HomeMy WebLinkAbout2008-07-02 Redevelopment Authority MinutesSOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
July 2, 2008
1:30 p.m.
Presiding: Carolyn Pfotenhauer
1308 County-City Building
227 West Jefferson Boulevard
South Bend, IN 46601
The July 2, 2008 Regular Meeting of the Redevelopment Authority was called to order at
1:30 p.m. by its Vice-President, Carolyn Pfotenhauer. There was a quorum present.
1.
2.
3.
ROLL CALL
Members Present: Ms. Carolyn V. Pfotenhauer, Vice President
Mr. Ray Thomas, Secretary
Member Absent: Mr. Jose Alvarez, President
Redevelopment Staff: Mr. Don Inks, Director of Economic Development
Mrs. Jenny Hullinger, Recording Secretary
APPROVAL OF MINUTES
a. Approval of the minutes of June 18, 2008
Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and unanimously
carried, the Authority approved the Minutes of the Regular Meeting of June 18, 2008.
NEW BUSINESS
a. Authority approval requested for Resolution No. 170 approving a modification to
a Second Addendum to Lease for certain public improvements and regarding
other related matters.
Mr. Inks said the Authority had taken action on the initial lease for the
improvements at Century Center. When the lease was first approved it was for
$1,108,000 annually, and anticipated as part of the debt serve to meet the lease
payment was some TIF from the downtown TIF. We have since come to believe
there will not be sufficient TIF to allocate any for the bond issue for Century
Center. We have scaled the bond back to just the amount that can be supported by
the Hotel-Motel Tax and they have already pledged the $600,000 that is
referenced in the lease. That is why we have that amount for the bond. The City
Council took action on this at their last meeting and it was at that time that the
amount was changed through a substitute resolution. The Redevelopment
Commission, at its last meeting, took action to amend the lease to the $600,000
amount., When the bonds are sold there will be an additional change to the lease
amount, set at the amount needed to cover the bond payments and trustee
payments on an annual basis, but it will not exceed the $600,000 that you are
The South Bend Redevelopment Authority
July 2, 2008 Meeting Minutes
approving today.
Mr. Thomas asked what happened to the TIF money. Mr. Inks said when they
thought there would be around $250,000 available of TIF money on an annual
basis that we were going to participate at that level. With the Circuit breaker
changes, our advisors at Umbaugh are suggesting that the downtown TIF will
probably be much less than we had thought before.
Upon a motion by Mr. Thomas, seconded by Ms. Pfotenhauer, the Authority
approved Resolution No. 170 approving a modification to a Second Addendum to
Lease for certain public improvements and regarding other related matters.
4. NEXT MEETING DATE: July 16, 2008
5. ADJOURNMENT
There being no further business to come before the Redevelopment Authority the meeting
was adjourned at 1:40 p.m.
L
Alvarez, President
1
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Do ald I s, Director
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