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HomeMy WebLinkAbout1992-07-16 Minutesa a SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING July 16, 1992 1200 County-City Building 3.30 p.m. 227 W. Jefferson Boulevard Presiding: Joseph Wroblewski South Bend, Indiana 46601. President The July 16, 1992, Special Meeting of the Redevelopment Authority was called to order at 3:34 p.m. by-its President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL I• Members Present: Redevelopment Staff: Media: Others: 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 Ms. Kathy Borlik, South Bend Tribune Mr. Randy Rompola, Baker & Daniels a. Approval of Minutes of the Special Meetina of Frida June 26. 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, June 26, 1992. b. Approval of Minutes of the Special Meetina of Tuesda Julv 7, 1992. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the. Minutes of the Special Meeting of Tuesday, July 7, 1992. 3. NEW BUSINESS a. Authority approval rectuested for Resolution No. 60 approving the award of a reduced aaareaate principal amount of South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Refunding) and approving the execution of an Addendum to the Lease between the - - - - ^ ----- --- -~ _.-a 1/ u -1- South Bend Redevelopment Authority • Special Meeting - July 16, 1992 3. NEW BUSINESS (Cont.) a. continued... Mrs. Kolata noted that Resolution No. 60 is related to the refinancing of the St. Joseph/Wayne Street Parking Garage. As the result of a bid submitted on June 23, the bonds were awarded to Prudential Securities in the amount of $4,660,000. As we were preparing for closing, it became apparent that there were additional funds at Norwest Bank that had not been accounted for in sizing the bond. In order to maximize savings to the City, it was necessary to reduce the size of the bond. Our bond counsel, financial consultant and Prudential Securities have come to an agreement to reduce the size of the bond to $4,095,000. The interest rates are the same, although the principal maturities of the bonds were revised. Resolution No. 60 approves the award of the bond in the new amount of $4,095,000 with a new maturity schedule and amends the Addendum to the Lease listing reduced lease rental payments. We expect to close on the refinancing on July 22. Upon a motion by Mr. Gammage, seconded by Mr. Fewell and unanimously carried, the Authority approved Resolution No. 60 approving the award of a reduced aggregate principal amount of South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Refunding) and approving the execution of an Addendum to the Lease between the Authority and the South Bend Redevelopment Commission and other related matters. b. Authority authorization requested to petition the Board of Public Works for Vacation of Alleys. Mrs. Kolata explained that Briarwood Development is building an apartment complex of fifty-seven units in the Monroe Park area on property the Authority purchased with funds from the 1990 South Bend Central Development Area Lease Rental Revenue Bond. The Authority must own the property until the bonds are paid off, so Briarwood will lease purchase the land. Briarwood needs to have the alleys through the property vacated in order to do the project. As the owner of the property, the Authority must be the petitioner for alley vacations. The alleys to be vacated are a North/South and East/West alley in the block bounded by Monroe, Rush, South and Fellows Streets. • -2- r. South Bend Redevelopment Authority Special Meeting - July 16, 1992 3. NEW BUSINESS b. continued... Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority authorized the staff to petition the Board of Public Works for Vacation of Alleys. 4. APPROVAL OF CLAIMS SBCDA PUBLIC IMPROVEMENT PROJECT High Street Storage $ 27.00 TOTAL SBCDA PUBLIC IMPROVEMENT PROJECT $ 27.00 AIRPORT TAXABLE BOND John & Betty Pendl & DMJ Remodeling Co., Inc. $ 2,608.33 Abstract & Title Corp. 350.000.00 TOTAL AIRPORT TAXABLE BOND $ 352,608.33 AIRPORT TAX EXEMPT BOND Ken Herceg & Associates, Inc. $ 2,000.00 Tri-County News 27.76 Cole Associates, Inc. 11.500.00 TOTAL AIRPORT TAX EXEMPT BOND $ 13,527.76 5. 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 3:50 p.m. ~ ~ ~..~ J eph roblewsi, President Ann E. Kolata, Director -3-