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HomeMy WebLinkAbout1989-12-14 MinutesC_.._.__. ._ .. 3 ' ~l~J It1 DP~LVL iV.:1Lf..1 V 1:IJ..1~J11'1LJL71 L]AJ 111vi~.L I i SPECIAL, N~TG December 14, 1989 1200 County-City Bldg. 4.00 p.m. 227 W. Jefferson Blvd. Presiding: Joseph Wroblewski South Bend, IN 46601 Vice President The December 14, 1989, Special Meeting of the Redevelopment Authority was called to order at 4:00 p.m. by its Vice President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL Members Present: I~gal Cotu~sel: Redevelopment Staff: Others: Mr. Joseph Wroblewski, Vice President Mr. Chris Davey, Secretary/Treasurer Ms. Carolyn Pfotenhauer Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Mr. Pat Brown, Site5capes 2. APPROVAL OF NQN[JTF~S a. Approval of Minutes of the Special Meet~rig of November 16, 1989. • Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Special Meeting of November 16, 1989. 3. OLD BUSINESS a. Mrs. Kolata asked that this item be continued until the next meeting. There are same issues which are still being negotiated. There was no objection and item 3.a. was continued until the next meeting. b. Authority authorization requested to hire financial advisor for the. South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Proiect). Mrs. Kolata noted that Springsted, Inc. has been the financial advisor to the Redevelopment Commission since 1985 and has worked on all of the bond issues in the South Bend Central Development Area. Since the Redevelopment Authority is the body which is issuing the bond, we are asking the Authority to hire the financial consultant. Springsted will do the financial analysis and handle all matters necessary to sell the bond, including preparation of the Official Stateamerit, the . Notice to Bidders, and conducting the bond sale. -1- South Bend Redevelopment Authority • Special Meeting.- DeceYnbex 14, 1989 3. OLD BUSINESS (Cont.) b. continued... The fee schedule is based on an hourly rate plus expenses, not to exceed $30,000. Mrs. Kolata noted .that this bond issue is fairly ccmplicated and may require mere than the estimated hours. If the fee will be higher than $30,000, Springsted will seek an amenchnent to the contract. Mr. Davey asked if consultants bid on this contract. Mrs. Kolata explained that when we did our first bond, we did go out for proposals. At that time, our criteria was to find someone who had done a tax increment bond in another state, since ours was the first in Indiana. Springsted, a Minneapolis firm, was experienced in TIF bonds. They have since opened an office in Indiana and we have worked with them on our subsequent bonds. 'This bond is carnplicated because we have three revenue bonds and the parking garage which are financed frcan the same tax increment. This bond will have to fit in with those. Their projections of reverYUe have been very close on other bonds. Mr. Davey asked if $30,000 is a reasonable fee. Mrs. Kolata responded that they had asked a significantly higher fee and we have negotiated i it dawn to $30,000. We feel this is a reasonable fee due to the complexity of this bond issue. Mrs. Kolata reco4rnnended hiring Springsted because of the confidence we have in them. They do very detailed work and are very competent and we .feel. confident that we can repay the bonds without levying taxes. Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously carried, the Authority authorized the hiring of Springsted, Inc. as financial advisor for the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project). 4. NEW BUSIl~TESS a. Election of Officers Mrs. Kolata asked that the election of officers be postponed until the next meeting because of Mr. McCullough's absence and because the next meeting would be the Annual Organizational Meeting for the Authority and would require an election of officers. There was no objection and item 4.a. was postponed until the next meeting. b. Authority approval requested for Agreement with SiteScapes, Inc. for professional services related to the renovation and expansion of the Morris Civic Plaza in the South Bend Central Development Area. -2- South Bend Redevelopment Authority • Special Meeting - December 14, 1989 4. NEW BUSINESS (Cont.) b. continued... Mrs. Kolata noted that Pat Brawn of SiteScapes has been doing some design work for the redesign of the park in front of the Morris Civic Auditorium. In order to be ready for the Board of Public Works to put the work out for bid on the bond schedule, Mr. Brawn needs to provide the specifications for construction. He needs a contract to do this work. The contract covers two phases: preparation for the design and construction doc~unents at a cost of $27,000 and supervision of the construction at a cost of $6,100. If this project would be eliminated from the bond because construction estimates carne in too high, we would not be obligated for the construction phase. Mr. Davey asked haw SiteScapes was chosen for this project. Mrs. Kolata responded that Mr. Brown had volunteered to do some preliminary design on this project at a nominal charge to the Carrnnission. She noted that we have several design jobs in progress right now and have awarded them to different firms. Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Agreement with SiteScapes, Inc. for professional services related to the renovation and expansion of the Morris Civic Plaza in the South Bend Central Development Area. 5. There being no further business to carne before the Authority, Mr. Davey made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and the meeting was adjourned at 4:40 p.m. e'? i , l c f ~~ ~y6 . W C. J lewski, Vice President Ann ~ Kolata, Director C7 -3-