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HomeMy WebLinkAbout1990-02-16 Minutes.:,.,...._~_ .._..,,y • ~7W yll UGLYL R~P~ V J~J..1/ll'.IGLV 1 L7V 11NiV.1 I. SPECIAL MEETIl~TG February 16, 1990 9:00 a.m. Presiding: Joseph Wroblewski President 1200 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 The February 16, 1990, Special Meeting of the Redevelopament Authority was called to order at 9:05 a.m. by its President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL Members Present. Redevelopment Staff: Media: 2. APPROVAL OF NBNCJTFS Mr. Joseph Wroblewski, President Mr. Don Fewell, Vice President Mr. George McCullough, Secretary/Treasurer Ms. Carolyn Pfotenhauer Mrs. Ann Kolata, Director Mrs. Martha Lantz, Recording Secretary Mr. Don Porter, South Bend Tribune Mr. Than Howell, U-93 Ms. Judy Peters, WSBT Ms. Lynne Zalewski, WSBT a. Approval of Minutes of the Special Meeting of Thursday January 11 1990. Upon a motion by Mr. McCullough, seconded by Mr. Fewell and unanimously carried, the Authority approved the Minutes of the Special Meeting of Thursday, January 11, 1990. b. Approval of Minutes of the Special Meeting of Wednesday, January 17 1990. Upon a motion by Mr. McCullough, seconded by Mr. Fewell and unanimously carried, the Authority approved the Minutes of the Special Meeting of Wednesday, January 17, 1990. 3. OLD BUSINESS a. Mrs. Kolata asked that this item be continued until the next meeting. Since the Penneys Building has been sold, we are now negotiating with. the present owners. There was no objection and item 3.a. was continued until the next meeting. South Bend Redevelopmment Authority. Special Meeting -February 16, 1990 3. OLD BUSINESS (Cont.) b. Authority approval requested to hire Lawson-Fisher Associates for engineering services related to the design of the Rink Riverside Walkway and for improvements to the West Bank Lighting between LaSalle Street and Monroe Street. Mrs. Kolata noted that the contract provides for Lawson Fisher Associates to be paid a lump sum fee of $39,710 for the design of the Rink Riverside Walkway and for the design of improvements to the West Bank Lighting between LaSalle Street and Monroe Street. The contract also specifies an hourly rate for additional services, such as construction supervision, to a maxiYmun of $9,930. Mrs. Kolata noted that we expect to have our Engineering Department do the construction supervision and should not need the additional services of the contract. The Engineering Department has reviewed the contract and is comfortable with it. Upon a motion by Mr. Fewell, seconded by Mr. MoCu7.lough and unanimously carried, the Authority approved the contract with Lawson-Fisher Associates for engineering services related to the design of the Rink Riverside Walkway acid for improvements to the West Bank Lighting between LaSalle Street and Monroe Street for an amount of $39,710. 4. NEW BUSIlVESS • a. Authority approval requested to hire First Interstate Bank as bond trustee for the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public. Improvement Project.) Mrs. Kolata noted that seven banks responded to our Request for Proposals to serve as bond trustee for the 1990 TIF Bond. Mrs. Kolata, Ms. Hickey, Ms. Pfotenhauer, and Mr. Richard Hill., serving as bond counsel, reviewed all of the proposals and came to a unanimous decision that the proposal of First Interstate Bank was the best offer. Their fees were the lowest for each of the services provided. Also, since they are a local bank, disbursement of the bond proceeds will be easier since claims can be taken to them rather than mailed. Upon a motion by Mr. McCullough, seconded by Mr. Fewell and unanimously carried, the Authority approved the hiring of First Interstate-Bank as bond trustee for the South Bend Redevelo~:anent Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project.) b. Authority aupraval requested for Resolution No. 16, a resolution of the South Bend Redevelopment Authority approving modifications to and execution of a lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission .for certain land and public improvements, and regarding other related matters. Mrs. Kolata noted that at their November 16, 1989, meeting, the Authority approved a proposed lease. The lease was not executed at that time. South Bend Redevelopment Authority. • Special N~eting - February 16, 1990 4. NEW BUSINF55 (Cont.) b. continued... Resolution No. 16 acl~owledges that there are modifications to that lease and authorizes execution of the lease as modified. On February 1, 1990, the State Tax Board approved the bond issue.. The modifications to the lease were minor and do not change the intent of the lease. Upon a motion by Mr. Fewell, seconded by Mr. McCullough and unanimously carried, the Authority approved Resolution No. 16, approving modifications to and execution of a lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Connnission for certain land and public improvements, and regarding other related matters. c. Authority approve]. requested for Resolution No. 17, a resolution of the South Bend Redevelopment Authority, authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement.Project). Mrs. Kolata explained that Resolution No. 17 acl~owledges that the Authority intends to issue bonds in the amount of $4,895,000, that the Authority intends to lease the project to the Redevelo~nent Carmnission according to the term.5 of the lease, that the Authority has been provided a form of Trust • Agreement between the Authority and First Interstate Bank specifying the funds that are to be set up and haw the bond money is to be handled. The resolution limits the interest rate of the bonds to 8 1/2 percent per year and contains a maturity schedule for the bonds. die resolution also authorizes the Secretary of the Authority to publish a notice to sell the bonds in the South Bend Tribune, the Tri-County News, and the Indianapolis Star. A notice of the sale or a sunttnary may be published in Credit Market, a financial journal in New York. Our financial consultant will also notify others whom he thinks would be interested in our bond. Mrs. Kolata noted that the Trust Agreement will not be signed today, but it will be signed at the bond closing. Mrs. Kolata explained that anyone interested in submitting a bid on the bonds will notify us of their interest by a certain date. They will not submit their bid at that time. We will then have thirty days to specify the date of the bond sale. That will allow us scene flexibility to observe the market and pick a good date for the bond sale. We will notify the interested parties of the date of the bond sale, giving about a week's notice. Mrs. Kolata noted that Resolution No. 17 also provides that if the President and Secretary of the Authority determine that the conditions of the market at the time of the sale are such that the Authority is able to f:iriance the projects by issuing bonds in an amount less than $4,895,000, then the bond size will be reduced. • Mr. McCullough asked haw we will know if the projects can be done for a smaller amount. Mrs. Kolata responded that we will have a better idea after • South Bend Redevelopmezlt Authority Special N~eting - February 16, 1990 4. NEW BUSINESS (Cont.) c. continued... February 26th when all construction bids are in. We are planning to publish the Notice of Intent to sell bonds on March grid and March 9th. We must have an Official Statement prior to publishing Notice of Intent to sell the bonds and that is being prepared. Mr. Fewell asked who is charged with assessing the financial market. Mrs. Kolata responded that the Financial Advisor, Springsted, Inc., will assess the market. They have been fly aggressive in our past bond sales in getting bidders for the sale. The rates are more ccampetitive when there are more bidders. Upon a motion by Mr. Fewell, seconded by Mr. McCullough and unaninioiasly carried, the Authority approved Resolution No. 17 authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Developanexit Area Public Improvement Project. ) 5. There being no further business to ovine before the Authority, Mr. McCullough made a motion that the meeting be adjourned.° Mr. Fewell seconded the motion and the meeting was adjourned at 9:25 a.m. p W. Wroblewski, President J Ann E. Kolata, Director •