HomeMy WebLinkAbout1989-08-29 MinutesJ
SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
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August 29, 1989 1200 County-City Building
8.OO a.m. 227 W. Jefferson Boulevard
• South Bend, Indiana 46601
The August 29, 1989 Special Meeting of the Redevelopment Authority was called to
order at 8:10 a.m. by its President, Thomas J. Varga, Jr. There. was aquorum
present.
1. Roll Call
Members Present:
Legal Counsel:
Redevelopment Staff:
Mr. Thomas J. Varga, Jr.
Mr. Chris Davey
Mr. Joseph Wroblewski
Mr. Richard A. Nussbaum II
Mrs. Ann Kolata, Director
Mrs. Martha Lantz
2. Status report on St. Joseph/Wayne Street Parking Garage-
. Mrs. Kolata reported that the parking facility will probably be open the last
week in September. The largest items that are-not complete are the elevators
in the stair towers.
Mr. Davey asked how far behind schedule the contractor is. Mrs. Kolata
responded that the original completion date was mid-May. They were granted a
one or two week extension, but are accruing a $500 per day penalty since the
end of May.
Mrs. Kolata noted-that the contractors. They have ground it smooth and are
painting the ceilings, columns and inside walls with an off-white. plaster
paint. The effect is a-very bright appearance inside.
The elevator that fronts on Wayne Street will have a glass front.. The back
.elevator will not be glass fronted. In order to make the garage accessible
for skywalks, the back elevator will have to be double sided, with a front
and back door. Double sided elevators cannot be glass.
The engineers have designed skywalks to the Penney`s building and the IBM
building. We have been meeting with the owners of those buildings to explore
the possibility of having skywalks to connect the garage to each. They .would
not be elaborate skywalks like the one between Century Center and the
Marriott Hotel. They would be 20` and 26` long and 7` wide on the inside.
They would not be heated or cooled, simply ventilated.
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The preliminary cost estimate for both skywalks was approximately $67,000. That
. includes structural changes necessary to both buildings. Neither building can
support the skywalk without structural changes.
The plans -and specifications for the skywalks will be ready in a couple of
weeks. The Authority will need to approve them before the Board of Public Works
can bid them out. We will hold another Special Meeting to take care of that
business. We hope that they can be completed by the end of the year.
Mrs. Kolata reported on the status of the retail space fronting on Wayne
Street. It will be left unfinished until tenants indicate their interest in
leasing the space. The budget for the garage allowed $150,000 for finishing the
retail space and preliminary cost estimates have come in at around $110,000.
The Redevelopment Commission will be offering it for lease in about one week.
They will offer it at aminimum per square foot price and receive proposals for
all or a portion of the space.
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The minimum rental rate for the retail space has-not been determined yet. It
could effect the tax exempt status of the garage because the retail space is
considered an unrelated use to the parking garage and a private user will
benefit. It could be tax exempt if we do not collect in rent more than 5~ of
either the principal or the interest on the bond for the life of the bond.
Market rent will put it, over the life of the bond, at at least 10~. Or, if we
spend less than 5~ of the proceeds of the bond on that space, then the bond is
still tax exempt. The $1.10,000 for finishing the space, the cost of the glass
on the front and the structural portion of the .garage used for the retail space
must all be considered in that calculation. We will-work to make sure that the
tax-exempt status of the-bonds is not jeopardized.
3. Other
There was no other business.
4. 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 9:00 a.m.
Jos ph W blewski, Vice President
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Ann Kolata, Director