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HomeMy WebLinkAbout1993- 07-08 Minutesn U SOUTFI BE1vD REDEVF~®P AUTFI®RITS~ RESSCI~ED REGULAR MFETII~TC July 8, 1993 4:30 p.m. Presiding: Joseph Wroblewski President 1308 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 The July 8, 1993 Rescheduled Regular Meeting of the Redevelopment Authority was called to order at 4:52 p.m. by its President, Joseph Wroblewski. There was a quorum present, 1. ROLL CALL Members Presence` Mr. Joseph Wroblewsflci, President Mr. Andre Gammage, Vice-President Members Absent: Mr. Donald I~. Fewell, Secretary Redevelopment Staff: Mrs. Ann Kolata, Darector Mrs. Cheryl Phipps, Office Manager Mr. James Riggs, Economic Dev. Specialist Legal Counsel: Ms. Jenny Pitts Manier Others: Mr. Randolph Rompola, Baker & Daniels 2. APPROVAL OF 1~2[NUTES a. Approval of Minutes of the Rescheduled Regular Meeting of Tuesday June 29. 1993. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Rescheduled Regular Meeting of Tuesday, June 29, 1993. 3. I~TEW BUSIrTESS a. Authority appro~ecluested for Resolution 1~To 78 ratifvine the execution of a Bond Purchase Contract for the sale of the South Bend Redevelopment Authority Taxable Lease Rental Acauisition and ltefundin~~Revenue Bonds of 1993 (Aimort Economic Development Area Public Improvement Pro~~. approving the execution of an Addendum to the Lease between the Authority and the Redevelopment Commission for the Airport Economic Development Area Public Improvement Taxable Project and certain other related matters. • -~- South Bend Redevelopment Authority Rescheduled Regular Meeting -July 8, 1993 3. NERD BUSINESS (Cont.) a. continued. > . Mr. Rompola noted that Resolution No. 78 includes Exhibit A, the Form of Lease Addendum, and Exhibit B, the Debt Service Schedule. Resolution ~To. 78 approves the Form of Lease Addendum which includes the lease payment amounts. Based on the pricing of the bonds, the net savings to be realized from the refunding is $680,589,77 which has a present value of $520,236.82. The net interest cost as 7.25 °b e The Bond Purchase Contract, which f®rm was approved previ®usly, now has the numbers filled in: the par amount of the bonds is $4,905,000, the underwa~ter's dbscount is $49,000; and the original issue dascou~at is $18, . Resolution 1~To. 78 also authorizes publication of the 1~Totice of Execution of the Bond Purchase Contract. The notice provides a statute of limitations. Anyone wishing to challenge the bonds must do so within 15 days of that notification. . Mrs. Kolata noted that we intend. to close on this bond on July 27. Upon a motion by Mr. Gammage, seconded by Mr. ®Vroblewski and unanimously carried, the Authority approved Resolution 1~To. 78 ratifying the execution of a Bond Purchase Contract for the sale of the South Bend Redevelopment Authority Taxable Lease Rental Acquisition and Refunding Revenue Bonds of 1993 (Airport Economic Development Area Public Improvement Project), approving the execution of an Addendum to the Lease between the Authority and the Redevelopment Commission for the Airport Economic Development Area Public Improvement Taxable Project and certain other related matters. b. Authority aiYaroval requested for Agreement and Partial Release of Easement between the Authority and the Amoco ®il Comuanv. Mr. Riggs explained that this easement is the last one necessary in the Blackthorn area. Amoco currently has a blanket easement over property the Authority owns which makes the property undevelopable. This easement limits the Amoco easement to a 50 foot corridor, 25 feet on either side of their pipeline. The pipeline runs along the Toll Road and is not in the way of any potential development. • . South Bend Redevelopment Authority Rescheduled Regular Meeting - July ~, 1993 3. NEW BUSINESS (Cont.) b. continued... Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Agreement and Partial Release of Easement between the Authority and the Amoco ®il Company. c. Authority approval requested to grant Service Easements to Indiana Michigan Power Compa^nv.. Mr. Riggs explained that the Service Easements will allow I ~i M to provide electrical service to the Blackthorn Clubhouse end the Blackthorn Maintenance Building. The Service Easements stipulate that the service must be underground. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Service Easements to Indiana Michigan Power C®mpany. • 4. -APPR®yAI. ®F cI,AIIVIs Where were no Claims. 5. AD70IT]t~NMENT There being no further business to come before the Authority, Mr. Gammage made a motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and the meeting was adjourned at 5:07 p.m. C~, ~ ~ c eph .Wroblewski, President Ann E. I~olata, Director ~ 3