HomeMy WebLinkAbout1991-11-13 Minutess ~
SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
November 13, 1991 1200 County-City Building
1.30 p.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana 46601
President
The November 13, 1991, Special Meeting of the Redevelopment
Authority was called to order at 1:35 p.m. by its President, Joseph
Wroblewski. There was a quorum present.
1. ROLL CALL
Members Present: Mr. Joseph Wroblewski, President
Mr. Donald Fewell, Secretary
Members Absent: Mr. Andre Gammage, Vice President
Legal Counsel: Ms. Jenny Pitts-Manier
Redevelopment Staff: Mrs. Ann Kolata, Director
Mrs. Martha Lantz, Recording Secretary
• Others• Mr. Don Porter, South Bend Tribune
• Mr. Thom Howell, U-93
Ms. Anne Sherwood, WYEZ
2. APPROVAL OF MINUTES
a. A_nproval of Minutes of the Special Meeting of Friday.
November 1. 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, November 1,
1991.
3. NEW BUSINESS
a. Authority approval requested for Escrow Agreement with
Ray E and Justine DeMaeat.
Mrs. Kolata explained that the Authority approved the
counter-offer from Ray and Justine DeMaegt at the
November 1 meeting. One of the DeMaegt's provisions in
the counter-offer was that they wanted to receive a
portion of the payment in calendar year 1991 and the
other portion in calendar year 1992. This Escrow
Agreement makes Abstract and Title Corporation of South
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. .South Bend Redevelopment Authority
Special Meeting - November 13, 1991
3. NEW BUSINESS (Cont.)
a. continued...
Bend the Escrow Agent. It was prepared by the Legal
Department and meets with the approval of the title
company.
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski
and unanimously carried, the Authority approved the
Escrow Agreement with Ray E. and Justine DeMaegt.
b. Authority approval requested for Resolution No. 45
approving an Escrow Agreement and authorizing publication
of Notice of Execution and Delivery of a Contract for the
Refunding).
Mrs. Kolata noted that the pricing for the refunding of
the bonds took place on November 12. Interest rates have
dropped further. than we expected. The net interest rate
on the bond is 6.670819%. The interest rates range from
. 4.9% for bonds maturing in 1992 to 7.250 for bonds
maturing in 1997. The total cumulative savings on the
refinancing was $339,964.44. The net present value of
that is about $283,349.
Mrs. Kolata noted that this Escrow Agreement is related
to the refinancing of the Coveleski Stadium. The closing
for the new bond issue will take place and the proceeds
will be put into escrow until the call date for the
existing bond. We are not going to give notice to the
current bond holders until we have closed on this bond.
There will be about a one month period during which we
will-have both bonds. The escrow trustee will be Norwest
Bank.
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski
and unanimously carried, the Authority approved
Resolution No. 45 approving an Escrow Agreement and
authorizing publication of Notice of Execution and
Delivery of a Contract for the Purchase of the South Bend
Redevelopment Authority Taxable Lease Rental Revenue
Bonds (Coveleski Stadium Refunding).
c. Authority approval requested for Resolution No. 46
approving an Official Statement relating to the issuance
• of the South Bend Redevelopment Authority Taxable Lease
Rental Revenue Bonds (Coveleski Stadium Refunding),
ratifying the execution and delivery of the contract for
the purchase of the bonds and approving the execution of
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.,
•
South Bend Redevelopment Authority
Special Meeting- November 13, 1991
3. NEW BUSINESS (Cont.)
c. continued...
an Addendum to the Lease between the Authority and the
Redevelopment Commission for the Stanley Coveleski
Regional Stadium Facility.
Mrs. Kolata asked that this item be continued until the
next meeting of the Authority on November 15, 1991.
4. APPROVAL OF CLAIMS
Claims submitted November 13, 1991 for payment.
1990 SBCDA PUBLIC IMPROVEMENT PROJECT
South Bend Water Works $ 50.00
Gibson Insurance Agency 50.00
Code Enforcement 3,982.50
Indiana Michigan Power Company 25.82
TOTAL 1990 SBCDA PUBLIC IMPROVEMENT PROJECT $ 4,108.32
•
1991 AIRPORT TAXABLE BOND
Raymond E. and Justine DeMaegt $397,346.30
Escrow Agent-The Abstract and Title Corporation 397,346.30
St. Joseph County Treasurer 2,357.40
Rita K. Freel 850.00
Rita K. Freel 3,855.00
TOTAL 1991 AIRPORT TAXABLE BOND
$801,755.00
Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and
unanimously carried, the Authority approved the claims
submitted November 13, 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 1:45 p.m.
IstO
J eph roblewski, President
Cam-'
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Ann~°~. Kolata, Director
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