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HomeMy WebLinkAbout1994-05-17 Minutes SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING May 17, 1994 4:30 p.m. Presiding: Joseph Wroblewski President 1308 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 The May 17, 1994 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. Andre B. Gammage, Vice-President Members Absent: Ms. Mary O. Ferlic, Secretary Redevelopment Staff: Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Recording Secretary Mr. James Riggs, Economic Dev. Specialist Others: Mr. Randy Rompola, Baker & Daniels 2. APPROVAL OF MINUTES a. A~,_proval of Minutes of the Regular Meeting of Tuesdav April 19, 1994. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Regular Meeting of Tuesday, April 19, 1994. 3. NEW BUSINESS a. Authority approval requested for Resolution No 91 authorizine the issuance and sale of the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project) Ms. Kolata noted that the Authority previously acted to approve the College Football Hall of Fame bond which included Century Center's improvements. It has since been determined that the best way to go about the fmancing is to break the financing into two parts. This is the Century Center portion. At a subsequent meeting, in about two weeks, we will be bringing the Hall of Fame portion forward. a . • South Bend Redevelopment Authority Regular Meeting -May 17, 1994 Mr. Rompola explained that Resolution No. 91 authorizes the issuance of the Century Center bonds and approves several attached documents. It approves the form of the documents and authorizes the officers to make any changes necessary and execute the documents. Resolution No. 91 indicates that the maximum principal amount of the bond will not exceed $7,500,000. The resolution also approves the Form of Trust Indenture and appoints Norwest Bank as Trustee on the bonds. Norwest Bank is the Trustee on the existing Century Center bond that the Century Center Building Authority issued previously. The resolution also indicates that the fmal maturity of the bond will not be later than February 1, 2019 and that the maximum interest rate will be 71/a % . The principal is payable on February 1 and the interest is payable semi-annually on August 1 and February 1 of each year. The resolution also lays out the redemption terms of these bonds. The resolution approves the Form of Purchase Contract and authorizes the officers to make changes to it to reflect the fmal numbers after the bonds are sold and to execute the Purchase Contract. It also approves the Preliminary Official Statement. The resolution also authorizes bond insurance to be purchased on the bond issue. The purpose for the bond insurance is to provide additional security for the purchasers since • there are a variety of revenue streams, thereby achieving a lower interest rate on the bonds. Resolution No. 91 also authorizes the use of depository bond certificates since the underwriter expects to market the bonds to large, institutional investors who don't desire the paper bond certificate. In the use of depository bond certificates, printing costs are avoided and the depository trust company maintains the records of the bond issue for the bond holders. Mrs. Kolata noted that the bond sale will be about May 25. We will. need to wait 15 days after the sale. of these bonds before selling the Hall of Fame bonds. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved Resolution No. 91 authorizing .the issuance and sale of the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project) b. Authority authorization reauested to sign tax abatement petition. (Midwest Embroidery) Mrs. Kolata noted that the Commission has on its agenda for May 20 the sale of 14 acres of Authority-owned land in the Toll Road Industrial Park to Midwest Embroidery. Midwest Embroidery will be constructing a 58,000 sq. • -2- • South Bend Redevelopment Authority Regular Meeting -May 17, 1994 ft. building to consolidate their operation. They are on a very fast track. They have asked us to consider submitting the tax abatement petition to the City Council in advance of the Commission's acting on the sale. The staff needs authorization to sign the tax abatement petition. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carved, the Authority authorized signing of the tax abatement petition on behalf of Midwest Embroidery. c. Authority approval requested for Proposal from Landscapes Unlimited for professional services in the Airport Economic Development Area. Mr. Riggs explained that Landscapes Unlimited is a landscape architect company we have been working with to design the landscaping along Nimtz Parkway and the Blackthorn Corporate Park. Because of the location of the golf course in relationship to the right-of-way, they seem to be the appropriate company to design the landscaping around the clubhouse and parking lot. They propose to do the work for a fee of $3,300 which is very reasonable. It will be complete by the time the golf course opens Labor Day weekend. Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Proposal from Landscapes Unlimited for professional services in the Airport Economic Development Area. 4. APPROVAL OF CLAIMS BLACKTHORN CONSTRUCTION FUND North American Golf, Inc. $ 2502.50 North American Golf, Inc. $ 475.00 Eckenhoff Saunders Architects $ 20.90 Indiana Michigan Power $ 290.38 Indiana Michigan Power $ 450.39 Indiana Michigan Power $ 100.05 Indiana Golfer's Guide $ 1229.00 Ameritech $ 278.59 Ameritech $ 68.17 South Bend Water Works $ 194.35 South Bend Water Works $ 92.51 • -3- • South Bend Redevelopment Authority Regular Meeting -May 17, 1994 John Quickstead -Petty Cash Ameritech Treeforms Hurdzan Golf Course Design South Bend Tribune Tri County News South Bend Tribune Illinois Lawn Equipment, Inc. Cole Associates $ 250.10 $ 55.98 $ 7539.00 $ 10,767.99 $ 13.77 $ 13.20 $ 68.95 $ 498.84 $ 100.00 1991 AIRPORT TAX-EXEMPT PUBLIC IMPROVEMENT PROJECT • Internal Reveune Service Peirce & Associates Landscapes Unlimited $ 1240.47 $ 7572.00 $ 5069.58 SOUTH BEND CENTRAL PUBLIC IMPROVEMENT PROJECT Norwest Bank $ 1174.00 Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Claims submitted May 17, 1994 for approval. 5. NEXT AUTHORITY MEETING The next Regular Meeting of the Redevelopment Authority is scheduled for June 7, 1994 at 4:30 p.m. 6. ADJOURNMENT There being no further business to come before the Redevelopment Commission, 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. if Andre Gammage, Vice P esident ~~ Ann E. Kolata, Director -4-