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HomeMy WebLinkAbout1993-06-17 MinutesSOUTH BEND REDEVELOPMENT AUTHORITY RECaULAR MEETINCa June 17, 1993 1308 County-City Building 4:30 p.m. 227 W. Jefferson Boulevard Presiding: Joseph Wroblewski South Bend, Indiana 46601 President The June 17, 1993 Regular Meeting of the Redevelopment Authority was called to order at 4:45 p.m. by its President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL Members Present: Mr. Joseph Wroblewski, President Mr. Donald Fewell, Secretary Members Absent: Redevelopment Staff: Legal Counsel: 2. APPROVAL OF MINUTES Mr. Andre Gammage, Vice-President Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Ms. Jenny Pitts-Manier a. Approval of Minutes of the Regular 1Vleeting~of Thursday. June 3. 1993. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Regular Meeting of Thursday, June 3, 1993. 3. NEW BUSINESS a. Authority approval requested for Resolution No 76 indicative the Authoritv9s intent to issue Redevelopment Authority Taxable Lease Rental Revenue Bonds and that certaui preliminary costs be reimbursed from the proceeds of said bonds. Mrs. Kolata noted that the $4,200,000 Airport Taxable Bond was sold in 1990 at an interest rate of 9.5 % . Interest rates have gone down enough since then that we believe we can refinance it at a savings of about 2 % or several hundred thousand dollars. Bond counsel and our fmancial consultant agree that we should refmance through a negotiated sale with the previous purchaser of the bonds, City Securities. We would need to schedule an Authority meeting on June 29 to approve the Official Statement. The sale would then be held on July 6 and on July 8 the Authority would need to meet again to • • South Bend Redevelopment Authority Regular Meeting -June 17, 1993 3, NEW BUSINESS (font<) a. continued... approve. the_fmal documents. _Resolution No. 76 indicates intent to refinance, but does not commit to the refinancing. If interest rtes are not favorable, we could stop the process. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved Resolution No. '76 indicating the Authority's intent to issue Redevelopment Authority Taxable Lease Rental Revenue Bonds and that certain preliminary costs be reimbursed from the proceeds of said bonds. b. Authority approval reauested for professional services with Baker & Daniels related to Taxable Airport Economic Development Area Public Improvement Project Refinancing. Mrs. Kolata noted that Baker ~ Daniels has proposed to serve as bond counsel for the refinancing at a cost of $42,500. They have agreed to proceed at risk, so that if we don't go through with the refinancing, we are only responsible to pay them their reimbursable expenses. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the proposal from Baker & Daniels for professional services related to the Taxable Airport Economic Development Area Public Improvement Project Refinancing. c. Authority apvroval requested for professional services with H 7 Umbau~h & Associates related to Taxable Airport Economic Development Area Public Improvement Protect RefmancinQ. Mrs. Kolata noted that H. J. LTmbaugh was the financial consultant on the original Airport bond. They have been working with City Securities on the refinancing thus far. They would provide financial services on this bond for $30,000 plus $3,000 for escrow verification. Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously serried, the Authority approved the proposal from H. 7. Umbaugh & Associates for professional servies related to the Taxable Airport. Economic Development Area Public Improvement Project Refinancing. • South Bend Redevelopment Authority Regular Meeting -June 17, 1993 4. APPROVAL OP CLAIlVIS Cleans submitted for payment June 17, 1993: AIRPORT TAX-EXEMPT PUBLIC IMPOVEMEIVTS Ken Herceg ~i Associates, Inc. X3,603.00 Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanirrbously carried, the Authority approved the Claims submitted June 17, 1993 for payment. 5. ADJOUI[trT1VIENT 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 4:55 p.m. • lX/ ~ seph .Wroblewski, President -3- ~` f ~ G ~ Ann E. Kolata, Director