HomeMy WebLinkAbout1992-06-23 Minutest„
SOUTH BEND REDEVELOPMENT AUTHORITY
• SPECIAL MEETING
June 23, 1992 1200 County-City Building
4.00 p.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana 46601
President
The June 23, 1992, Special Meeting of the Redevelopment Authority
was called to order at 4:02 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
Redevelopment Staff: Mrs. Ann Kolata, Director
Mrs. Cheryl Phipps, Office Manager
Others• Mr. Randy Rompola, Baker & Daniels
Mr. Richard Treptow, Evensen Dodge...
2. NEW BUSINESS
a, Authorit a roval re ested for Resolution No. 57
a roving the award of the South Bend Redevelopment
Authority Lease Rental Revenue Bonds (Parking Facility
Refunding) and approving a form of escrow agreement.
Mr. Treptow noted that at 11:00 a.m. today (June 23) the
Authority received four bids for the refinancing of the
St. Joseph/Wayne Street Parking Facility.. The net
interest cost on the bids were as follows: Prudential
Securities bid 6.167%; City Securities bid 6.285%;
Griffin, Kubik, Stephens, and Thompson bid 6.468%; and
Raffensperger Hughes and Co. bid 6.535%. Based on the
best bid received, from Prudential Securities, the net
savings for refunding the 1988 bond for the parking
facility is $244,525.
Mr. Treptow noted that Moodys rated this bond issue "A."
The four bids received is an average number of bids for a
bond issue of this size and size of city. The low bid
from Prudential Securities is slightly lower than Evensen
Dodge's estimate. It is a very aggressive bid for the
market and the staff recommends awarding the bonds to
Prudential Securities.
• Mr. Rompola explained that Resolution No. 57 acknowledges
that the Authority authorized the issuance of bonds in
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South Bend Redevelopment Authority
Special Meeting - June 23, 1992
2. NEW BUSINESS (Cont.)
a. continued...
the amount not to exceed $4,695,000 to be used for the
refunding of the St. Joseph/Wayne Street Parking
Facility. The resolution awards the bonds to Prudential
Securities in the amount of $4,660,000. The resolution
includes the schedule of maturities and individual
interest rates. to be paid for each bond at maturity.
The resolution also approves a form of Escrow Agreement.
The proceeds from the bonds will be invested at Norwest
Bank until the bonds can be called.
Mrs. Kolata noted that closing on the bonds will be held
on July 22, 1992.
Upon a motion by Mr. Gammage, seconded by Mr. Fewell and
unanimously carried, the Authority approved Resolution
No. 57 approving the award of the South Bend
Redevelopment Authority Lease Rental Revenue Bonds
(Parking Facility Refunding) -and approving a form of
escrow agreement.
3. 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
4:11 p.m.
J eph roblewsi, President
i
Ga.~
. Kolata, Director
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