HomeMy WebLinkAbout2015 0626 Redevelopment Authority MinutesSOUTH BEND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
June 26, 2015
3:00 p.m.
1308 County-City Building
227 West Jefferson Boulevard
South Bend, IN 46601
The meeting was called to order at 3:05 p.m.
1.
2.
ROLL CALL
Members Present: Anthony Fitts, Vice President
Erin Hanig, Secretary-Treasurer
Members Absent: Richard Klee, President
Redevelopment Staff: Dave Relos, Associate 11
Tracy Oehler, Recording Secretary
Legal Counsel: Benjamin Dougherty, Legal Department
Others: Brock Zeeb, Director Economic Resources
John Murphy, City Controller
Randy Rompola, Faegre Baker Daniels LLP
APPROVAL OF MINUTES
A. Approval of Minutes of the Regular Meeting of May 20, 2015.
Upon a motion by Secretary-Treasurer Hanig, seconded by Vice President
Fitts, the vote carried 2-0 (President Klee absent), the Authority approved
the Minutes of the Regular Meeting of May 20, 2015.
3. NEW BUSINESS
The Authority agreed to hear Agenda Item 3.C. as the first order of business.
C. Resolution No. 195 Authorizing Refunding of the 2008 Eddy Street
Commons Bonds
Mr. Relos stated Resolution No. 195 approves an Addendum to the
original lease with the Redevelopment Commission for the 200~ Eddy
Street Commons Project Bonds, which financed the City's local public
improvements for the Eddy Street Commons project, i.e., the parking
garage, reconstruction of certain streets and alleys, and alley upgrades.
The anticipated refunding of the 2008 Bonds is being pursued because at
current rates it could save approximately $3 million dollars over the 18
year life of the bonds. The bond refunding will only occur if it can save $1
South Bend Redevelopment Authority
Special Meeting -June 26, 2015
Page 2
million dollars, which means rates would have to increase 70 basis points
between now and the expected closing at the end of August. The current
rate for bonds of this nature is 3.34%.
Upon a motion by Secretary-Treasurer Hanig, seconded by Vice President
the vote carried 2-0 (President Klee absent), the Authority approved
Resolution No. 195 approving the issuance, sale, and delivery of the
refunding bonds; to enter into a Supplemental Trust Agreement with US
Bank; and other necessary documents upon advice of legal counsel
necessary for the bond refunding.
The Authority agreed to hear Agenda Items 3.A., 3.B., and 3.E. together.
A. Letter of Engagement for Underwriter or Placement Agent for
Refunding of the 2008 Eddy Street Commons Bonds (Piper Jaffray &
Co.)
Upon a motion by Vice President Fitts, seconded by Secretary-Treasurer
Hanig, the vote carried 2-0 (President Klee absent), the Authority
approved the Letter of Engagement for Underwriter or Placement Agent
for Refunding of the 2008 Eddy Street Commons Bonds with Piper Jaffray
& Co. for a .5% fee based on the par value of the refunding bonds.
B. Letter of Engagement for Financial Services for Refunding of the
2008 Eddy Street Commons Bonds (Crowe Horwath LLP)
Upon a motion by Vice President Fitts, seconded by Secretary-Treasurer
Hanig, the vote carried 2-0 (President Klee absent), the Authority
approved the Letter of Engagement for Financial Services for Refunding of
the 2008 Eddy Street Commons Bonds with Crowe Horwath LLP in the
amount of $40,000 plus out of pocket expenses.
E.
Letter of Engagement for Legal Services for Refunding of the 2008
Eddy Street Commons Bonds (Faegre Baker Daniels)
Upon a motion by Vice President Fitts, seconded by Secretary-Treasurer
Hanig, the vote carried 2-0 (President Klee absent), the Authority
approved the Letter of Engagement for Legal Services for Refunding of
the 2008 Eddy Street Commons Bonds with Faegre Baker Daniels in the
not to exceed amount of $44,500 plus out of pocket expenses.
South Bend Redevelopment Authority
Special Meeting -June 26, 2015
Page 3
D. Certification of Annual Financial Information of the 2008 Eddy Street
Commons Bonds
Mr. Zeeb stated the Redevelopment Commission and Redevelopment
Authority are required to certify certain financial information annually under
the bond's Continuing Disclosure Undertaking Agreement. This
information is compiled and verified by the City Controller.
Upon a motion by Secretary-Treasurer Hanig, seconded by Vice President
Fitts, the vote carried 2-0 (President Klee absent), the Authority approved
the certification of annual financial information of the 2008 Eddy Street
Commons Bonds.
5. ADJOURNMENT
Vice President Fitts adjourned the meeting at 3:27 p.m.
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South Bend Redevelopment Authority
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