The URL can be used to link to this page

Home My WebLink About1992-09-10 Minutes • SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING September 10, 1992 1200 County-City Building 4.00 p.m. 227 W. Jefferson Boulevard Presiding: Andre Gammage South Bend, Indiana 46601 Vice-President The September 10, 1992, Special Meeting of the Redevelopment Authority was called to order at 4:32 p.m. by its Vice-President, Andre Gammage. There was a quorum present. 1. ROLL CALL Members Present: Members Absent: Redevelopment Staff: Legal Staff: Others Present: 2. APPROVAL OF MINUTES Mr. Andre Gammage, Vice-President Mr. Donald K. Fewell, Secretary Mr. Joseph Wroblewski, President Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Ms. Jenny Pitts Manier Mr. Rich Hill, Baker & Daniels Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved the minutes of the Special Meeting of Thursday, August 28, 1992. 3. NEW BUSINESS a. Authority approval requested for Resolution No. 64 authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Blackthorn Golf Course Proj ect) and reaardina other related matters. C1 Mrs. Kolata explained that now that the bids are in for the construction of Blackthorn Golf Course, the clubhouse, and maintenance building, we have sized the bond. This resolution authorizes the issuance of bonds in the amount of up to $5,680,000 and sets a maximum average interest rate not to exceed 7% with no individual rate exceeding 7.5%; it provides that the bonds will mature on March 1 in the years 1999 through 2013; it appoints Norwest Bank as the Trustee for the bond; it approves the Official Statement in the form presented at this meeting; it authorizes the publication of the Notice of Intent to Sell Bonds; and it authorizes the execution of the Trust Agreement. -1- Mrs. Kolata explained that we invited eight different banks to outline their fees to serve as Trustee, Registrar and Paying Agent. Norwest had the lowest fee. They are also convenient for submitting claims and they have given good service on our existing bonds. Mrs. Kolata noted that the Official Statement is not final, but any changes will be minor. Mrs. Kolata noted that we expect to hold a bond sale on September 29, 1992 with Don Fewell, as Secretary, authorized to hold the sale. Closing is expected to be the first week in October and construction to begin immediately after that. Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved Resolution No. 64 authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Blackthorn Golf Course Project) and regarding other related matters. b. Authority approval requested for Resolution No. 65 app__ rovin~c. and accepting the transfer of property from the St Joseph County Airport Authority (F Jav Nimtz Parkway east of Mayflower Road. • Mrs. Kolata explained that the City received money from the Transportation Improvement Fund of the State of Indiana for F. Jay Nimtz Parkway. The construction bids were very low. Therefore, we are able to do more work with the amount of money granted to us. The first portion done was from the By-Pass to Mayflower Road. The second portion was across U.S. 31 to where the West Ramp will be. This resolution will allow an extension of approximately 1000 feet to the parkway, east of Mayflower Road. In order to build the additional parkway,. the Authority needs to own the land. The Airport Authority is transferring the land to the Redevelopment Authority and this resolution accepts the transfer. Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved Resolution No. 65 approving and accepting the transfer of property from the St. Joseph County Airport Authority (F. Jay Nimtz Parkway east of Mayflower Road). c. Authority approval requested for Third Addendum to Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission (South Bend Central Development Area Public Improvement Project). -2- South Bend Redevelopment Authority Special Meeting - September 10, 1992 3. NEW BUSINESS (Cont.) a. continued... Mrs. Kolata explained that this Addendum is an amendment to the Lease related to the bonds that were issued in 1990. It eliminates a few paragraphs related to curb and sidewalk work that was. not done; it clarifies some of the work to be done in Monroe Park; it eliminates one property that we decided not to acquire; it adds four additional properties to be acquired (530 S. Carroll, 516 S. St. Joseph, 611 Clinton, and 628 Rush Street); and it adds 600 feet to the East Bank Walkway project along Madison Center. Mrs. Kolata explained that the reason we did not do the curb and sidewalk work was that it was. to be a 50/50 arrangement with the property owners and some property owners did not want to pay their 50% and so the work was never done. Mrs. Kolata noted that the Redevelopment Commission acted on this Addendum at its September 4 meeting. i• Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved the Third Addendum to Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission (South Bend Central Development Area Public Improvement Project) . d. Authority apt~roval requested for Sub-Lease between the City of South Bend Indiana Department of Redevelopment and Monroe Park Associates. Mrs. Kolata explained that the Authority purchased land in Monroe Park with the 1990 TIF bond and leased it to the Redevelopment Commission. The Commission accepted a proposal from Monroe Park Associates to develop the land. This Lease is the document under which Monroe Park Associates will accept the land. The Lease with the Commission requires that the Authority approve the disposition of the property. U Mrs. Kolata noted that Monroe Park Associates will pay for the land over a twenty year period at $7,502 per year, payable in advance. They will be constructing 57 residential units which will look very much like townhouses. Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved the Sub-Lease -3- South Bend Redevelopment Authority • Special Meeting - September 10, 1992 3 . NEW BUSINESS (Cont. ) d. continued... between the City of South Bend, Indiana, Department of Redevelopment and Monroe Park Associates. e. Authoritv approval requested for Resolution No. 66 _ _ 1 n L Mrs. Kolata noted that the Third Addendum to Lease for the South Bend Central Development Area Public Improvement Project added four properties to the projects to be addressed with bond proceeds. Resolution No. 66 authorizes purchase offers to be sent for three of those: 628 S. Rush, 516 S. St. Joseph and 611 S. Clinton. The houses on St. Joseph and Clinton are very large houses in very poor condition. The cost of the rehab far exceeds the after-rehab value. Therefore, the purchase price the Authority is authorizing is only $2000 for each. Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved Resolution No. 66 relating to acquisition of property within the South Bend Central Development Area by eminent domain. f. Authoritv authorization requested to file petition for real ro ert tax abatement on behalf of Monroe Park Associates. Mrs. Kolata explained that Monroe Park Associates have requested tax abatement for their residential project. Since the Redevelopment Authority is the owner under the lease/purchase arrangement allowed by the bond, the Authority must be the party to file for tax abatement. They are eligible for six years of tax abatement. Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority authorized its officers to file for tax abatement on behalf of Monroe Park Associates. 4. APPROVAL OF CLAIMS SBCDA PUBLIC IMPROVEMENT PROJECT Reynaldo Hernandez $ 245.00 Alberta Husband, Appraisals Unlimited 1,100.00 • Douglas L. Carpenter & Associates 1,300.00 TOTAL SBCDA PUBLIC IMPROVEMENT PROJECT $ 2,645.00 -4- South Bend Redevelopment Authority Special Meeting - September 10, 1992 5. 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 5:05 p.m. r ~ J eph W. Wroblewski, President n E. Kolata, Director -5-