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HomeMy WebLinkAboutRM 09-18-92V, i SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING September 18, 1992 10:00 A.M. Presiding Officer: Ms. Paula N. Auburn President 1. ROLL CALL Members Present: Members Absent: Legal Counsel: Redevelopment Staff: News Media: Others: 1308 County -City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 Ms. Paula N. Auburn, President Mr. Roman J. Piasecki, Vice President Mr. Michael Donoho, Secretary Mr. Philip J. Faccenda, Assistant Secretary Ms. Charlotte Huddleston Ms. Jenny Pitts Manier Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Mr. Don Porter, South Bend Tribune Mr. Thom Howell, U -93 Ms. Amy Hesser, WSJV -TV Mr. Carter Wolf, Center City Associates Mr. Randy Rompola, Baker & Daniels Ms. Anne Mannix, South Bend Heritage Foundation Ms. Auburn announced that the Executive Session held prior to the meeting would be continued following adjournment of the Regular Meeting. 2. APPROVAL OF MINUTES Upon a motion made by Mr. Faccenda, seconded by Mr. Donoho and unanimously carried, the minutes of the Regular Meeting of Friday, September 4, 1992, were approved. 3. APPROVAL OF CLAIMS ADMIN 1992 General Fund - Telephone South Bend Tribune Equipment Services International Symposium on Design Nat'l Assn. of Review Appraisers Country Gardens COMMISSION APPROVED THE MINUTES OF THE REGULAR MEETING OF FRIDAY, SEPTEMBER 4, 1992 $ 709.73 157.93 127.58 250.00 299.50 46.00 TOTAL $ 1590.74 -1- South Bend Redevelopment Commission JOK Regular Meeting - September 18, 1992 3. APPROVAL OF CLAIMS (Cont.) STUDEBAKER CORRIDOR BOND St. Joseph Circuit Court Abstract & Title Corporation Agnes H. Exodus C.C. Phillips, Inc. Marback & Brady Surveying S.B.C.D.A. TIF GENERAL ACCOUNT Hunzikers $ 9,000.00 50.00 650.00 2,400.00 700.00 TOTAL $12,800.00 $ 9,479.94 TOTAL $ 9,479.94 GRAND TOTAL $23,870.68 Upon a motion made by Mr. Donoho, seconded by AIN Mr. Piasecki and unanimously carried, the Commission formally approved the claims submitted September 18, 1992. 4. COMMUNICATIONS There were no Communications. 5. OLD BUSINESS There was no Old Business. 6. NEW BUSINESS Mrs. Kolata asked permission to move item 6.a. to the end of the agenda. There was no objection and the item was so moved. Mrs. Kolata asked permission to add item 6.e. to the agenda following item 6.b. There was no objection and the item was so added. b. Commission authorization requested to connect sanitary sewer stubs in the West Washington- Chapin Development Area. Mrs. Kolata explained that South Bend Heritage has started construction of their multi - family residential project in -2- COMMISSION APPROVED CLAIMS SUBMITTED SEPTEMBER 18, 1992 THERE WERE NO COMMUNICATIONS THERE WAS NO OLD BUSINESS South Bend Redevelopment Commission Regular Meeting - September 18, 1992 6. NEW BUSINESS (Cont.) b. continued... the West Washington- Chapin Development Area. Some of the work that needs to be done is on property that has not yet been transferred to them. They would like permission to work on the land because it is the most efficient way to put the sewer in. We intend to transfer title of the land to them, but have not cleaned up all of the legal issues yet. Upon a motion by Mr. Faccenda, seconded by Mr. Piasecki and unanimously carried, the Commission authorized the connection of sanitary sewer stubs in the West Washington- Chapin Development Area. Mr. Donoho abstained. Ms. Auburn voted to make a majority vote. e. Commission approval requested for Addendum to Contract for Sale of Land for Private Development with West Washington Homes Partnership. Ms. Manier explained that this Addendum amends the Contract for Sale of Land to allow for conveyance of some of the land from West Washington Homes Partnership to South Bend Heritage Foundation which will then lease it back to West Washington Homes Partnership. Under the current contract the partnership cannot convey the land before it completes the project. The addendum also makes both South Bend Heritage Foundation and West Washington Homes Partnership obligated to all the terms under the contract. This is done to help them secure their financing. Upon a motion by Mr. Faccenda, seconded by Mr. Piasecki and unanimously carried, the Commission approved the Addendum to Contract for Sale of Land for Private Development with West Washington Homes Partnership. Mr. Donoho abstained. Ms. Auburn voted to make a majority vote. -3- COMMISSION AUTHORIZED CONNECTION OF SANITARY SEWER STUBS IN THE WEST WASHINGTON - CHAPIN DEVELOPMENT AREA COMMISSION APPROVED THE ADDENDUM TO CONTRACT FOR SALE OF LAND FOR PRIVATE DEVELOPMENT WITH WEST WASHINGTON HOMES PARTNERSHIP South Bend Redevelopment Commission Regular Meeting - September 18, 1992 c. Commission approval requested for Resolution No. 1097 establishing its intent to issue Redevelopment District Tax Increment Revenue Bonds and authorizing the reimbursement of the Commission and the City of South Bend for payments of certain preliminary expenses incurred prior to the issuance of such Redevelopment District Tax Increment Revenue Bonds out of the proceeds of the bonds. Mrs. Kolata noted that Resolution No. 1097 and No. 1098 are related to the issuance of Redevelopment District Tax Increment Revenue Bonds related to the College Football Hall of Fame. Resolution No. 1098 authorizes the issuance of the bond in an amount not to exceed $3,000,000 to pay project costs and related expenses related to the College Football Hall of Fame. Payments will be made solely from tax increment in the South Bend Central Development Area. They will have a maturity date no later than February 1, 2013. The maximum interest rate will be 8%-. The purpose of the bond issue and the reimbursement resolution is to pay for the preliminary costs of the Hall of Fame, such as architectural and design fees and the exhibit design fees. The City intends to issue bonds for the construction of the Hall of Fame in June or July 1993. Those bonds will be supported from revenue pledged to purchase sponsorships of the Hall of Fame. There are about $2,500,000 of expenses which need to be paid before we have proceeds from the larger bond. The remaining funds will be used for a debt service reserve and will cover issuance costs. The bond is structured BO that it could be carried to the year 2013, if necessary; but we expect to pay it off with the larger bond or from cash donations. APIA Resolution No.,1097 states that any costs that are incurred now can be paid from this bond issue and will later be reimbursed from the larger bond issue. -4- South Bend Redevelopment Commission Regular Meeting - September 18, 1992 c. continued... Ms. Auburn noted that the College Football Hall of Fame is an economic development project and not just an entertainment project. It will generate income and jobs. Mr. Faccenda, speaking strictly as a citizen of South Bend, stated that he feels this project is one of the most attractive things that has happened in South Bend in twenty -five years. It will be tremendous for downtown development. South Bend is uniquely able to serve the Hall of Fame. It would have been lost in the cities which competed with South Bend for it. People will think of South Bend and think of the College Football Hall of Fame. Upon a motion by Mr. Donoho, seconded by Mr. Piasecki and unanimously carried, the Commission approved Resolution No. 1097 establishing its intent to issue Redevelopment District Tax Increment Revenue Bonds and authorizing the reimbursement of the Commission and the City of South Bend for payments of certain preliminary expenses incurred prior to the issuance of such Redevelopment District Tax Increment Revenue Bonds out of the proceeds of the bonds. d. Commission approval requested for Resolution No. 1098 authorizina the issuance of Tax Increment Revenue Bonds of the Redevelopment District of the City of South Bend, Indiana, for the purpose of raising money for Redevelopment Purposes in the South Bend Central Develooment Area, South Bend Allocation Area No. 1A. Upon a motion by Mr. Piasecki, seconded by Mr. Faccenda and unanimously carried, the Commission approved Resolution No. 1098 authorizing the issuance of Tax Increment Revenue Bonds of the Redevelopment District of the City of -5- COMMISSION APPROVED RESOLUTION NO. 1097 ESTABLISHING ITS INTENT TO ISSUE REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS AND AUTHORIZING THE REIMBURSEMENT OF THE COMMISSION AND THE CITY OF SOUTH BEND FOR PAYMENTS OF CERTAIN PRELIMINARY EXPENSES INCURRED PRIOR TO THE ISSUANCE OF SUCH REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OUT OF THE PROCEEDS OF THE BONDS COMMISSION APPROVED RESOLUTION NO. 1098 AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS OF THE REDEVELOPMENT DISTRICT OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF RAISING MONEY FOR South Bend Redevelopment Commission Regular Meeting - September 18, 1992 d. continued... South Bend, Indiana, for the purpose of raising money for Redevelopment Purposes in the South Bend Central Development Area, South Bend Allocation Area No. 1A. a. Commission approval requested for Resolution No. 1096 setting the Fair Market Re -Use Value for property in the Studebaker Corridor Development Area. Mrs. Kolata noted that we are ready to offer three disposition parcels for sale in the Studebaker Corridor Development Area. Parcel 4 is between Franklin, Broadway, Lafayette, and Stull and has a re -use value of 14,100; Parcel 20 is at the corner of Main and Stull and has a re -use value of $23,100; Parcel 6 is the former Southern Hotel and, when the hotel is demolished, the site will have a re -use value of $7,600. We will be putting these properties out for bid, publishing on September 25 and October 2 and receiving bids in mid - October. Upon a motion by Mr. Piasecki, seconded by Mr. Donoho and unanimously carried, the Commission approved Resolution No. 1096 setting the Fair Re -Use Value for property in the Studebaker Corridor Development Area. 7. PROGRESS REPORTS Mrs. Kolata reported that the demolition contract for the Avanti Building has been awarded. Demolition should begin within the next two weeks. Bids will be received at the Board of Public Works for the demolition of other buildings in the Studebaker Corridor on September 21. Mrs. Kolata reported that we are doing some concrete work and landscaping in the block along Lincolnway in Monroe Park where the Housing Development Corporation has done significant rehab. We are putting a central parking area behind the structures. When that is complete we will be landscaping the houses. -6- REDEVELOPMENT PURPOSES IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA, SOUTH BEND ALLOCATION AREA NO. lA COMMISSION APPROVED RESOLUTION NO. 1096 SETTING THE FAIR RE -USE VALUE FOR PROPERTY IN THE STUDEBAKER CORRIDOR DEVELOPMENT AREA PROGRESS REPORTS South Bend Redevelopment Commission Regular Meeting - September 18, 1992 7. PROGRESS REPORTS (Cont.) Mrs. Kolata reported that we have had some inquiries and interest, both industrial and corporate, for the Airport 2010 area. 8. NEXT COMMISSION MEETING The Next Meeting of the Redevelopment Commission is scheduled for October 2, 1992, at 10:00 a.m. 9. ADJOURNMENT There being no further business to come before the Redevelopment Commission, Mr. Faccenda made a motion that the meeting be adjourned. Mr. Donoho seconded the motion and the meeting was adjourned at 10:35 a.m. LC-c. P, /) - Paula N. Auburn, President -7- NEXT COMMISSION MEETING ADJOURNMENT Ann E. Kolata, Director