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HomeMy WebLinkAbout1998-09-21 Redevelopment Authority Minutes.` • September 21, 1:30 p.m. Presiding: SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING 1998 Ms. Carolyn Pfotenhauer 1200 County-City Building 227 West Jefferson Boulevard South Bend, IN 46601 The September 21, 1998 Regular Meeting of the Redevelopment Authority was called to order at 1:35 p.m. by its President, Carolyn Pfotenhauer. There was a quorum present. 1. ROLL CALL Members Present: Ms. Carolyn Pfotenhauer, President Mr. Jose Alvarez, Secretary Redevelopment Staff: Mrs. Ann Kolata Mrs. Jenny Hullinger, Recording Secretary 2. APPROVAL OF MINUTES • Ms. Pfotenhauer noted a couple of minor errors that will be corrected on the final copy. Upon a motion by Jose Alvarez, seconded by Carolyn Pfotenhauer, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of September 2, 1998. 3. New Business a. Authority Approval requested for Resolution No. 128 of the South Bend Redevelopment Authority Approving the Transfer of Real Property to the South Bend Redevelopment Commission. Mrs. Kolata stated that this Resolution concerns two acres of land in the Blackthorn Corporate Park, just south of where Panzica is building on Nimtz Parkway, that will be developed by One Blackthorn LLC. The land needs to be transferred to the Commission before the Commission can sell it to One Blackthorn LLC. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority unanimously approved Resolution No. 128. b. Authority Approval requested for Investment Authorization for Century Center Bond Issue. • Mrs. Kolata stated that Norwest Investment Management and Trust is requesting authorization to purchase Treasury Bills for the Century Center bond issue. The • The South Bend Redevelopment Authority September 21, 1998 Meeting Treasury Bills will mature a week before the payment on the Century Center bonds is required, so if the money from the Treasury Bills is needed for the payment it would be available. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority unanimously approved the purchase of the Treasury Bills. c. Approval of Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Airport Economic Development Area Public Improvement Project. (Taxable Improvement Project) Mrs. Kolata stated that the Bond Trustee requires a certification that insurance is in place and all taxes have been paid on property associated with this bond issue. The City does not pay property tax, but must check to make sure no outstanding taxes are due. Mr. Alvarez asked about the insurance for the properties the City owns: is it an umbrella policy for the City? Mrs. Kolata stated that the City is self insured, and reviews its holdings with its insurance company every year. For a typical bond issue with an improvement such as a parking garage, the insurance proceeds would pay to replace the garage if the garage was destroyed during the • life of the bond. This is basically replacement policy insurance. Most of the money from this bond issue is used for buying land, which is not likely to be destroyed. The terms of the bond issue are such that payments cannot be made unless the project is operational, and the insurance enables a project to be rebuilt so that the payments can be resumed. Most of the bond issue was used to purchase land, which is undeveloped, but street construction was also part of the bond issue and the streets would need to be replaced if they were destroyed for some reason. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority unanimously approved the Certification of Insurance and Tax Liability for the Airport Economic Development Area Public Improvement Project. 4. CLAIMS BLACKTHORN GOLF COURSE OPERATION AND RESERVE ACCOUNT Norwest Bank Indiana, N.A. Trustee Fees for 9-1-97 through 8-31-98 $1,091.60 Upon a motion by Ms. Pfotenhauer, seconded by Mr. Alvarez and unanimously carried, the Authority approved the claim submitted September 21, 1998. • 5. NEXT MEETING DATE: October 5, 1998. • The South Bend Redevelopment Authority September 21, 1998 Meeting 6. ADJOURNMENT There being no further business to come before the Redevelopment Authority, Mrs. Pfotenhauer adjourned the meeting at 1:48 p.m. ~lc, Carolyn aue r dent Ann Kolata, Director • •