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Home My WebLink AboutRM 07-13-90July 13, 19 10:00 a.m. Presiding 0 1. 2. 3. Members Legal News Others: Mr. 61WIA S a 111 �1 •' ICI • I 1 • . Mr. F. Jay Nimtz President 1200 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 Present: Mr. F. Jay Nimtz, President - Ms. Paula N. Auburn, Vice President Mr. Roman J. Piasecki, Secretary Mr. Sandy Combs, Assistant Secretary Mr. Michael Donoho Ms. Carolyn Pfotenhauer Staff: Mrs. Ann Kolata, Director Mrs. Martha Lantz, Secretary Ms. Cleo Hickey, Economic Dev. Specialist Mr. Thom Howell, U -93 Mr. Don Porter, South Bend Tribune Mr. Bill Ruminski, Michiana Business Journal Ms. Debra Zahn, Newswatch 28 Mr. Pat Culp, Newswatch 28 Mr. Carter Wolf, Center City Associates Mr. Andrew Kippe announced that the Executive Session held prior to the meeting would be following adjournment of the Regular Meeting. Upon a iintion made by Mr. Piasecki, seconded by Mr. s and unanimously carried, the minutes of the Rescheduled Regular Meeting of Friday, June 27, 1990, were approved. AmericanPlanning Association Center City Associates Development Training Institute Katherir e Humphreys Joseph F ernan Council for Urban Economic Development -1- • I •r Val • :N• - r IaI N y i ig Ne Ev W I 1i ki p ••• F, 20.13 180.40 20.00 111.41 79.20 156.00 South Bend Regular Meg 3. APPROV,, 4. 5. 6. velopment Commission - July 13, 1990 CLAIMS (Cont.) continued... P.D.H. Office Products Day T' General Find Petty QLsh Reimbursement Total A 1990 GRAND Upon a motion made by Mr. Donoho, seconded by Ms. Auburn and unanimously carried, the Commission formally approved the claims submitt July 2 and July 10, 1990, and ordered checks dated July 6 and July 13, 1990, to be released. There wire no rommmications. There w4s no old business. a. Mrs Kolata noted that at its June 27th meeting the Commission passed Resolution No. 945, a preliminary bond resolution for a tax increment revenue bond in the Aixjort Economic Development Area. This bondissue will be fairly small and will fundpreliminary design and engineering costs and possibly right-of-way acqLisition for roads and public imp ements in the area. These ippy.ovements are necessary before eco omic development can occur. Resclution No. 946 appropriates the bond Prodeeds for these uses. -2- 7.00 55.11 110.09 3.88 $ 743.22 $ 743.22 CUNIlVIESSION FORMALLY APPROVED CLAIMS SUBMITTED JULY 2 AND JULY 10, 1990, AND ORDERED CHECKS DATED JULY 6 AND JULY 13, 1990, TO BE RELEASED THERE WERE NO COMMUNICATIONS THERE WAS NO OLD BUSINESS South Bend Regular Me 6. NEW BU a. co elcpment Commission - July 13, 1990 (Cont.) The terms of Resolution No. 946 state that the bond may not exceed $950,000, tha the interest rate may not exceed 8 %, tha the bonds may not be outstanding pas August 1, 1997, and that they may be prepaid at any time. Mrs Kolata noted that the staff intends to do a larger tax increment bond issue later this year and would pay this bond off with the proceeds from the larger Mrs ite 1) of in 199 the an was 29, on the the the Kolata asked to enter the following is for public hearing into the record: affidavit from Carol Smith, sified Manager of the South Bend une, stating that the Notice to yers Regarding Determination to e Bonds of the Redevelopment District e City of South Bend was published :hat newspaper on June 29 and July 6, 2) an affidavit of Cherie Jolly, ging Editor of the Tri- County News, ing that the Notice to Taxpayers �zding Determination to Issue Bonds of Redevelopment District of the City of Bend was published in that ,paper on June 29 and July 6, 1990; 3) ffidavit from Carol Smith, Classified ger of the South Bend Tribune, ing that the Notice of Public Hearing the Appropriation of Proceeds published in that newspaper on June 1990; 4) an affidavit from Cherie y, Managing Editor of the Tri- County stating that the Notice of Public ing Concerning the Appropriation of eeds was published in that newspaper une 29, 1990; 5) an affidavit from ha Lantz stating that on June 29, she posted the Notice to Taxpayers rding Determination to Issue Bonds in lobby of the County -City Building, lobby of the County Court House, and lobby of the Public Library on Wayne t; 6) as of 10:00 a.m. 0 written nstrances have been received. -3- South Bend Pedevelopment Commission Regular Mee ing - July 13, 1990 6. NEW BUSPNESS (Cont.) M a. conti.nuea... Mr. Nimtz asked if there was any objection to these items being entered into the record. There was no objection and the items were received into the Mrs Kolata noted that the Public Hearing tcday concerns the appropriation of the proqmds of the bond authorized in Resolution No. 945. This appropriation autliorizes the bond proceeds to be used for land acquisition, all reasonable and necessary architectural, engineering, financing, legal, accounting, advertising, and supervisory expenses, as wel as capitalized interest and a debt seri,ice reserve. Mrs Kolata noted that any interest the bond proceeds earned is also appropriated in this appropriation. Mr. Piasecki asked how large of an increment is available in the Airport Economic Development Area. Mrs. Kolata r nded that there would be approximately $120,000 of tax increment in 1991 and approximately $236,000 in 1992. This increment is mostly from existing industrial projects which have tax abatement which will be declining eadi year. Mr. Nimtz opened the Public Hearing for any one who desired to be heard regarding Resolution No. 946. was no one who desired to be heard lima Resolution No. 946. Mr.Nimtz closed the Public Hearing for wha#ever action the Commission desired to -4- PUBLIC HEARING ON RESOLUTION NO. 946 South Bend Regular Me 6. NEW BU b. co: C. elcpment Commission - July 13, 1990 (Cont.) Upon a motion by Ms. Auburn, seconded by Mr. Donoho and unanimously approved, the Comftission approved Resolution No. 946 appropriating the proceeds (including investment earnings thereon) of South Berxi Redevelopment District Tax Increment Revenue Bonds of 1990 to be applied to the cost of property acquisition and redevelopment in the Airport Economic Development Area, Allocation Area No. 1. Mrs Kolata noted that at the June 27th ComLission meeting Resolution No. 944 was presented. The notice was not sent to the newspapers in time for the required pub ication. However, the notice was pub ished on July 6 and notice has been mai ed to the affected property owners es lishing July 27, 1990, at 10:00 a.m. as a time of Public Hearing on titute Resolution No. 944. The only e made to Resolution No. 944 was the da of Public Hearing. Upork a motion by Mr. Donoho, seconded by Mr. Combs and unanimously carried, the 'ssion set July 27, 1990, at 10:00 a.m as the time for Public Hearing on Substitute Resolution No. 944. -5- COMMISSION APPROVED - • • NO. 946 APPROPRIATING TBE PROCEEDS (INCLUDING INVESTMENT EARNINGS E • OF • 1 REDEVELOPMENT INCREMENT REVENUE BONDS OF ••I TO BE APPIIED TO THE COST OF PROPERTY AC• • 1 REDEVELOPMENT IN 1'••• ECONOMIC DEVELOPMENT AREA, ALLOCATTON AREA NO. COMMISSION SET JULY 27, 1990, 10:00 A.M. AS THE TIME FOR PUBLIC HEARING ON SUBSTITUTE RESOLUTION NO. 944 South Bend edevelopment Commission Regular Mee ing - July 13, 1990 6. NEW BUS S (Cont.) C� e. Mrs Kolata asked that this item be tabled until July 27, 1990. Mr. Nimtz asked if there was any objection to tabling item 6.d. There was no abjection and item 6.d. was tabled until the July 27th meeting. Mrs Kolata read the City Controller's letter into the record: JuL� 12, 1990 Mr. F. Jay Nimtz, President Sou h Bend Redevelopment Commission 120 County -City Building Sou h Bend, IN 46601 Re:1 Coveleski Stadium Loan Deari Mr. Nimtz: On July 25, 1986 the Redevelopment Commission made available to the City S60 ,000 of Redevelopment District Tax Increment Revenue Bond proceeds to be usec to finance a portion of the construction of the Stanley Coveleski Regional Stadium. At that time, it was anticipated that the funds would be reimbursed to the Commission upon the finalization of the permanent stadium financing with Security Pacific National Bank. However, by the time of that closing, the $600,000.00 was needed to complete the project. This need was directly tied to the delays in finalizing ITEM 6.D. WAS TABLED UNTIL JULY 27, 1990 South Bend Regular Me 6. NEW BU e. co elopment Commission — July 13, 1990 (Cont.) the permanent financing, which resulted in he City's having to pay both a higher int rest rate and increased construction cos S. In its recent audit of City accounts, the Stale Board of Accounts noted that the Cit 's debt to the Redevelopment Com ission is technically still outstanding, and suggested that the City take steps to reconcile it. Therefore, I am requesting that the Redevelopment Com ission consider the $600,000.00 to be a contribution toward the stadium construction cost, and deem all of the Cit Is obligations in this matter to be ful y satisfied. Thaok you for your consideration. YouOs truly, Kat erine Humphreys Cit Controller Upon a motion by Mr. Donoho, seconded by Mr. Piasecki and unanimously carried, the 'ssion forgave the $600,000.00 loan to 1he City of South Bend. Mrs Kolata noted that we have received a counter offer of $8,900 from Andrew and Dorothy Plummer for parcels W32 -16 and W32-17 in the West Washington- Chapin Devralopment Area. The staff recommends acc4ptincf the counter offer. -7- COMMISSION FORGAVE $6001000.00 IRAN TO THE CITY OF SOUTH BEND South Bend Regular Meg 6. NEW BU f . col 8. a elcpment Ccuanission - July 13, 1990 (Cont.) Upon a motion by Ms. Auburn, seconded by Mr. Combs and unanimously carried, the Comnission accepted the counter offer of $8,900 from Andrew and Dorothy Plummer for parcels W32 -16 and W32 -17 in the West W on- Chapin Development Area. Mrs. Ko ata reported that Ken Herceg has amended his proposal for inspection services and ision of asbestos removal in the buildings we are acquiring in the West. Washington area to $48,080. The Commission . had app oved Mr. Herceg's proposal contingent upon hio amending it to that price. Mr. Wol reported that construction has begun for the Japanese restaurant in the 1st Source Marriott complex. The ne4 Regular Meeting of the Redevelopment Comnni.ss on is scheduled for July 27, 1990, at 10:00 There being no further business to come before the Commission, Mr. Combs made a motion that the meeting be adjourned. Ms. Auburn seconded the motion and the meeting was adjcurned at 10:40 a.m. -8- C'CPMSSION ACCEPTED THE COUNTER OFFER OF $8,900 FROM ANDREW AND DORO'T'HY PLUMMER FOR PARCELS W32 -16 AND W32 -17 IN THE WEST W7 S=GTON- IIAPIN DEVEIJJPMENT AREA • -•h- -• P-11 Worke I - ki i z KH Ann E. Kolata, Director