HomeMy WebLinkAbout1992-04-30 Minutes4-
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SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
April 30, 1992 1200 County-City Building
S•30 a.m. 227 W. Jefferson Boulevard
Presiding: Andre Gammage South Bend, Indiana 46601
Vice-President
The April 30, 1992, Special Meeting of the Redevelopment Authority
was called to order at 8:40 a.m. by its Vice President, Andre
Gammage. There was a quorum present.
1. ROLL CALL
Members Present:
Members Absent:
Legal Counsel:
Redevelopment Staff:
Media:
2.
APPROVAL OF MINUTES
Mr. Andre Gammage, Vice-President
Mr. Donald Fewell, Secretary
Mr. Joseph Wroblewski, President
Ms. Jenny Pitts Manier
Mrs. Ann Kolata, Director
Mrs. Cheryl Phipps, Office Manager
Mr. Thom Howell, U-93
Mr. Don Porter, South Bend Tribune
a. Approval of Minutes of the Special Meeting of Friday,
April 10, 1992.
Upon a motion by Mr. Fewell, seconded by Mr. Gammage and
unanimously carried, the Authority approved the Minutes
of the Special Meeting of Friday, April 10, 1992..
3.
NEW BUSINESS
a. Authority approval requested for Extension of Residential
Lease with John and Betty Pendl for property located in
the Airport Economic Development Area.
Mrs. Kolata noted that the Pendls have asked for a one
month extension on their lease, from June 1 to July 1,
1992. Due to the freezing and thawing of .ground, they
were unable to do some of the work they need to do at
their new property. This would not interfere in any way
with the road construction in the airport area. The
staff recommends extending their lease without charge.
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South Bend Redevelopment Authority....
. Special Meeting - April 30, 1992
3. NEW BUSINESS (Cont.)
d. Authority approval requested for :Resolution No. 51
indicating its intent to issue Redevelopment Authority
Lease Rental Revenue Bonds and that' certain preliminary
.costs be reimbursed from the proceeds of said bonds.
Mrs. Kolata explained that Resolution No. 51 is a
reimbursement resolution which allows expenses related to
the bond, which are incurred prior to the :bond sale, to
be reimbursed from bond proceeds.
Upon a motion by Mr. Fewell, seconded by Mr. Gammage and
unanimously carried, the Authority approved Resolution
No. 51 indicating its intent to issue .Redevelopment
Authority Lease Rental Revenue Bonds and that certain
preliminary costs be reimbursed from the proceeds of said
bonds.
e. Authority approval requested for Resolution. No. 52
Refunding) and other related matters.
• Mrs. Kolata noted that this is the resolution that begins
the refinancing of the garage.: It says that we intend to
issue bonds in an amount not to exceed $4,696,000 which
.will be used to refund bonds issued in 1988. It also
says that the Authority plans to amend the Lease with the
Commission, primarily to lower payments based on the new
interest rate. Norwest Bank would be the Trustee on the
refunded bonds as they are. on the current bonds. The
final maturity date will be no later. than February 1,
2009 at a maximum interest rate of 7.250.. It also
authorizes the Notice of Intent to S-ell to be published
and establishes a time for interested bidders to
register.
Mrs. Kolata noted that there is no need to go before the
State Tax Board with this bond because it would be a
reduction of a bond that was already approved.
Upon a motion by Mr. Fewell, seconded by Mr. Gammage and
unanimously carried, the Authority approved Resolution
No. 52 authorizing the issuance of the South Bend
Redevelopment Authority Lease Rental Revenue Bonds
.(.Parking Facility Refunding) and other related matters.
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