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Home My WebLink About1992-06-05 Minutes .~ SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING June 5, 1992 1200 County-City Building 8.00 a.m. 227 W. Jefferson Boulevard Presiding: Joseph Wroblewski South Bend, Indiana 46601 President The June 5, 1992, Special Meeting of the Redevelopment Authority was called to order at 8:06 a.m. by its President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL Members Present: Members Absent: Redevelopment Staff: Media: 2. APPROVAL OF MINUTES Mr. Joseph Wroblewski, President Mr. Andre Gammage, Vice-President Mr. Donald Fewell, Secretary Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Mr. Don Porter, South Bend Tribune a. Approval of Minutes of the Special Meeting of Friday, May 22, 1992. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Special Meeting. of Friday, May 22, 1992. 3. OLD BUSINESS a. Staff report on acquisition of property in the South Bend Central Development Area. Mrs. Kolata noted that we have received a counter offer of $1,308,314 for the Palais Royale. Our purchase offer was for $1,255,000. The staff has been in extensive negotiations with the owners and recommends accepting the counter offer. The Purchase Agreement outlines the method of purchase. We are representing that bonds will be sold by August 15, 1992; the seller will deposit a warranty deed made out to the Redevelopment Authority with an Escrow Agent on or before June 30; the deed will be held in escrow until there are bond proceeds to purchase the building. The staff recommends accepting • the counter offer and approving the Escrow Agreement. -1- ~~, South Bend Redevelopment Authority Special Meeting - June 5, 1992 3. OLD BUSINESS (Cont.) a. continued... Mrs. Kolata noted that we feel this is a reasonable counter offer and is supported by one of the appraisals. Mr. Gammage asked whether there were comparables used in the appraisals. Mrs. Kolata responded that there aren~t many buildings like the Palais. A lot of the value was derived from current leases that are in place, including the City lease on the ballroom itself. Mrs. Kolata noted that the hearing before the Local Property Tax Control Board was held in Indianapolis the last week of May. They recommended approval of the lease between the Commission and Authority for the Palais to the State Board of Tax Commissioners. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the .Authority approved the counter offer from Trust No. 30560 in the amount of $1,308,314. • Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Escrow Agreement with St. Joseph Title. 4. NEW BUSINESS a. Authority approval requested for Resolution No. 54 approving execution of a Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission for certain land and a building located thereon. Mrs. Kolata explained that Resolution No. 54 states that the Commission and Authority have both approved a form of lease; the Common Council approved that lease and the State Tax Board is considering the lease, having received a favorable recommendation from the Local Property Tax Control Board. The Lease will be amended following the bond sale to reflect actual numbers based on the interest rate of the bond. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski. and unanimously carried, the Authority authorized execution of a Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission for certain land and a building located thereon upon receipt of approval from the State Board of Tax Commissioners. -2- f South Bend Redevelopment Authority Special Meeting - June 5, 1992 4. NEW BUSINESS (Cont.) Mrs. Kolata explained that we would like to buy property in the Toll Road Industrial Park from the Industrial Foundation. The Commission has recently put this property on their acquisition list. We would like to send a purchase offer for approximately 55 acres for a price of $350,000. This is below the appraised value of the property. We feel it is a good opportunity for both the Industrial Foundation and the City. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved Resolution No. 55 relating to acquisition of property within the Airport Economic Development Area. b. Authority approval requested for Resolution No. 55 relating to acquisition of property within the Airport Economic Development Area. 5. APPROVAL OF CLAIMS i• S.B.C.D.A. PUBLIC IMPROVEMENT PROJECT Abstract & Title Corp. 150.00 TOTAL S.B.C.D.A. PUBLIC IMPROVEMENT PROJECT AIRPORT TAXABLE BOND Douglas Carpenter and Associates TOTAL AIRPORT TAXABLE BOND AIRPORT TAX EXEMPT BOND Cole Associates, Inc. Shilts, Graves, & Associates, Inc. TOTAL TAX-EXEMPT BOND PARKING GARAGE FACILITY Harmon Glass Company South Bend Roofing Company TOTAL PARKING GARAGE FACILITY $ 150.00 $ 1,000.00 $ 1,000.00 $12,412.50 900.00 $13,312.50 $ 624.09 1,996.50 $ 2,620.59 -3- • South Bend Redevelopment Authority Special Meeting - June 5, 1992 5. APPROVAL OF CLAIMS (Cont.) Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the claims submitted for payment June 5, 1992. 6. ADJOURNMENT There being no further business to come before the Authority, Mr. Gammage made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and the meeting was adjourned at 8:22 a.m. J eph roblewsi, President Ann E. Kolata, Director -4-