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HomeMy WebLinkAbout1997-08-14 Redevelopment Authority Minutes • SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING August 14, 1997 1308 County -City Building 3:30 p.m. 227 W. Jefferson Boulevard Presiding: Andre B, Gammage South Bend, Indiana 46601 President The June 6, 1997 Regular Meeting of the Redevelopment Authority was called to order at 4:10 p.m. by its President, Andre Gammage. There was a quorum present. 1. ROLL CALL Members Present: Mr. Andre B. Gammage, President Mr. Eugene Ladewski, Secretary Member Absent: Ms. Carolyn Pfotenhauer, Vice President Redevelopment Staff: Mrs. Ann Kolata, Director Mrs. Vangelean Urbanski, Recording Secretary C 2. APPROVAL OF MINUTES a. Approval of Minutes of the Regular Meeting of Friday, June 6, 1997. Upon a motion by Mr. Ladewski, seconded by Mr. Gammage and carried, the Authority approved the Minutes of the Regular Meeting of Friday, June 6, 1997. 3. NEW BUSINESS a. Authority approval requested for Leasehold Mortgage and Security Agreement with the Housing Development Corporation of St. Joseph County, Inc. for the use of HOME funds to rehabilitate the property located 628 S. Rush St. in the South Bend Central Development Area. Ms. Kolata explained that this property was purchased by the Authority several years ago with the South Bend Central Public Improvement Bonds of 1990. It was subsequently leased to the Redevelopment Commission and subleased to the Housing Development Corporation. The Housing Development Corporation would like to acknowledge that they used the property as a local match towards the use of Federal HOME funds that were used to rehabilitate the property. • -1- r • South Bend Redevelopment Authority Special Meeting -August 14, 1997 Mr. Ladewski asked what was the proposed use of the house located at 528 S. Rush Street. Ms. Kolata stated that this is a single-unit, residential propcrty which is leased out to a family. Mr. Ladewski asked if there's a future purpose for the property. Ms. Kolata stated that the future use of the house is for residential use. Anne Bruneel stated that the Redevelopment Authority will own the house as long as the bonds are outstanding, then the house will be transferred to the Redevelopment Commission. At that time it will probably be sold to the Housing Development Corporation. Upon a motion by Mr. Ladewski, seconded by Mr. Gammage and carried, the Authority approved the Leasehold Mortgage and Security Agreement with the Housing Development Corporation of St. Joseph County, Inc. for the use of HOME funds to rehabilitate the property located at 628 S. Rush Street in the South Bend Central Development Area. b. Authority approval requested for Agreement and Release of Easement in the Airport Economic Development Area. (St. Joseph Valley Parkway/1~limtz Parkway/Toll Road) . Ms. Kolata stated that this Agreement and Release of Easement relates to an easement that exists on property owned by the Redevelopment Authority located at the intersection of the St. Joseph Valley Parkway/Nimtz Parkway. There is a nineteen acre section of land that has an easement on it with Barclay Corporation for billboards and access to those billboards. At the time the Redevelopment Authority purchased the property there were three billboards located on it. In order to do the interchange work that is being funded through a state grant, one of the billboards needed to be removed and the easement for that location needed to be released. The Agreement releases one of the three billboard locations and modifies the access easement to follow the new perimeter of the land as opposed to the old perimeter. It has been executed by the Barclay Corporation. The Agreement and Release of Easement requires the Redevelopment Authority's approval before it can be recorded. : Upon a motion by Mr. Ladewski, seconded by Mr. Gammage and carried, the Authority approved the Agreement and Release of Easement in the Airport Economic Development Area. (St. Joseph Valley Parkway/Nimtz Parkway/Toll Road) c. Authority approval requested for Resolution No. 115 regarding the use of surplus bond proceeds from the Redevelopment Authority Taxable Lease Purchase Revenue Bond (Coveleski Stadium Refinancing). • -2- . South Bend Redevelopment Authority Special Meeting -August 14, 1997 Ms. Kolata stated that this relates to the Coveleski Stadium Financing that was an Authority Bond Issue. As part of that, the Redevelopment Commission levied a tax to make the payments to the Redevelopment Authority that went to pay off the bond issue. At the conclusion of the payments on the bond and after all fees were paid by the Trustee, the amount remaining in the account totals $9,032.76. She stated that the Resolution states that these are surplus funds and that the intent is to use them to reduce the tax levy on bonds of the South Bend Redevelopment Commission issued for similar purposes. Ms. Kolata stated that the only other bond issue that is using a tax levy is the Studebaker Corridor Bond. If the Redevelopment Authority releases the remaining funds, they will come into the City and will be applied to the fund that is being used to pay for the Studebaker Corridor Bond. Both the Studebaker Corridor and the Coveleski Stadium Bonds issues were a levy of taxes in the South Bend Redevelopment District. Mr. Gammage asked if applying the remaining excess levy from the Coveleski Stadium Bond issue will reduce the amount of taxes levied. Ms. Kolata replied • that there would be a small reduction on the amount levied. Upon a motion by Mr. Ladewski, seconded by Mr. Gammage and carried, the Authority adopted Resolution No. 115 regarding use of surplus bond proceeds from South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Coveleski Stadium). 4. APPROVAL OF CLAIMS Claims submitted for approval on August 14, 1997 Palais Royale Project Norwest Bank Indiana, N.A. $1,058.00 1992 Parking Facility Project Norwest Bank Indiana, N.A. $2,658.50 Hall of Fame First Chicago Capital Markets, Inc. $22,437.50 Operation & Reserve Fund • Norwest Bank Indiana, N.A. $4,768.00 Operation & Reserve Fund • South Bend Redevelopment Authority Special Meeting -August 14, 1997 Bankers Trust Co., New York Operation & Reserve Fund $20,800.76 Upon a motion by Mr. Ladewski, seconded by Mr. Gammage and carried, the Authority approved the Claims submitted August 14, 1997, for approval. 5. NEXT MEETING DATE: The next meeting of the Redevelopment Authority is scheduled for Friday, September 5, 1997 at 3:30 p.m. 6. ADJOURNMENT There being no further business to come before the Redevelopment Authority, Mr. Ladewski made a motion that the meeting be adjourned. Mr. Gammage seconded the motion and the meeting was adjourned at 4:24 p.m. • Carolyn "~'fof hatter,y . _'~;e-Presiden G~t~`- Ann E. Kolata, Director •