HomeMy WebLinkAbout1991-11-15 MinutesSOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
November 15 , 1991 1200 County-City Building
1.00 p.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana- 46601
President
The November 15, 1991, Special Meeting of the Redevelopment
Authority was called to order. at 1:12 p.m. by its President, Joseph
Wroblewski. There .was a quorum present.
1. ROLL CALL
Members Present: Mr. Joseph Wroblewski, President
Mr. Andre Gammage, Vice President
Mr. .Donald Fewell, Secretary
Legal. Counsel: Ms. Jenny Pitts-Manier
Redevelopment Staff: Mrs. Ann Kolata, Director
Mrs. Cheryl Phipps, Office Manager
Others: Mr. Don Porter, South Bend Tribune
• Mayor Joseph E. Kernan
Mr. John Leisenring, Deputy Controller
2. NEW BUSINESS
a. 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
an Addendum to the Lease between the Authority and the
Redevelopment Commission for the Stanley Coveleski
Regional Stadium Facility.
Mayor Kernan thanked the Authority for going through the
.process of refunding the bonds for the Stadium. He also
thanked the staff for their effort on behalf of the
refunding. This is the second time the stadium has been
refinanced. The first time was from an interest rate of
13.428 to an interest rate of 9.51. This refinancing has
an interest rate of 6.67. The total savings. from this
refinancing is $340.,000.. The total net savings from both
refir_ancings is approximately $730,000.
_ The Mayor noted thatc this refinancing, like the previous
• one, does not make any new money available for any other
areas within the City. Its sole benefit is that it
South Bend Redevelopment Authority
Special Meeting - November 15, 1991
2. NEW BUSINESS (Cont.)
a. continued...
reduces the tax burden on the citizens of South Bend.
Mrs. Kolata noted that the pricing of the bond, not the
sale, took place on November 12. Banc One contacted its
potential buyers to find out what interest rate they will
be willing to pay for the bonds. They do a preliminary
pricing and Banc One presents to us a Purchase Contract in
which they commit to buying the bond for the 6.67%-net
interest rate.
Resolution No. 46 approves the Purchase Contract, approves
the Official Statement, and approves the Addendum to Lease
between the Authority and the Redevelopment Commission
which sets out the rental payment date and the payment
amounts. The new schedule of payments in the Addendum is
based on the new interest rate.
Mr. Fewell asked if we could take advantage of any further
decline in interest rates. Mrs. Kolata responded that if
• the Authority approves. Resolution No. 46 and signs the
Purchase Contract, that locks in the interest rate.
Upon a motion by Mr. Gammage, seconded by Mr. Fewell, and
unanimously carried, the Authority approved 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
an Addendum to the Lease between the Authority and the
Redevelopment Commission for the Stanley Coveleski
Regional Stadium Facility.
3. CLAIMS
Claims submitted November 15, 1991 for payment:
SBCDA PUBLIC IMPROVEMENT PROJECT
City of South Bend, Dept. of Code Enforcement $ 3.759.00
TOTAL SBCDA PUBLIC IMPROVEMENT PROJECT $ 3,759.00
• Upon a motion by Mr. Fewell, seconded by Mr. Gammage and
unanimously carried, the Authority approved the claims
submitted for payment November 15, 1991.
South Bend Redevelopment Authority
Special Meeting - November 15, 1991
4. ADJOURNMENT
There being no further business to come before the Authority,
Mr. Fewell made a motion that the meeting be adjourned. Mr.
Gammage seconded the motion and the meeting was adjourned at
1:23 p.m.
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J ep Wroblewski, President
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Ann E. Kolata, Director
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