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Home My WebLink About1991-11-01 Minutes~• i SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING ' November 1, 1991 1200 County-City Building 10:15 a.m. 227 W. Jefferson Boulevard Presiding: Joseph Wroblewski South Bend, Indiana 46601 President The November 1, 1991, Special Meeting of the Redevelopment Authority was called to order at 10:18 a.m. by its President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL 2. Members Present: Members Absent: Legal Counsel: Redevelopment Staff: Others: APPROVAL OF MINUTES Mr. Joseph Wroblewski, President Mr. Donald Fewell, Secretary Mr. Andre Gammage, Vice President Mr. Richard A. Nussbaum, III Mrs. Ann Kolata, Director Mrs. Martha Lantz, Recording Secretary. Mr. Don Porter, South Bend Tribune Mr. Thom Howell, U-93 a. Approval of Minutes of the Special Meeting of Friday, October 18. 1991. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Special Meeting of Friday, October 18, 1991. 3. NEW BUSINESS a. Staff report on acquisition of property in the Airport Economic Development Area. Mrs. Kolata reported that we have received a counter offer from Ray and Justine DeMaegt in the amount of $9,500 per acre for the property located at 5603. W. Old Cleveland Road. The property is 83.9 acres, so the total offer is $797,050. There are a number of conditions attached to the offer: 1) closing will take place by November 15, 1991; 2) the Authority will pay actual, reasonable relocation expenses for personal property located on the property; 3) the Authority will allow the ti • South Bend Redevelopment Authority Special Meeting - November 1, 1991 3. NEW BUSINESS (Cont.) a. continued... DeMaegt's to remove top soil and gravel from the property until April 30, 1992. They will need to notify Redevelopment staff of the location from which they are removing the top soil and gravel and the amount they are planning to take, prior to removal; 4) the property will be completely vacated by April 30, 1992; 5) the Authority and its representatives may enter the property immediately for planning and implementing its Development Plan; 6) the Authority will lease the house on the property to a tenant with the provisions that the tenant will not be eligible for any relocation benefits; 7) the tenant must vacate the property by April 30, 1992; 8) the tenant must sign a lease with the Authority indicating these conditions. The tenant will be allowed to occupy the property rent free under these conditions; 9) the DeMaegts will have salvage rights to the house. .Mrs. Kolata noted money will be put . first of the year, closing. that approximately one half of the in an escrow account until after the paying one half to the DeMaegts at Mrs. Kolata noted that the DeMaegts do not live on this property, although they have machinery and equipment stored on the property. They did have a tenant in the house and the tenant has been relocated by the department. Mrs. Kolata noted that the staff recommends. accepting the counter offer. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority accepted the counter offer from Ray and Justine DeMaegt in the amount of $797,050 for property located at 5603 W. Old Cleveland Road. b. Authority approval recruested for Resolution No. 44 authorizing the issuance of the South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Coveleski Stadium Refunding) and other related matters. Mrs. Kolata explained that Resolution No. 44 proceeds with a number of actions related to the refinancing of the stadium. It authorizes the Authority to issue bonds in an amount not to exceed $4,350,000. It refers to a trust agreement which has a final maturity date of no -2- South Bend Redevelopment Authority Special Meeting - November 1, 1991 3. NEW BUSINESS (Cont.) b. continued... later than March 1, 1997. It has a maximum rate of interest of 8s and a maximum underwriter's discount of 3/4%. The bonds may be redeemed early without penalty. A preliminary Official Statement is an attachment to t-he resolution. Both the Trust Agreement and the Official Statement are being approved by the Authority in substantially the form presented today. The bonds will be sold at a private, negotiated sale at a price of 99.25°s of par plus accrued interest. The Trust Agreement is with Norwest Bank, as it was for. the previous refunding. Mrs. Kolata noted that the prime rate has decreased since we first looked at refinancing and we could realize greater savings that we first anticipated. The pricing of the bonds is scheduled for November 12. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved Resolution No. 44 authorizing the issuance of the South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Coveleski Stadium Refunding) and other related matters. 4. APPROVAL OF CLAIMS 1990 SBCDA Public Improvement Project Michiana Lock & Key $ 57.98 South Bend Water Works 45.20 Total 1991 SBCDA Public Improvement Project $ 103.18 1991 Airport Taxable Bond John & Betty Pendl and John Lenick $ 1,489.50 Rita Freel 225.00 Total 1991 Airport Taxable Bond $ 1,714.50 1991 Airport Tax Exempt Bond Baker & Daniels $ 1.196.07 . Total 1991 Airport Tax Exempt Bond $ 1,196.07 _3_ South Bend Redevelopment Authority Special Meeting - November 1, 1991 4. APPROVAL OF CLAIMS (Cont.) Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the claims submitted November 1, 1991. 5. ADJOURNMENT There being no further business to come before the Authority, Mr. Fewell made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and the meeting was adjourned at 10:30 a.m. • psep Wroblewski, President (~ li`-' Ann E. Kolata, Director -4-