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HomeMy WebLinkAbout1992-08-28 Minutesi~ SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING August 28, 1992 1200 County-City Building 9:00 a.m. 227 W. Jefferson Boulevard Presiding: Joseph Wroblewski South Bend, Indiana 46601 President The August 28, 1992, Special Meeting of the Redevelopment Authority was called to order at 9:08 a.m. by its President,. Joseph Wroblewski. There was a quorum present. 1. ROLL CALL Members Present: Members Absent: Redevelopment Staff: Legal Staff: Media: Others Present: 2. APPROVAL OF'MINUTES Mr. Joseph Wroblewski, President Mr. Donald K. Fewell, Secretary Mr. Andre Gammage, Vice President. Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Ms. Jenny Pitts Manier Mr. Thom Howell, U-93 Mayor Joseph E. Kernan Mr. Rich Hill, Baker & Daniels Ms. Mikki Dobski Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the minutes of the Special Meeting. of Wednesday, August 19, 1992. 3. NEW BUSINESS a. Authority approval requested for Resolution No. 63 establishing intent that certain preliminary redevelopment costs be reimbursed from the proceeds of Redevelopment Authority Lease Rental Revenue Bonds. Mayor Kernan noted that over the course of the next two years we will be constructing the Hall of Fame, estimated at a cost of $13.6 to $14.0 million. We fully expect that that money will be raised in the private sector. We hope to get as much money as possible before the start of construction, but have been advised that we will likely • -1- ~i South Bend Redevelopment Authority Special Meeting - August 28, 1992 3. NEW BUSINESS (Cont.) a. continued... receive pledges to be paid over a number of years. If that is the case, we will want to sell bonds early in 1993 for construction financing. The bonds will then be paid off as the pledges come in. We don't want to sell the bond for any more than we need to nor for any longer term than is needed and we won't know the size and term needed until we have completed our fundraising. Resolution No. 63 authorizes reimbursement to the City from bond proceeds for money spent on the project prior to the bond sale, which is expected to be held in mid-1993. Those early expenditures will be primarily architectural and engineering costs. Mayor Kernan noted that the City will pay for these reimbursable costs from the downtown's tax increment and from the City's general fund. Those funds will be repaid from bond funds or from subscription pledges. Mayor Kernan noted that the Civic Center Building Authority approved an identical resolution at a meeting earlier today (August 28). The Civic Center Buidling Authority and the Redevelopment Authority will be pursuing parallel paths related to the financing until we decide which Authority will sell the bonds. Mayor Kernan noted that the Board of Works has already entered into a contract with Gerard Hilferty and Associates to begin the design of the exhibitry. They will soon be signing a contract with The Troyer Group for architectural design of the building itself. The Mayor noted that during the next four months the City will be soliciting sponsorship of the Hall of Fame from major corporations throughout the country. The University of Notre Dame has been working closely with the City to develop a solicitation strategy. Mayor Kernan noted that Mikki Dobski will be the project manager for the Hall of Fame. Baker & Daniels will serve as bond counsel. Pat McMahon will chair a resource committee which will provide technical expertise on such things ~s marketing and financing. The Mayor noted that construction will begin in June 1993 • with completion by September 1994 -2- South Bend Redevelopment Authority Special Meeting - August 28, 1992 3. NEW BUSINESS (Cont.) a. continued... Mrs. Kolata noted that Resolution No. 63 differs from others we have done like it in that it contains a dollar amount limiting the reimbursable costs. This was necessary because the amount of reimbursable costs will exceed the 20% limit usually allowed. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved Resolution No. 63 establishing intent that certain preliminary redevelopment costs be reimbursed from the proceeds of Redevelopment Auithority Lease Rental Revenue Bonds. b. Authority approval requested for Termination of Lease with the City of South Bend. (Palais Royale) Ms. Manier noted that on August 26 the Redevelopment Authority acquired title to the Palais Royale. The former owners assigned the current leases in the building to the Authority at that time. One of those leases is with the City of South Bend for the ballroom and box office space. It has been proposed all along that that rental amount would be allowed to return to the general fund for other City operating expenses. As lessor, the Authority may release the City from its obligation and terminate the lease. Upon a motion by Mr. Fewell, and unanimously carried, the Termination of Lease with th Palais Royale. seconded by Mr. Wroblewski Authority approved the e City of South Bend for the 4. APPROVAL OF CLAIMS AIRPORT TAX EXEMPT BOND Cole Associates TOTAL Upon a motion by Mr. Wroblewski, seconded by unanimously carried, the Authority approved .submitted August 19, 1992 for payment. • $1,500.00 $1,500.00 Mr. Fewell and the Claims -3- South Bend Redevelopment Authority Special Meeting - August 28, 1992 5. ADJOURNMENT There being no further business to come before the Authority, Mr. Fewell made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and the meeting was adjourned at 9:24 a.m. W ~~ Jo ph Wroblewski, President Gam. Ann E. Kolata, Director -4-