HomeMy WebLinkAbout1996-09-11 Redevelopment Authority Minutes,~„~
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SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
September 11, 1996 1308 County -City Building
4:30 p.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana 46601
President
The September 11, 1996 Regular Meeting of the Redevelopment Authority was called to order at
4:40 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. Joelle K. Smith, Recording Secretary
Other Mr. Randy Rompola, Baker & Daniels
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2. APPROVAL OF MINUTES
a. Approval of Minutes of the Regular Meeting of Wednesday, September 4,
1996.
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously
carried, the Authority approved the Minutes of the Regular Meeting of
Wednesday, September 4, 1996.
3. NEW BUSINESS
a. Authority approval requested for Resolution No. 109 authorizing such
actions. as may be necessary for the substitution and replacement. of the
credit facility for the South Bend Redevelopment Authority variable rate
demand lease rental revenue bonds of 1994 (College Football Hall of Fame
Project)
Mrs. Kolata explained that a bank from New York has approached the City of
South Bend to provide the Letter of Credit on the Hall of Fame bond issue. This
bank has a higher credit rating than Fuji Bank, which currently provides the Letter
of Credit.
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• South Bend Redevelopment Authority
Special Meeting -September 11, 1996
Mrs. Kolata explained that Resolution No. 109 authorizes the Authority to enter
into any types of documents required so that the Hall of Fame can get a Letter of
Credit from this new bank. We estimate savings of as much as $90,000 a year in
terms of interest on the bonds. The actual cost for the Letter of Credit will go up
but the interest on the bonds will go down, so the net erect is a saving.
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously
carried, the Authority approved Resolution No. 109 authorizing such actions as
maybe necessary for the substitution and replacement of the credit facility for the
South Bend Redevelopment Authority Variable Rate Demand Lease Rental
Revenue Bonds of 1994 (College Football Hall of Fame Project)
Mrs. Kolata added item b to the agenda.
b. Authority approval requested for Resolution No. 110 approving and ratifying
the sale of South Bend Redevelopment Authority Lease Rental Revenue
Refunding Bonds Series 1996 A (South Bend Central Development Area
Public Improvement Project) and approving the execution of an Addendum
to the Lease between the Authority and the South Bend Redevelopment
• Commission and other related matters
Mrs. Kolata stated that earlier this year, the Authority began the refinancing
process on two bond issues. It was recently decided to only refinance one bond
issue at this time so that the City of South Bend will stay under the $10 million
financing cap for 1996. The other bond issues will be refinanced early next year if
interest rates remain favorable.
Mr. Rompola explained that Resolution No. 110 relates to the refinancing of a
portion of the 1990 Lease Rental Revenue Bond for the South Bend Central
Development Area. As a result of the bonds being sold, there is a savings of
$452,000 which is net of expenses. The bonds will close September 26.
Resolution No. 110 ratifies the signing of the Bond Purchase Agreement,
authorizes the execution of a Lease Addendum and authorizes the Authority to
execute and deliver the Notice of Redemption to the Trustee on the deposit date.
A portion of the 1990 bonds will be replaced with the new bonds.
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously
carried, the Authority approved Resolution No. 110 approving and ratifying the
sale of South Bend Redevelopment Authority Lease Rental Revenue Refunding
Bonds Series 1996 A (South Bend Central Development Area Public Improvement
Project) and approving the execution of an Addendum to the Lease between the
Authority and the South Bend Redevelopment Commission and other related
matters
South Bend Redevelopment Authority
Special Meeting -September 11, 1996
4. CLAIMS
Claims submitted for approval on September 11, 1996
College Football Hall of Fame
Moody's Investors Service
Operation and Reserve Eund $2,500
SBCDA - 1996 A Bonds
Bowen Printing, Inc. $2,140
Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously carried,
the Authority approved the Claims submitted for approval September 11, 1996
5. NEXT MEETING DATE:
The next meeting of the Redevelopment Authority is scheduled for Wednesday,
October 2, 1996 at 4:30 p.m.
CJ
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 5:10 p.m.
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J eph .Wroblewski, President
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Ann E. Kolata, Director
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