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SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
January 29, 1991 1200 County-City Building
11:00 a.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana 46601
President
The January 29, 19910, Special
Authority was called to order
Joseph Wroblewski. There was
Meeting of the Redevelopment
at 11:15 a.m. by its President,
a quorum present.
1. ROLL CALL
Members Present:
Members Absent:
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Legal Counsel:
Redevelopment Staff:
Media:
Mr. Joseph Wroblewski, President
Mr. Don Fewell, Secretary
Mr. Andre Gammage, Vice-President
Ms. Jenny Pitts Manier
Mrs. Ann Kolata, Director
Mrs. Cheryl Phipps, Office Manager
Mr. Thom Howell, U-93
2. APPROVAL OF MINUTES
a. Approval of Minutes of the Special Meeting of Tuesday,
January 15, 1991
Upon a motion by Mr. Fewell, seconded and unanimously
carried, the Authority approved the Minutes of the
Special Meeting of Tuesday, January 15, 1991.
3. NEW BUSINESS
a. Authority approval requested for Resolution No. 32
reducing the annual rentals on the Lease for the Airport
Economic Development Area Public Improvement Project,
approving the execution of an Addendum to the Lease,
ratifying the selection of a successful bidder and the
terms of the bonds, and regarding other related matters.
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Mrs. Kolata noted that the bond sale for the taxable and.
tax exempt bond issues was held on January 22nd.
Resolution No. 32 ratifies and approves the award of the
taxable bonds to Nuveen and Company in the amount of
$4,200,000 at a price equal to $4,116,000 and a net
interest rate of 9.61610 and ratifies and approves the
award of the tax exempt bonds to Merrill Lynch Company in
the amount of $2,355,000 at a price equal to
$1,307,997.25 with a net interest rate of 7.0486%.
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South Bend Redevelopment Authority
Special Meeting - January 29, 1991
3. NEW BUSINESS
a. continued...
The lease/rental amounts had been set at a high rate in
the Lease. As a result of the sale, it is now necessary
to approve the execution of an Addendum to the Lease,
reflecting the actual lease payment schedules.
Mrs. Kolata also noted that we expect to close on the
taxable bond issue on February 7th. No closing date has
been set for the tax exempt bond issue. Based on IRS
rules, it will probably be approximately one month after
the closing for the taxable bond.
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski
and unanimously carried, the Authority approved
Resolution No. 32 reducing the annual rentals on the
Lease for the Airport Economic Development Area Public
Improvement Project, approving the execution of an
Addendum to the Lease, approving the selection of a
successful bidder and the terms of the bonds, and
regarding other related matters.
• b. Authority approval requested for Resolution No. 33
establishing and adopting a procedure for the purchase of
property needed or considered useful in connection with
any redevelopment project or purpose of the South Bend
Redevelopment Commission.
Mrs. Kolata asked that this item be tabled until the next
meeting of the Redevelopment Authority. There was no
objection and item 3.b. was tabled.
4. ADJOURNMENT
There being no further business to come before the
Redevelopment Authority, Mr. Fewell made a motion that the
meeting be adjourned. Mr. Wroblewski seconded the motion and
the meeting was adjourned at 11:24 a.m.
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J e Wroblewski, President Ann E. Kolata, Director
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