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HomeMy WebLinkAbout2000-11-20 Redevelopment Authority MinutesR SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING November 20, 2000 1308 County-City Building 1:30 p.m. 227 West Jefferson Boulevard Presiding: Ms. Carolyn Pfotenhauer South Bend, IN 46601 The November 20 , 2000 Regular Meeting of the Redevelopment Authority was called to order at 1:34 p.m. by its President, Carolyn Pfotenhauer. There was a quorum present. 1. SWEARING IN OF NEW AUTHORITY MEMBER Mrs. Loretta Duda, City Clerk, administered the oath of office to Mr. Cleo Washington. 2. ROLL CALL Members Present: Ms. Carolyn V. Pfotenhauer, President Mr. Jose Alvarez, Secretary Mr. Cleo Washington, Member Redevelopment Staff: Mr. Donald Inks, Director Mrs. Jenny Hullinger, Recording Secretary • Others Present: ~ Mr. Randy Rampola, Baker and Daniels 3. APPROVAL OF MINUTES a. Approval of the Minutes of the Regular Meeting of November 6, 2000. Upon a motion by Jose Alvarez, seconded by Carolyn Pfotenhauer, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of November 6, 2000. 4. NEW BUSINESS a. Authority approval requested for Resolution No.144 approving the execution of an Addendum to the Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission for the College Football Hall of Fame Project. Mr. Rampola said Mayor Luecke wanted to secure a fixed rate on the bond rather than a variable rate. The bonds were sold November 16, 2000, and the net interest is • H:\WPDATA\AUTHORTY\112000.min.wpd • The South Bend Redevelopment Authority November 20, 2000 Meeting Minutes a little over 5.4%, which is a very good rate. The principle amount of the bonds is able to be reduced to $15,370,000 from $17,500,000 because the money that was kept in reserve for the variable interest was applied to the refunding. The lease rental rates will range from $701,000 to $704,000 over the life of the financing. Resolution No.144 approves the lease addendum, authorizes the execution of the addendum, and also authorizes the execution of a treasury order for the purchase of governmental securities. Mr. Rampola did not think we would be purchasing a governmental security because City Securities is purchasing a treasury obligation that will get deposited with the Trustee as escrow for the old bonds. The old bonds will be paid off December 14, 2000, which means we will have both bonds for about two weeks. The Lease Addendum will not become effective until we close on the bonds, which should be November 29, 2000. The other change to the Addendum is taking off all of the provisions that related to a variable rate financing in the Letter of Credit. The Lease Addendum also makes reference to the Century Center because the lease was used for both projects back in 1994. The Century Center Lease remains the same. Upon a motion by Ms. Pfotenhauer, and seconded by Mr. Alvarez, the Authority unanimously approved Resolution No. 144 approving the execution of an • Addendum to the Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission for the College Football Hall of Fame Project. b. Authority approval requested for the Third Addendum to Lease between the South Bend Redevelopment Authority, as Lessor, and the South Bend Redevelopment Commission, as Lessee (College Football Hall of Fame). Upon a motion by Mr. Alvarez, seconded by Mr. Washington and unanimously carried, the Authority approved the Third Addendum to Lease between the South Bend Redevelopment Authority, as Lessor, and the South Bend Redevelopment Commission, as Lessee (College Football Hall of Fame). 5. CLAIMS Claims submitted for approval November 20, 2000 The South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course) Annual administration fee for period ending 11/30/00 $1,250.00 C7 H:\WPDATAW UTHORTY\ 112000.min.wpd • The South Bend Redevelopment Authority November 20, 2000 Meeting Minutes The South Bend Redevelopment Authority Variable Rate Demand Lease Rental Bonds of 1994 (College Football Hall of Fame Project) Landesbank Hessen-Thuringen Revision termination date and fees for 10/30-00 through 12/14/00 $816.64 District Tax Increment Revenue Bond of 1998 Bank One Paying Agent Fees $750.00 Upon a motion by Mr. Alverez, seconded by Ms. Pfotenhauer, and unanimously carried, the Authority approved the claims submitted November 20, 2000. n U L~ 6. NEXT MEETING DATE: December 4, 2000. 7. ADJOURNMENT There being no further business to come before the Redevelopment Authority the meeting was adjourned at 1:50 p.m. ~.~ arolyn V. P tenha •, resident H:\ WPDATA\AUTHORTY\ 112000.min.wpd ( 1~.~.~ Donald Inks, Director