HomeMy WebLinkAbout2008-11-19 Redevelopment Authority MinutesSOUTH BLVD REDEVELOPMZNTAC,~THORITY
REGULAR MEETING
November 19. 2008
1 :30 p.m.
Presiding: Jose Alvarez
1308 Counry-City Building
2~7 Wcst Jefferson Boulevard
South Bcnd. IN 46601
The No~~embcr 19. 2008 Re~~ular Meeting of the Redevelopment Authority ~~~as called to order at
1:30 p.m. by its President. Jose Al~~arez. There was a quorum present.
ROLL CALL
3.
Members Present
Rede~~elopment Stan':
Mr. Jose Alvarez, President
Ms. Carolyn V. Pfotenhaucr. Vice President
Mr. Kay Thomas. Sccrctary
Mr. Don Inks, Director of Economic De~~clopment
Mrs. Jennv Hullinger. Recording Sccrctary
APPROVAL OF ~~11NUTES
a. Appro~~al of the minutes of No~~cmbcr 5, 2008
Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhaucr, and unanimously
carried. the Authority appro~~ed the Minutes of the Regular Meeting of No~~ember 5.
2008.
\'E~~' BUSI\ESS
a. Bond Counsel Fees (Baker & Daniels)
Mr. Inks said the total amount is `~ 1 10,000. ~~~hich is higher than we or Baker and
Daniels expected. T~~~o main things caused delays and added posts. One. the bond
~~~as originally structured ~~~ith TIF participating. After the new legislation passed
do~~~n state. ~~c realized there ~~~ould not be enough ~]~lF money to participate in the
Century Center bond. The bond ~~ as then restructured to be paid b}° the hotel-
motcl tax funds. The second reason ~~~as the financial tw-moil. The bond ~a~as
prepared to go to market se~cral times before it ~~~as sold.
Ms. Pfotenhaucr asked if there ~~~ill be any other fees atter closing. Mr. Inks did
not think there will be any.
Upon a motion by Ms. Ptotenhaucr Ah~arez, seconded by Mr. Thomas. the
Authority appro~~ed the Bond Counsel Fees from Baker and Daniels.
4. CLAI'~1S
Pa~ec~s Name Cost Itemization Amounts
U.S. Bank Trustee Fees 52.500.00
The South Bend Kcdcti~clopment Authority
V~rncmber 19, ?008 Meeting Minutes
Meridian ~ itle O~~ner's Insurance S3.d55.00
City of South Bcnd Reimbursement fior Analytical $8,000.00
Bond Services -Standard & Poor-s
Total: S13,y55.00
Mr. Inks said the rating adjustment came in early and sic didn~t think the pa}ment should
be delayed until the bond sold. Mr. Alvarez asked if the S?4.89?.50 S & P Ratings issue
in Baker and Daniels fees included the S8.000.00 repayment to the City. Mr. [Wks said no,
the $24,89?.50 is Baker R Daniels' time involved with the S c~ P on the ratings. There
used to be insw-ance companies ~~ ho would do a lot of the due diligence for bonds but
no~~r there arc not any in Indiana ~o~ho do, so Standard & Poor~s has had to add that to their
work. and they spent time working ~~~~ilh Baker and Daniels on that.
Upon a motion ti-om Ms. Pt~~tcnhauer, seconded by Mr. Alvarez. the Authority
unanimously approved the claims as presented.
5. NF.\T ~IEETI\G DATE: December 3, ?008
6. ADJOURh~1EV'T
There being no further business to conic bc(~~re the Redevelopment Authority the meeting
Xmas adjourned at I :40 p.m.
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Jose~[varez. President
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"DcWald Inl~s, Director
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