HomeMy WebLinkAboutSM 07-29-88July 29, 19
10:00 a.m.
Presiding C
1. ROLL
Legal
Redev
News
2. NEW B
a. E
SOUTH BEND REDEVELOPMENT COMMISSION
SPECIAL MEETING
8 1200 County -City Building
227 W. Jefferson Boulevard
ficer: 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
Absent: Mr. Sandy Combs, Assistant Secretary
Mr. Michael Donoho
1: Ms. Carolyn Pfotenhauer
Staff: Mrs. Ann E. Kolata, Deputy Executive Director
Mrs. Martha Lantz
Ms. Jeanne Derbeck, South Bend Tribune
Mr. Thom Howell, U -93
of Addendum to Lease between
th Bend Redevelopment
dated as of June 1, 1988 (St.
e Parking Facilitv).
Mrs. Kolata explained that on July 26th
the Redevelopment Authority received bids
for the Bonds for the Parking Facility
and the Coveleski Stadium Project and
awarded the bids for both to Bank One.
The Lease between the Redevelopment
Comnission and the Redevelopment
Authority for both facilities were
pre iously approved with estimated rental
payments. Now that the Bond bids have
been awarded, the actual rental payments
and other costs can be entered into the
Lease. The estimated Lease payment of
$520,000 per year for the Parking
Facility is being lowered to $463,000 per
yea , or $231,500 per semi - annual
pa nt.
so
South Bend
Special MeE
2. NEW BU:
a. Cor
elopment Commission
— July 29, 1988
( font . )
Mr. Piasecki asked what the Commission
would do if there was not enough money to
make the payments. Mrs. Kolata responded
that the money for each year's payments
must be available by August 1 of each
year or the Commission will be required
to levy taxes sufficient to make the
pa ent. Our projections indicate that
we should always have sufficient money
frcm the various revenue sources to make
tho payment without levying taxes.
Upcn a motion by Ms. Auburn, seconded by
Mr. Piasecki and unanimously carried, the
Conmission adopted Resolution No. 853
reducing the annual rental on the lease
for the St. Joseph/Wayne Parking Facility
anj approving the execution of an
Addendum to the Lease.
b. Ex cution of Addendum to Lease between
thE South Bend Redevelopment Authorit
and the South Bend Redevelopment
Commission dated as of June 1, 1988
(Ccveleski Stadium Protect).
Mrs. Kolata noted that it will not be
necessary to amend the lease with the
Authority for the Coveleski Stadium
Pr ject. At the time the Lease was
signed, a figure of $1,000,000 per year
was used as an annual rental payment,
based on the decision that it would not
make sense to refinance if the cost was
higher than that. Therefore, the Lease
stipulated a $500,000 semi - annual rental
payment. The Lease requires that the
payments be equal to the largest
principal and interest payment over the
life of the Bond, rounded to the next
thcusand dollars, plus an additional one
thcusand dollars. The largest principal
and interest payment is $498,037 which,
therefore, would require lease payments
of $500,000, the same figure used in the
Lease. No Addendum is then required to
am +d the Lease. That payment will allow
-2-
COMMISSION ADOPTED RESOLUTION
NO. 853 REDUCING THE ANNUAL
RENTAL ON THE LEASE FOR THE
ST. JOSEPH/WAYNE PARKING FACILITY
AND APPROVING THE EXECUTION OF AN
ADDENDUM TO THE LEASE
NO ACTION NECESSARY ON THIS ITEM
South Bend
Special Me
2. NEW BU
b. Coii
4.
wi
th
of
There b
the Corn
adjourn
motion
a.m.
elopment Commission
- July 29, 1988
( font . )
!ss funds to accumulate in our account
the Trustee which will be used at
end of the Bond to reduce the amount
he levy. The net savings over the
of the issue is $389,000.
ing no further business to come before
fission, Mr. Piasecki made a motion to
the meeting. Ms. Auburn seconded the
nd the meeting was adjourned at 10:20
ro
MCIM
lata, Deputy Executive Director