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HomeMy WebLinkAbout2002-03-14 Redevelopment Authority Minutesr SOUTH BEND REDEVELOPMENT AUTHORITY • RESCHEDULED REGULAR MEETING March 14, 2002 1308 County-City Building 9:00 a.m. 227 West Jefferson Boulevard Presiding: Ms. Carolyn Pfotenhauer South Bend, IN 46601 The March 14, 2002 Rescheduled Regular Meeting of the Redevelopment Authority was called to order at 9:08 a.m. by its President, Carolyn Pfotenhauer. There was a quorum present. 1. ROLL CALL Members Present: Ms. Carolyn V. Pfotenhauer, President Mr. Jose Alvarez, Secretary Redevelopment Staff: Mr. Donald Inks, Director Mrs. Jenny Hullinger, Recording Secretary 2. ELECTION OF OFFICERS No action was taken. • 3. APPROVAL OF MINUTES a. Approval of the minutes of February 20, 2002 Upon a motion by Jose Alvarez, seconded by Carolyn Pfotenhauer, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of February 20, 2002. 4. NEW BUSINESS a. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -Century Center Project. Upon. a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Century Center Project. b. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -College Football Hall of Fame. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the College Football Hall of Fame. • RTY\031402.min. d H:\WPDATA~AUTHO µ'P • The South Bend Redevelopment Authority March 14, 2002 Meeting Minutes c. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -Palais Royale Project. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Palais Royale Project. d. Certification of the South Bend Redevelopment Authority concerning Insurance. and Tax Liability -Airport Economic Development Area Public Improvement Project (Tax-Exempt Improvement Project). Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Airport Economic Development Area Public Improvement Project (Tax-Exempt Improvement Project). e. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -Blackthorn Golf Course Project. • Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Blackthorn Golf Course Project. f. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -South Bend Central Development Area Public Improvement Project. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the South Bend Central Development Area Public Improvement Project. g. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -Wayne Street Parking Garage. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Wayne Street Parking Garage. h. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -Airport Economic Development Area Public Improvement • H:\WPDATA\AUTIIORTY\031402.min.wpd • The South Bend Redevelopment Authority March 14, 2002 Meeting Minutes Project (Taxable Improvement Project). Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Airport Economic Development Area Public Improvement Project (Taxable Improvement Project). i. Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability -Morris Performing Arts Center Project. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved the Certification of the South Bend Redevelopment Authority concerning Insurance and Tax Liability for the Morris Performing Arts Center Project. j. Authority approval requested for Easement Amendment with License for Marathon Ashland Pipe Line LLC. Mr. Inks explained that when the Blackthorn Area was developed, a gas line was placed almost down the middle of one development site that is now targeted for a hotel development. Marathon Ashland, who owns the pipeline, has renegotiated the easement for the pipeline from 60' to 100'. We do not have a problem with the 100' easement but the form they sent for the Authority to sign is not satisfactory and our legal department is working with them to improve it. Mr. Inks asked the Authority to approve the revised easement proposal, subject to final legal review, so that the hotel can go forward without delay. The developer and our staff would save some time. Ms. Pfotenhauer asked what the problem is with the easement and Mr. Inks said it was too one-sided. Neither Authority member was willing to approve the agreement until it was final. Upon a motion by Ms. Pfotenhauer, and seconded by Mr. Alvarez, the request for Easement Amendment with License for Marathon Ashland Pipe Line LLC. was tabled. k. Authority approval requested for Investment redirection for accounts 131794.1, 131794.2, and 131733.2 at JP Morgan. Mr. Inks said the Trustee has informed us that the sweep account that was being used for our investments is no longer available and they are asking us to make a new investment decision. The City Controller, Mr. Rick Ollett, recommended the J.P. Morgan U.S. Government Money Market Funds. Mr. Inks said he checked with. our Bond Counsel and reviewed the Trust Indenture to make sure this Bond • H:\WPDATA\AUTHORTY\031402.min.wpd The South Bend Redevelopment Authority March 14, 2002 Meeting Minutes meets the legal requirements that we need for investment purposes. He finds that it does and thus recommends it as the investment vehicle for the funds. Mr. Alvarez asked if the interest rate compares with the former interest rate. Mr. Inks said they must be similar investments since they are government accounts and should have similar returns. The interest rates run between 4.5 and 6 percent. Interest on an annual basis is only around $50. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, and unanimously carried, the Authority approved the Investment redirection for accounts 131794.1, 131794.2, and 131733.2 at JP Morgan. 5. Next Meeting Date: to be determined 6. Adjournment There being no further business to come before the Redevelopment Authority the meeting was adjourned at 9:30 a.m. ~~~ Carolyn V. Pfot nhauer, es'd nt Donald Inks, Director H:\WPDATAWUTHORTY\031402.min.' d ~'P