HomeMy WebLinkAbout2008-01-16 Redevelopment Authority MinutesSOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
January 16, 2008 1308 County-City Building
1:30 p.m. 227 West Jefferson Boulevard
Presiding: Jose Alvarez South Bend, IN 46601
The January 16, 2008 Regular Meeting of the Redevelopment Authority was called to order at
1:30 p.m. by Jose Alvarez. There was a quorum present.
1. ROLL CALL
Members Present: Mr. Jose Alvarez, President
Ms. Carolyn V. Pfotenhauer, Vice President
Mr. Ray Thomas, Secretary
Redevelopment Staff: Mr. Bill Schalliol, Economic Development Specialist
Mrs. Jenny Hullinger, Recording Secretary
2. APPROVAL OF MINUTES
Approval of the minutes of the Annual Organizational Meeting of January 2, 2008
Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and
unanimously carried, the Authority approved the Minutes of the Annual
Organizational Meeting of January 2, 2008.
b. Approval of the Minutes of the Special Meeting of January 2, 2008.
Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and
unanimously carried, the Authority approved the Minutes of the Special Meeting
of January 2, 2008.
3. NEW BUSINESS
Redevelopment Authority Approval requested to adopt Resolution No. 162
authorizing the Refunding of the Lease Rental Revenue Bonds of 1998 (the "1998
Bonds") and approving the form of Bond Documents and Authorizing the
Execution of a bond purchase agreement and distribution of an official statement.
Ms. Allison Sell, of Baker and Daniels, said the bonds were for the Morris Civic
and the Palais Royale. The bonds originally were for $13,300,000. and as of
February 1, 2008 the outstanding amount will be $8,200,000. This resolution sets
forth the perimeters of the refunding, which will be an aggregate principal amount
not to exceed $8,000,000. The maximum interest rate is set at 6%. The final
maturity date will be no later than February 1, 2017, which is the same as the 1998
financing. The bonds are not subject to optional redemption prior to maturity,
which is typical of a financing of less than ten years. They mature on February 1,
The South Bend Redevelopment Authority
January 16, 2008 Meeting Minutes
and August 1, 2017
The financing bill will occur by negotiated sale with the underwriter, 7.P. Morgan
Securities. The net present value of savings will be approximately 5%, which
equates to between $430,000 and $450,000.
Mr. Schalliol said that from an annual savings perspective over the next nine years
there will be about $970,000. worth of savings, about $100,000. per year. Ms.
Pfotenhauer asked if the figures quoted take into consideration the costs involved
in refinancing, and Ms. Sell said they did. Ms. Sell said the bonds will be sold in
February and close in February if the market conditions are similar.
Upon a motion by Ms. Pfotenhauer, seconded by Mr. Thomas, the Authority
approved Resolution No. 162 authorizing the Refunding of the Lease Rental
Revenue Bonds of 1998 (the "1998 Bonds") and approving the form of Bond
Documents and Authorizing the Execution of a bond purchase agreement and
distribution of an official statement.
4. NEXT MEETING DATE: February 6, 2008
5. ADJOURNMENT
There being no further business to come before the Redevelopment Authority the meeting
was adjourned at 1:40 p.m.
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