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HomeMy WebLinkAbout1988- 06-08 Minutes,_. SOUTH BEND REDEVII~OPMENT AUTHORITY • SPECIAL MEETING July 8, 1988 1200 County-City Building 8.30 a.m. 227 W. Jefferson Boulevard South Bend, Indiana 46601 The July 8, 1988 Special ;Meeting of the Redevelopment Authority was called to order at 8:45 a.m. by its President, Thomas J. Varga, Jr. There was a quorum present. 1. Roll Call Members Present: Mr. Thomas J. Varga, Jr. Mr. Chris Davey Mr. Joseph Wroblewski Legal Counsel: Ms. Jennifer Pitts Manier Redevelopment Staff: Mrs. Ann Kolata, Deputy Executive Director Mrs. Cheryl Phipps, Office Manager • 2. Approval of the Minutes of the Special Meeting of June 17, 1988 Upon a motion by Mr. Wroblewski, seconded by Mr. Davey and unanimously carried, the Authority approved the Minutes of the Special. Meeting of June 17, 1988. 3. .Adoption of Resolution No. 9, a Resolution of the South Bend Redevelopment Authority approving an Official Statement relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Project) and authorizing distribution of information. Mrs. Kolata explained that the Official Statement contains a summary of the Notice to Sell the bonds, the official Notice, attachments which. describe the lease between the Redevelopment Commission and Redevelopment Authority, the Trust Agreement with First Interstate Sank and what accounts will be set up, etc.. It provides information on the project itself and how the bond proceeds will be. used. It also provides information on where potential bidders can obtain additional information on the bond issue. The contact for that purpose is Springsted Inc. Mrs. Kolata noted that the Official Statement indicates in one place that funds for payment of the lease will be generated by property taxes collected by the Redevelopment Co~unission. But under the Security and Financing section it indicates that the Commission intends to reduce tax levies to the extent funds are available from the three primary sources intended to be used to pay the lease. It states that sufficient funds are expected to be • available from these sources to make the payments without taxation. This reassures the bidders of the low risk they are taking in buying the bonds. South Bend Redevelopment Authority Special Meeting - July 8, 1988 3. Continued... The Official Statement does not set an exact date for sale of the bonds. It gives an anticipated date of July 26 at 12:00 noon. It .requires all interested bidders to submit their qualifications and background by 10:00 a.m. on July 19. They will then be given at least 24 hours notice of the exact sale date. Mrs. Kolata noted that two paragraphs were telefaxed to us last night to add to the Official Statement for .the parking facility. The first points out the risk factor if the garage is not completed. The other includes more detail as to-what is; included in the project cost and indicates who was awarded the contract for construction. There is also a correction to the statement "a Notice to Proceed with construction of the facility is expected to be given no later than July 19" should read "no earlier than July 19, 1988." She indicated that these changes will be made to the final version of the Official Statement. Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously carried, the Authority adopted Resolution No. 9 approving an Official Statement. relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds for the Parking Facility Project and authorizing distribution of information. • 4. Adoption of Resolution No. 10, a Resolution of the South Bend Redevelopme Authority approving an Official.Statement relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Coveleskl Stadium Project) and authorizing distribution of information. Mrs. Kolata noted that this resolution authorizes the same type of documents as Resolution No. 9, including the Official Statement for the stadium financing. She noted that there are several word processing errors which will be corrected in the final version, including references to the parking facility instead of the stadium. Upon a motion by Mr'. Wroblewski, seconded by Mr. Donoho and unanimously carried, the Authority adopted Resolution No. 10 approving an Official Statement relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Coveleski Stadium Project) and authorizing distribution of information. 5. Other Mrs. Kolata noted that, at the Bond Sale, Springsted, Inc. will run the numbers through their St. Paul, Minnesota, office to verify the accuracy of the low bid before it is awarded. J ~ . . • South Bend Redevelopment Authority Special Meeting - July 8, 1988 6. Adjournment There being no further business to come before the Authority, Mr. Wroblewski made a motion that the meeting be adjourned. Mr. Davey seconded the motion and. the meeting was adjourned at 9:05 a.m. Thomas Va a, Jr., President Ann Kolata, puty Executive Director :]