HomeMy WebLinkAbout1999-11-15 Redevelopement Authority Minutes~_,~
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SOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
November 15, 1999
1:30 p.m.
Presiding: Ms. Carolyn Pfotenhauer
1308 County-City Building
227 West Jefferson Boulevard
South Bend, IN 46601
The November 15, 1999 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:
Redevelopment Staff:
2. APPROVAL OF MINUTES
Ms. Carolyn V. Pfotenhauer, President
Mr. Matthew Kahn, Vice-President
Mrs. Ann E. Kolata, Director
Mrs. Jenny Hullinger, Recording Secretary
Mr. Brian Steinke, Legal Counsel
Upon a motion by Matthew Kahn, seconded by Carolyn Pfotenhauer, and unanimously carried,
the Authority approved the Minutes of the Regular Meeting of November 15, 1999.
3. NEW BUSINESS
a. Authority approval requested for Investment Direction to Chase Manhattan Trust
Company, N.A.
Mrs. Kolata stated she received a form from Chase Manhattan Trust Company, N.A.
asking for investment direction on funds they hold for the Authority. Our bond counsel,
Randy Rompola, said the only one we could select was the 100% Treasury Securities.
Mr. Kahn said their letter stated they were going to charge us 50 basis points as a
maintenance fee for the fund we are presently in, and if we move to a Chase Vista
investment we will be charged 25 basis points. Mr. Kahn asked what money market the
investment is in currently, and if it is doing 25 basis points better than the alternative. He
wondered if Treasury funds would have a better interest rate than money markets. Mrs.
Kolata said we could only invest in secure Treasury funds. Mr. Kahn said it looked like
there were a variety of Treasury funds we could invest in.
Mr. Kahn said we should ask whoever is handling the account what the best funds are to
invest in. Mrs. Kolata said she would call and talk to Mr. Impala at Chase.
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The South Bend Redevelopment Authority
• November 15, 1999 Meeting Minutes
The request for Investment Direction to Chase Manhattan Trust Company, N.A. was
tabled until the next meeting.
b. Authority approval requested for Resolution No.136 approving the transfer of real
property to the South Bend Redevelopment Commission (JB Investments, L.L.C.).
Mrs. Kolata informed the Authority that JB Investments, L.L.C. is purchasing Lot
# 2 in the Blackthorn Corporate Park to build a medical building now, and another
building on the property at a later date. The parcel of land is located on Blackthorn
Court. The property needs to be transferred to the Redevelopment Commission so they
can transfer it to JB Investments, L.L.C.
Upon a motion by Matt Kahn, seconded by Carolyn Pfotenhauer, and unanimously
carried, the Committee approved Resolution No.136 approving the transfer of real
property to the South Bend Redevelopment Commission (JB Investments, L.L.C.)
c. Authority approval requested for Resolution No.137 approving the transfer of real
property to the South Bend Redevelopment Commission (Crescent Michiana
Properties IV).
Mrs. Kolata said Crescent Michiana Properties IV is building a 40,000 sq. ft. building for
• a tenant they already have. The property is located on Crescent Circle. The property
needs to be transferred to the Redevelopment Commission so they can transfer it to
Crescent Michiana Properties IV.
Upon a motion by Matthew Kahn, seconded by Carolyn Pfotenhauer, and unanimously
carried, the Committee approved Resolution No.137 approving the transfer of real
property to the South Bend Redevelopment Commission (Crescent Michiana Properties IV}.
4. CLAIMS
There were no claims submitted.
5. NEXT MEETING DATE: December 6, 1999.
6. ADJOURNMENT
There being no further business to come before the Redevelopment Authority the meeting was
adjourned at 1:50 p.m.
• Carolyn V. P o nhaue resident -
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Ann E. Kolata, Director
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