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Home My WebLink About1996-03-13 Redevelopment Authority Minutes~ ~ SOUTH BEND REDEVELOPMENT AUTHORITY RESCHEDULED MEETING March 13, 1996 4:30 p.m. Presiding: Joseph Wroblewski President 1308 County -City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 The March 13, 1996 Rescheduled Meeting of the Redevelopment Authority was called to order at 4:35 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 n U Redevelopment Staff: Others: 2. APPROVAL OF MINUTES Mrs. Ann Kolata, Deputy Executive Director Ms. Joelle Webb, Recording Secretary Mr. Randy Rompola, Baker & Daniels Mr. John Julien, H.J. Umbaugh & Assoc. a. Approval of Minutes of the Rescheduled Regular Meeting of Wednesday, February 28, 1996. Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Minutes of the Rescheduled Regular Meeting of Wednesday, February 28, 1996. 3. CLAIMS Claims submitted for approval March 13, 1996 COLLEGE FOOTBALL HALL OF FAME Moody's Investors Service (Reserve Fund) $ 5,000.00 • .. .; ~'! • South Bend Redevelopment Authority Rescheduled Meeting March 13, 1996 4. NEW BUSINESS a. Authority approval requested for Resolution No. 106 indicating its intent to issue Redevelopment Authority lease rental revenue refunding bonds and that certain preliminary costs be reimbursed from the proceeds of said bonds. Randy Rompola, Baker & Daniels, explained that the purpose of this Resolution is to state for the record that Redevelopment Authority does intend to issue the bonds. It states that any expenses incurred prior to the time of issue of the bonds, will be reimbursed out of the bonds proceeds when they are issued. This relates to the two series of bonds. Series A bond refunds the bonds from the South Bend Central Development Area Public Improvement Project 1990 Lease Purchase Bonds. Series B bond refunds the Airport Economic Development Area Public Improvement Project that was issued in 1991. Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried, the Authority approved Resolution No. 106 indicating its intent to issue Redevelopment Authority lease rental revenue refunding bonds and that certain preliminary costs be reimbursed from the proceeds of said bonds. b. Authority approval requested for Resolution No. 107 authorizing the issuance of the South Bend Redevelopment Authority lease rental revenue refunding bonds, series 1996A (Central Development Area Public Improvement Project) and series 1996B (Airport Economic Development Area Public Improvement Project) and other related matters. Mrs. Kolata noted that Resolution No. 107 is related to refinancing of the South Bend Central Development Area Public Improvement Project Bond and the Airport Economic Development Area Tax-Exempt Bond. Randy Rompola, Baker & Daniels, explained that Resolution No. 107 sets up the parameters for the bond issues. The Series 1996A Bond will not exceed $6,000,000, and the Series 1996B bond will not exceed $3,000,000. The actual amount of each bond will depend on what the interest rate is at the time of sale and the outstanding balance of the existing bonds. The Resolution sets a maximum interest rate of 8 % and a maximum maturity date of 2012. Under current laws the refunding bonds will not be redeemed unless they are redeemed currently as they mature. 3. NEW BUSINESS (Cont.) -2- • South Bend Redevelopment Authority Rescheduled Meeting March 13, 1996 b. continued... The Resolution approves the form of Trust Indenture and the form of Escrow Agreement. Resolution No. 107 allows the bonds to be sold at a negotiated sale which means that we will select the date for the sale whenever we feel the interest rate is most advantageous. John Julien, H.J. Umbaugh & Associates, explained the financing for the refunding. Resolution No. 107 approves the Preliminary Official Statement which is a compilation of disclosures about the City and the Redevelopment District and describes the financing. The Official Statement will be used in selecting and negotiating with the underwriter of the bond. It will also be used by the rating agency to establish a credit rating for this financing. The estimated amount of net savings is approximately $300,000 - $400,000. Mrs. Kolata explained that the reason for deciding to do a negotiated sale is that a negotiated sale allows us to watch the market and pick the most opportune time for the sale. Mr. Gammage asked if the interest rates don't fall, do we have to go through with the refunding? Mrs. Kolata responded that if the market doesn't make it worth our while we will not go through with the sale. Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved Resolution No. 107 authorizing the issuance of the South Bend Redevelopment Authority lease rental revenue refunding bonds, series 1996A (Central Development Area Public Improvement Project) and series 1996B (Airport Economic Development Area Public Improvement Project) and other related matters. c. Authority approval requested for Indemnification Agreement between the South Bend Redevelopment Authority and St. Joseph County Airport Authority relating to the grant of drainage easements by the Airport in connection with the development of Nimtz Parkway. Mrs. Kolata explained that the Authority has some easements on Airport Authority land. The Airport Authority wanted us to indemnify them as it relates to certain environmental situations. 3. NEW BUSINESS (Cont.) c. continued... -3- ' .' • South Bend Redevelopment Authority Rescheduled Meeting March 13, 1996 Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried, the Authority accepted the Indemnification Agreement between the South Bend Redevelopment Authority and St. Joseph County Airport Authority related to the grant of drainage easements by the Airport in connection with the development of Nimtz Parkway. d. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (Blackthorn Golf Course Project) Mrs. Kolata explained that items d through 1 are all related to the same type of certification. We are required to give the Trustee for each of our bonds proof that we have current insurance policies on each property and that there are no outstanding property taxes on the property. This certification must be provided annually. Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the Blackthorn Golf Course Project. e. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (South Bend Central Development Area Public Improvement Project) Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the South Bend Central Development Area Public Improvement Project. f. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (1992 Parking Facilities Project (St. Joseph/Wayne Street Parking Garage) Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the 1992 Parking Facilities Project St. Joseph/Wayne Street Parking Garage Project. g. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. • (Stanley Coveleski Regional Stadium) -4- rV • South Bend Redevelopment Authority Rescheduled Meeting March 13, 1996 Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the Stanley Coveleski Regional Stadium Project. h. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (Airport Economic Development Area Public Improvement Project Tax- Exempt Improvement Project) Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the Airport Economic Development Area Public Improvement Project (Tax-Exempt Improvement Project). i. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (Airport Economic Development Area Public Improvement Project Taxable Improvement Project) Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carved, the Authority approved the Certification Concerning Insurance and Tax Liability for the Airport Economic Development Area Public Improvement Project (Taxable Improvement Project) . j. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (Palais Royale Project) Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the Palais Royale Project. k. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (Century Center) Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the Century Center Project. • 1. Authority approval requested for Certification of the South Bend Redevelopment Authority Concerning Insurance and Tax Liability. (College Football Hall of Fame) -5- ~ F ,v • South Bend Redevelopment Authority Rescheduled Meeting March 13, 1996 Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously carried, the Authority approved the Certification Concerning Insurance and Tax Liability for the College Football Hall of Fame Project. 5. NEXT MEETING DATE: The next meeting of the Redevelopment Authority is scheduled for Wednesday, April 3, 1996 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. Ms. Ferlic seconded the motion and the meeting was adjourned at 5:05 p.m. { ~~ ~ ~ ~ J ep .Wroblewski, President Ann E. Kolata, Director -6-