HomeMy WebLinkAbout2008-02-20 Redevelopment Authority MinutesSOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
February 20, 2008 1308 County-City Building
1:30 p.m. 227 West Jefferson Boulevard
Presiding: Jose Alvarez South Bend, IN 46601
The February 20, 2008 Regular Meeting of the Redevelopment Authority was called to order at
1:35 p.m. by its President, 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. Don Inks, Director of Economic Development
Mrs. Jenny Hullinger, Recording Secretary
Mr. John Murphy, Assistant City Controller
Others Present: Ms. Allison Sell, Legal Counsel
2. APPROVAL OF MINUTES
Approval of the minutes of February 6, 2008
Upon a motion by Ray Thomas, seconded by Jose Alvarez, the Authority approved
the Minutes of the Regular Meeting of February 6, 2008.
3. NEW BUSINESS
Certification of the South Bend Redevelopment Authority concerning Insurance
and Tax Liability -Blackthorn Golf Course Project.
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
the Certification of the South Bend Redevelopment Authority concerning
Insurance and Tax Liability for Blackthorn Golf Course Project.
b. Certification of the South Bend Redevelopment Authority concerning Insurance
and Tax Liability -Century Center Project.
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
the Certification of the South Bend Redevelopment Authority concerning
Insurance and Tax Liability for Century Center Project.
Certification of the South Bend Redevelopment Authority concerning Insurance
and Tax Liability -College Football Hall of Fame.
The South Bend Redevelopment Authority
February 20, 2008 Meeting Minutes
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
the Certification of the South Bend Redevelopment Authority concerning
Insurance and Tax Liability for College Football Hall of Fame.
d. Certification of the South Bend Redevelopment Authority concerning Insurance
and Tax Liability -Morris Performing Arts Center Project.
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
the Certification of the South Bend Redevelopment Authority concerning
Insurance and Tax Liability for Morris Performing Arts Center Project.
Certification of the South Bend Redevelopment Authority concerning Insurance
and Tax Liability -South Bend Central Development Area Public Improvement
Project.
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
the Certification of the South Bend Redevelopment Authority concerning
Insurance and Tax Liability for South Bend Central Development Area Public
Improvement Project.
f. Authority approval requested for Engagement Letter to Serve as Bond Counsel for
Issuance of South Bend Redevelopment Authority Lease Rental Revenue
Refunding Bonds of 2008 (Morris Performing Arts Center Project)
Mr. Inks said the Engagement Letter is for Baker and Daniels to serve as Bond
Counsel related to the Refunding Bonds for the Morris Performing Arts Center.
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority approved
the Engagement Letter to Serve as Bond Counsel for Issuance of South Bend
Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2008
(Morris Performing Arts Center Project)
g. Authority approval requested for Ratification of Board of Public Works approval
for Financial Consultant Services (Crowe Chizek & Co. for 1998 EDIT and 2001
COIT Bond Refunds)
Mr. Inks said this is an engagement letter for Crowe Chizek to serve as financial
counsel for the same bond issue. This letter has already been approved by the
Board of Public Works because it covered two separate bond issues: 1998 EDIT
Bonds (the Morris Performing Arts Bonds) and the 2001 COIT Bonds. We are
requesting the Authority to ratify the engagement letter, recognizing that the
Board of Public Works has already approved it.
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The South Bend Redevelopment Authority
February 20, 2008 Meeting Minutes
Upon a motion by Mr. Thomas, seconded by Mr. Alvarez, the Authority ratified
the Board of Public Works approval for Financial Consultant Services (Crowe
Chizek & Co. for 1998 EDIT and 2001 COIT Bond Refunds)
h. Authority approval requested for Resolution No. 164 approving the sale of the
South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of
2008 (Morris Performing Arts Center Project) and Approving the Execution of an
Addendum to the Lease between the Authority and the South Bend
Redevelopment Commission for the Morris Performing Arts Center Project and
other related matters.
Mr. Inks said Resolution No. 164 approves the sale of the bonds that was to take
place this morning. Mr. John Murphy said our Bond Counsel stated there is some
reluctance in the market at this time, so there were no bidders today on the bonds.
He wants to leave the bonds out until next week to see if we can find a buyer.
Bond counsel is projecting around a $450,000. in savings on the bonds. Ms.
Allison Sell said if a buyer is not found on Thursday then perhaps next week After
the bonds are sold then we will need a special meeting to approve Resolution No.
164 and the Addendum. The final figures cannot be put into the resolution until
after the bonds are sold.
Mr. Alvarez asked if the rate on the bonds would be under 8%, and Mr. Inks said
that is the maximum rate, but the rate of the bonds should be around 3 '/4 to 5%.
Ms. Sell said the rates are looking good, we just need a buyer. Mr. Inks said the
bond markets are doing some strange things these days but he still thought we
could sell the bonds at a good rate.
4. NEXT MEETING DATE: March 5, 2008
5. ADJOURNMENT
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There being no further business to come before the Redevelopment Authority the meeting
was adjourned at 2:10 p.m.