HomeMy WebLinkAbout2008-01-02 Redevelopment Authority Minutes Special. SOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
January 2, 2008 1308 Courrty-City Building
1:30 p.m. - 227 West Jefferson Boulevard
Presiding: Jose Alvarez South Bend, IN 46601
The January 2, 2008 Regular Meeting of the Redevelopment Authority was called to order at
1:30 p.m. by Mr. Jose Alvarez. There was a quorum present.
L ROLL CALL
Members Present: Mr. Jose Alvarez, President
Ms. Carolyn V. Pfotenhauer, Vice President
Mr. Ray Thomas, Secretary
Redevelopment Staff: Mr. Don Inks, Directorof Economic Development
Mrs. Jenny Hullinger, Recording Secretary
2. APPROVAL OF MINUTES
a. Approval of the minutes of October 17, 2007
U on a motion b R
p y aphael Thomas, seconded by Carolyn Pfotenhauer, and unanimously
carried, the Authority approved the Minutes of the Regular, Meeting of October 17, 2007.
3. NEW BUSINESS
a. .Redevelopment Authority execution of lease between the South Bend
Redevelopment Authority and the South Bend Redevelopment Commission (Eddy
Street Commons Project)
Mr. Inks said the lease had already been approved at a prior Authority meeting
and was before the Authority for execution only. Mr. Alvarez asked what the
$3,000. was for that was mentioned in the lease on page three. Mr. Inks said he
would have to ask bond counsel for clarification. Mr. Inks said the lease payments
have -been estimated high until the bonds are sold. Currently they are listed at 8%
but after they are sold they will be around 5% or less. The lease will then need to
be changed to reflect the amount needed according to the interest rate. Mr.
Alvarez asked if the TIF will be around $4M, and Mr. Inks said it would. The TIF
will be used to make bondpayments as well as payments on two loans from the
City for this project, which total together to be about $6.7M. Ms. Pfotenhauer
asked when Mr. Inks thought the bonds would be sold. Mr. Inks said the bonds
would go to market February 15, 2008.
• 4. NEXT MEETING DATE: January 16, 2008
The South Bend Redevelopment Authority
January 2, 2008 Meeting Minutes
5. ADJOURNMENT '
There being no further business to come before'the Redevelopment Authority the meeting
was adjourned at 1:47 p.m.
Jo varez, President D ald I s, Director
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