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HomeMy WebLinkAbout1990-03-27 Minutes • • SOUTH BEND RIDEVELOPMENT AU1'fiORITY SPECIAL MEETIl~TG March 27, 1990 12:00 noon Presiding: Joseph Wroblewski President 1200 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 The March 27, 1990, Special Meeting of the Redevelopment Authority was called to order at 12:00 noon by its President, Joseph Wroblewski. There was a quorum present. 1. Roll Call Members Present: Mr. Joseph Wroblewski, President Mr. Don Fewell, Vice President Members Absent: Mr. Geonde McCullough, Secretary/Treasurer Legal Counsel: Ms. Carolyn Pfotenhauer Redevelopment Staff: Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Mr. Larry Koepfle, Economic Dev. Specialist Ms. Hedy Robinson, Econamic Dev. Specialist Media: Mr. Don Porter, South Bend Tribune Mr. Mark Peterson, WNL7CT~I'V Mr. Kevin Bans, WNDU-'I'~1 Others: Mr. Richard Treptow, Springsted, Inc. Mr. Richard Hill, Parker & Jaicomo Mr. John Leisenring, Deputy Controller Mr. Steve White, Auditor Mr.. Jeff RinaYtl, Deputy Controller's Office Mr. Joseph Garrett, City Securities Corp. 2. Opening and award of bids for the South Bend Redevelopment Authority Lease Rental Revenue Bonds LSouth Bend Central Development Area Public Improvement Proms). Mrs. Kolata introduced Mr. Richard Treptow, financial advisor for the bond issue and asked him to preside over the bid opening. Mr. Treptow reported that there were four bids for the Redevelopment Authority $4,895,000 Lease Rental Revenue Bonds of 1990. He noted that interest rates have come down over the last five years, making this a good time to be selling bonds. • Mr. Treptow noted that the Authority has received a conditional A rating from Moody's Investor Service for these bonds, which is an excellent rating. The conditional qualification is due to the fact that the projects are not yet constructed. He noted that the bonds for the St. Joseph/Wayne Parking Facility also had a conditional A rating until the garage was built, at which time the rating was changed to an A rating. -1- South Bend Redevelopment Authority Special Meeting - March 27, 1990 2. continued... Mr. Treptow explained the bidder syndicates, which represent twenty-five bond underwriters. The underwriters are grouped into four bidding accounts, called syndicates. Mr. Treptow opened the bids and reported as follows: Bidder Merchants National Bank INB National Bank Bank One, Indianapolis, N.A. PNC Lpuisville Northern Trust Co. of Chicago Net Interest Net Interest Dollar Cost Rate $5,967,437.92 7.425034% Clayton Brown & Assoc. Inc. $5,989,715.03 7.4527% Blunt Ellis & Loewi, Inc. Griffin, Kubik, Stephens & Thompson Dean Witter Reynolds Inc. $5,957,383.83 7.4125% Prudential Bache Securities • Shearson Lehman Hutton Merrill Lynch Capital Markets Traub and Company Raffensperger, Hughes, & Co., Inc. McDonald and Company A.G. Edwards and Sons Inc. Cronin & Co. Inc. Roney & Co. (Hutchinson, Shockey, Erley & Co.) I~ LJ John Nuveen & Co. Inc. $5,910,488.59 7.3541 City Securities Corp. & Assoc. Smith Barney, Harris Upham & Co. Stmrac~as & Company, Inc• The Ohio Company David A. Noyes & Co. Mr. Treptow annrnuzced that the apparexit law bidder, based on the lowest dollars of interest cost over the life of the issue, was the syndicate headed by John Nuveen & Co. Inc. Mr. Treptow called the bid into Springsted's home office to verify the mathematical accuracy and confirmed the low bid to be that of John Nuveen & Co. Inc. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority awan~ed the bid to John Nuveen & Co. Inc. and City Securities Corp. & Assoc. -2- • South Bend Redevelopment Authority Special Meeting - ~ 27, 1990 3. Other Mrs. Kolata noted that the next Redevelopment Authority meeting will be held at 4:00 p.m., Marsh 29, 1990. At that time the Authority will amend the Lease to bring it into line with the award made today, approve the final Trust Agreement, and attend to other matters related to the bond issue. 4. Adiourrnnent There being no further business to come before the Authority, Mr. Wroblewski made a motion that the meeting be adjourned. Mr. Fewell seconded the motion and the meeting was adjourned at 12:16 p.m. • U p W. Wroblewski, President ~~ ~ i ~~ Ann Kolata, hector -3-