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HomeMy WebLinkAbout1994-03-29 Minutes• SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING March 29, 1994 1308 County-City Building 4:30 p.m. 227 W. Jefferson Boulevard Presiding: Joseph Wroblewski South Bend, Indiana 46601 President The March 29, 1994 Special Meeting of the Redevelopment Authority was called to order at 4:32 p.m. by its President, Joseph Wroblewski. There was a quorum present. 1. ROLL CALL Members Present: Mr. Joseph Wroblewski, President Mr. Andre B. Gammage, Vice-President Ms. Mary O. Ferlic, Secretary Legal Counsel: Ms. Jenny Pitts Manier Redevelopment Staff: Mrs . Ann Kolata, Director Mrs. Cheryl Phipps, Recording Secretary • 2. APPROVAL OF MINUTES Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Minutes of the Special Meeting of Tuesday, March 15, 1994. 3. NEW BUSINESS a. Authority approval requested for Proposal from Baker & Daniels for Professional Services related to 1990 Lease Rental Revenue Bonds (South Bend Central Devel~ment Area Public Improvement Proiect) Refinancing. Mrs. Kolata noted that the Authority is considering refinancing the 1990 Lease Rental Revenue Bonds for the SBCDA Public Improvement Project. Although we are not sure that the savings will be sufficient to warrant the refinancing at this time, we need to hire bond counsel and a financial consultant to work with us through it or until we decide to abandon the effort. Both Baker & Daniels and Municipal Consultants have agreed to perform their services "at risk", which means that we will only be charged for out-of-pocket expenses such as copying, long distance calls, etc. Baker & Daniels has been the Authority's bond counsel on all of the Authority's bonds. Baker & Daniels' fee will be based on an hourly rate for time spent, but will not exceed $22,000. Mrs. -1- • 3. NEW BUSINESS (Cont.) a. continued... Kolata noted that this should not be a very complicated refinancing and the costs should, therefore, not be too great. Ms. Ferlic asked if we bid out work of this type. Mrs. Kolata responded that we are not required. to bid out professional services. We generally continue to have the same firms we have worked with in the past provide those services again because they have the past history in their files and we believe that we achieve a cost savings as a result. Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried, the Authority approved the Proposal from Baker & Daniels for an amount not to exceed $22,000 for Professional Services related to 1990 Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) Refinancing. b. Authori~ approval reauested for Proposal from Municipal Consultants related to 1990 Lease Rental Revenue Bonds~South Bend Central Development Area Public Improvement Project) Refinancing. • Mrs. Kolata explained that Municipal Consultants' fee would also be an hourly rate not to exceed $10,000. If we do not move forward with the refinancing we would be charged only for out-of-pocket expenses. Municipal Consultants was not the financial consultant on this original bond. The reason we are using them in this instance is that they have just recently done the projections on the College Football Hall of Fame bond and it makes sense to have them do this as well since both will be structured on the same tax increment revenues. Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Proposal from Municipal Consultants for an amount not to exceed $10,000 for professional services related to 1990 Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) Refinancing. c. Authority approval requested for Proposal from Beres & Cullar for Professional Services related to Quality Drive Project in the Aimort Economic Development Area. -2- • South Bend Redevelopment Authority Special Meeting -March 29, 1994 3. NEW BUSINESS (Cont.) c. continued... Mrs. Kolata explained that Quality Drive is the new street constructed from Brick Road to Accuride. We paid for that road using 50 % tax increment funds and a 50 % grant from the State of Indiana. The State of Indiana requires that we complete an audit of the project following completion. We would like to hire Beres & Cullar as the accountant to perform the audit. They have agreed to do that audit for a cost of $500. Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Proposal from Beres & Cullar in the amount of $500 for professional services related to the Quality Drive Project in the Airport Economic Development Area. d. Authori~ authorization requested to sign Tax Abatement Petition on behalf of BHD Properties LCC (dba• Dearborn Crane & Engineerins Co. Mrs. Kolata explained that the Authority has leased land to the Redevelopment Commission which has, in turn, leased it to Dearborn Crane for a new building on that site. They want to apply for tax abatement and the property owner needs to sign the tax abatement petition. Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried, the Authority authorized signing the Tax Abatement Petition on behalf of BHD Properties, LCC (dba: Dearborn Crane & Engineering Co.) 4. APPROVAL OF CLAIMS Claims submitted for payment 29 March 1994 BLACKTHORN CONSTRUCTION FUND North American Golf $ 2502.50 Illinois Lawn Equipment $ 35.12 Wittek Golf Supply $ 170.00 Ameritech $ 588.03 Indiana Michigan Power $ 561.95 • -3- South Bend Redevelopment Authority Special Meeting - Mazch 29, 1994 4. APPROVAL OF CLAIMS (Cont.) BLACKTHORN CONSTRUCTION FUND continued... Aratex Services $ 16.44 Cannon Turf Supply $ 464.50 Simplex Time Recorder Co $ 773.00 John Quickstead-Petty Cash $ 97.16 1991 AIRPORT TAX-EXEMPT PUBLIC IMPROVEMENT PROJECT Landscapes Unlimited $ 6,587.85 Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried, the Authority approved the Claims submitted March 29, 1994. • 5. SET REGULAR MEETING DATES Mrs . Kolata noted that after the Authority decided that it would like to have Regulaz Meetings on the first and third Wednesdays at 4:30 p.m., we learned that the Boazd of Public Works meeting room is busy on every third Wednesday at 5:00 p.m. Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried the Authority set its Regulaz Meeting time as the first and third Tuesdays of each month at 4:30 p.m. beginning April 19, 1994. 6. ADJOURNMENT There being no further business to come before the Redevelopment Authority, Ms. Ferlic made a motion that the meeting be adjourned. Mr. Gammage seconded the motion and the meeting was adjourned at 4:49 p.m. ~r~ c J s ph .Wroblewski, President ~~ Ann . Kolata, Director -4-