HomeMy WebLinkAbout1998-03-16 Redevelopment Authority Minutes
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SOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
March 16, 1998
1:30 p.m.
Presiding: Mr. Eugene Ladewski
1308 County-City Building
227 West Jefferson Boulevard
South Bend, IN 46601
The March 16, 1998 Regular Meeting of the Redevelopment Authority was called to order at
1:34 p.m. by its President, Eugene Ladewski. All members were present.
1. ROLL CALL
Members Present: Mr. Eugene Ladewski, President
Ms. Carolyn Pfotenhauer, Vice-President
Mr. Andre Gammage, Secretary
Redevelopment Staff: Mrs. Ann Kolata, Director
Mrs. Jenny Hullinger, Recording Secretary
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2. APPROVAL OF MINUTES
a. Approval of the Minutes of the Special Meeting of January 21, 1998 and
the Special Meeting of February 23, 1998.
Upon a motion by Carolyn Pfotenhauer, seconded by Mr. Gammage and
carried, the Authority approved the Minutes of the Special Meeting of January
21, 1998 and the Special Meeting of February 23, 1998.
3. NEW BUSINESS
a. Authority approval requested for Resolution No. 124 approving the
Declaration of Protective and Restrictive Covenants of the Second
Blackthorn Industrial Parcel.
Mrs. Kolata stated that this property is 17 acres of rolling land, just south of
the Toll Road and west of the By-pass. There will probably be only two users
for the land because of the topography. The restrictive covenants set up
requirements for design review and materials for building. Masonry buildings
are required, rather than metal. The South Bend Redevelopment Commission
has approved these covenants.
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The Planning Department, the Area Planning Commission and Building
Department have formulated a new zoning classification called Industrial Park
Zoning, which was passed by the City Council last week. Industrial Park
Zoning changes some set-back requirements, has more restrictions on what type
of business can go in the Zone, and has landscaping controls. This land will
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• The South Bend Redevelopment Authority
Regular Meeting, March 16, 1998
then be reclassified as Industrial Park Zoning.
Mr. Ladewski asked if there are any potential buyers. Mrs. Kolata responded
that there are no potential buyers at this time, although there have been people
looking at the property.
Upon a motion by Mr. Gammage, seconded by Ms. Pfotenhauer and carried,
the Authority approved Resolution No. 124.
b. Authority approval requested for Amended Engagement Letter with Crowe
Chizek and Company, LLP for Financial Advisory Services related to the
Morris Performing Arts Center Project.
Mrs. Kolata explained that Crow Chizek is the Authority's financial advisor on
the Morris Bond Issue. Crow Chizek is requesting an amendment to their
engagement letter, which has a "not. to exceed $18,000.", to be raised to
$25,000. because of the further service they have given to the Authority. Mrs.
Kolata stated that the Authority used Crow Chizek's services longer than
anticipated, and thought the request was reasonable.
• Upon a motion by Ms. Pfotenhauer; seconded by Mr. Ladewski and carried the
Authority approved the request for an Amended Engagement Letter with Crow
Chizek and Company, LLP for Financial Advisory Services related to the
Morris Performing Arts Center Project.
c. Authority approval requested for Investment Direction -Cash Management to
Norwest Bank, Indiana N.A. for the Morris Performing Arts Center Project.
Mrs. Kolata stated that Norwest Bank, Indiana N.A. is requesting the
Authority's investment direction.
Upon a motion by Ms. Pfotenhauer, seconded by Mr. Gammage and carried,
the Authority approved the request for Investment Direction for Norwest Bank,
Indiana N.A. for Cash Management for the Morris Performing Arts Center
Project.
d. Authority approval requested for Resolution No. 125 Authorizing the
expenditure of funds received on behalf of the Authority from the Build
Indiana Fund to pay outstanding principal of the bonds issued to finance the
College Football Hall of Fame.
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• The South Bend Redevelopment Authority
.Regular Meeting, March 16, 1998
Mrs. Kolata explained that Resolution No. 125 directs the Trustee of the bonds for
the College Football Hall of Fame to put the $500,000 that was awarded from Build
Indiana. into an escrow account to purchase bonds and extinguish them or to redeem
bonds. The $500,000 can only be used for principal.
Mr. Ladewski asked if the Authority will be able to apply for grants in the future.
Mrs. Kolata replied that each year that grants are available the Authority will be able
to apply for grants.
Upon a motion by Mr. Gammage, seconded by Ms. Pfotenhauer and carried, the
Authority passed Resolution No. 125.
5. CLAIMS
Claims submitted for approval on March 16, 1998
MORRIS -CONSTRUCTION FUND
• Moody's Investors Service $12,000.00
Fitch IBCA, Inc. $ 7,500.00
Baker & Daniels $36,047.11
Norwest Bank Indiana, N.A. $ 4,000.00
Upon a motion by Ms. Pfotenhauer, seconded by Mr. Gammage and carried, the
Authority approved the claims submitted March 16, 1998 for approval.
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6. NEXT MEETING DATE: April 6, 1998.
7. ADJOURNMENT
There being no further business to come before the Redevelopment Authority, Mr.
Ladewski adjourned the meeting at 1:48 p.m.
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Eug e Lad ski, President ~.
~; A E. of irector
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