARY
TO EXECUTE ANY AND ALL
NECESSARY DOCUMENTS
South Bend
Special Me
3. ADJOUR
elopment Commission
- November 26, 1985
There heing no further business to come before
the Commission, Mr. Piasecki made a motion
that e meeting be adjourned. Mr. Donoho
seconded the motion and it was unanimously
carried. The meeting was adjourned at 12:25
p.m.
w �
President MONWAMMM Adh E. Kolata, Executive Deputy Director
MCM