HomeMy WebLinkAbout1990-11-08 Minutest
SOUTH BEND REDEVEIAPMENT AUTfiORITY
SPECIAL N~NG
November 8, 1990 1200 County-City Building
4:30 p.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana 46601
President
The November 16, 1990, Special Meeting of the Redevelopment Authority was called to
order at 4:40 p.m. by its President, Joseph Wroblewski. There was a quorum present.
1. Roll Call
Members Present:
Redevelopment Staff:
2. Approval of Minutes
Mr. Joseph Wroblewski, President
Mr. Donald Fewell, Vice President
Mrs. Ann Kolata, Director
a. Authority approval of Minutes of the Special Meeting of August 30, 1990
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously
carried, the Minutes of the Special Meeting of August 30, 1990 were
approved.
3. New Business
a.
Project.
Mrs. Kolata noted that at their August 30, 1990, meeting the Authority
approved a proposed lease. The lease was not executed at that time. Mrs.
Kolata explained that Resolution No. 25 relates to that same lease. There
have been no changes, although there will be amendments in the future
which will fill in exact rnm~bers and schedules when they are known. The
State Tax Board has given its approval for the financing and the
Commission and Authority may now execute the lease.
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously
carried, the Authority approved Resolution No. 25 approving execution of
the lease between the South Bend Redevelopment Authority and the South
Bend Redevelopment Cvrn4nission for certain land and public improvements and
regarding other related-matters in the Airport Economic Development Area
Public Improvement Project.
South Bend Redevelopment Authority
Special Meeting - November 8, 1990
3. New Business (Cont.)
b.
Rental Revenue Bonds (Airport Economic Development Area Public
Improvement Project) .
Mrs. Kolata noted that one of the provisions of the bond issue is that the
Authority will obtain title insurance for the property to be acx~uired. We
sent a copy of the lease to St. Joseph Title Company and Abstract and
Title Corp., the two c-ornpanies in South Bend that provide title
ice. We received two proposals. St. Joseph Title proposes to
charge $1.00 per $1,000 of title insurance and $200 per parcel for search.
fees. Abstract and Title Corp. proposes to charge $.95 per $1,000 of
title insurance and no search fee. Mrs. Kolata noted that prior to
today's meeting she verified with Abstract and Title that there was no
search fee. Based on those figures, the staff recorromends that the
Authority accept the proposal of Abstract and Title Corp. to provide the
title insurance.
Mrs. Kolata noted that the estimated bond size will be $5,300,000.
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously
• carried, the Authority accepted the proposal frarn Abstract and Title Corp.
to provide title insurance in connection with the South Bend Redevelopment
Authority Lease Rental Revernxe Bonds (Airport Economic Development Area
Public Improvement Project).
4 . Adiourrnnent
There being no further business to Dome before the Authority, Mr. Fewell made a
motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and
the meeting was adjourned at 4:47 p.m.
~~
W. Wroblewski, President
G~-
Ann E. Ko ata, Director