HomeMy WebLinkAbout1994-06-28 Minutes~J
SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
June 28, 1994
11:00 a.m.
Presiding: Joseph Wroblewski
President
1308 County-City Building
227 W. Jefferson Boulevard
South Bend, Indiana 46601
The June 28, 1994 Special Meeting of the Redevelopment Authority was called to order at
11:12 a.m. by its President, Joseph Wroblewski. There was a quorum present.
1. ROLL CALL
Members Present:
Members Absent:
Redevelopment Staff:
Others:
2. APPROVAL OF MINUTES
Mr. Joseph Wroblewski, President
Mr. Andre B. Gammage, Vice-President
Ms. Mary O Ferlic, Secretary
Mrs. Ann Kolata, Director
Mrs. Cheryl Phipps, Recording Secretary
Mr. Randy Rompola, Baker & Daniels
Mr. Kevin Horton, City Controller
a. A~~rova1 of Minutes of the Regular Meeting of Tuesday, June 21, 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, June 21, 1994.
3. NEW BUSINESS
a. Authority approval reauested for Resolution No. 95 anyroving; the execution of
an Addendum to the Lease between the Authority and the South Bend
Redevelopment Commission.
Mr. Rompola explained that there is an existing lease between the
Redevelopment Authority and the Redevelopment Commission for
improvements to Century Center and construction of the College Football Hall
of Fame. That lease needs to be amended to the Hall of Fame financing. The
primary change is that, ordinarily, the Lease goes out of existence when the
bonds are paid off. Here, because we are having a Letter of Credit, the Lease
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South Bend Redevelopment Authority
Special Meeting -June 28, 1994
3. NEW BUSINESS (Cont.)
a. continued...
will not go out of existence until the Letter of Credit is paid off. There could
be amounts owing on the Letter of Credit after the bonds are paid off. This
change keeps the Lease active until the Letter of Credit is paid off. The term
of the. Lease is not being extended. That term is set by the State Tax Board.
However, in the event that bonds are paid off early, the Lease would continue
in effect until the Letter of Credit was also paid off.
Mr. R,ompola noted that another change to the Lease is the authorization of a
Bond Anticipation Note which is interim financing until the actual bond is
sold. We are currently working with Fuji Bank in New York to get a Letter
of Credit. Although that has been approved, there are things that need to be
done before we can actually close on the bonds. This Bond Anticipation Note
will give us funds to pay contractors for work in progress until we have
proceeds from the bonds. Resolution No. 95 authorizes a Bond Anticipation
Note in an amount not to exceed $2,000,000. The maximum term for the
Bond Anticipation Note is 90 days, although we expect to pay it off in a week
or so, when the Hall of Fame bond is sold. This BAN is payable solely out of
the proceeds of the sale of the bond. The Lease sets a maximum interest rate
for the BAN at 10 % .
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and
unanunously carried, the Authority approved Resolution No. 95 approving the
execution of an Addendum to the Lease between the Authority and the South
Bend Redevelopment Commission.
4. APPROVAL OF CLAIMS
a. Authority rescissission m~uested for Claim and Authority anvroval reauested
for corrected Claim from Berreth Oil.
Mrs. Kolata explained that the Authority approved a claim on June 21 for
Berreth Oil in the amount of $1120.59. There was an addition error on the
claim, so the claim should have been listed in the amount of $1147.79. We
would like to rescind the approval and approve the claim as corrected.
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South Bend Redevelopment Authority
Special Meeting -June 28, 1994
a. continued...
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and
unanimously carried, the Authority rescinded approval of the claim from
Berreth Oil and approved a claim from Berreth Oil in the amount of $1147.79.
b. Authority avnroval requested for Claim from Norwest Bank in the amount of
2 414.58.
Mrs. Kolata explained that this claim is for publishing notice to redeem the
1977 Century Center bond. This is to be paid from the proceeds of our new
Century Center Bond.
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and
unanimously carried, the Authority approved the Claim from Norwest Bank in
the amount of $2,14.58.
5. NEXT MEETING DATE
The next Regular Meeting of the Redevelopment Authority is scheduled for Tuesday,
June 5, 1994 at 4:30 p.m.
6. ADJOURNMENT
There being no further business to come before the Redevelopment Authority, Mr.
Gammage made a motion that the meeting be adjourned. Mr. Wroblewski seconded
the motion and the meeting was adjourned at 11:24 a.m.
o G a~~ ~f ~l~C„ r~ A
eph .Wroblewski, President
v _
Ann . Kolata, Director
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