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HomeMy WebLinkAbout2008-12-17 Redevelopment Authority MinutesSOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING December 17, 2009 1308 County-City Building 1:30 p.m. 227 West Jefferson Boulevard Presiding: Jose Alvarez South Bend, IN 46601 The December 17, 2008 Regular Meeting of the Redevelopment Authority was called to order at 1:35 p.m. by its President, Jose Alvarez. There was a quorum present. 1. ROLL CALL 1V~embers Present: Mr. Jose Alvarez, President Ms. Carolyn V. Pfotenhauer, Vice President Mr. Ray Thomas, Secretary Redevelopment Staff Mr. Don Inks, Director of Economic Development Mrs. Cheryl Phipps, Recording Secretary 2. APPROVAL OF MINUTES a. Approval of the minutes of December 3, 2008 Upon a motion by Ray Thomas, seconded by Carolyn Pfotenhauer, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of December 3, 2008. 3. CLAIMS Century Center Bond Issue Crowe Horvath $45,000. Mr. Inks said the Redevelopment Authority had approved a proposal from Crowe Horwath several months ago in the amount of $35,000. The reason for the increase is essentially the same reason as the increase for the Baker and Daniels bill, which was three-fold. One was the original anticipation that there would be TIF revenue as part of the bond issue, which was later changed to solely Hotel- Motel tax. The second issue was the rating agencies increasing their due diligence because the insurers are no longer available in the bond market. Crowe Horwath did a fair amount of work reconciling the State's Hotel-Motel tax records to the County's Hotel-Motel tax records. The rating agencies weren't comfortable with what they saw as discrepancies, but it was a difference probably in the timing and the way of accounting for the funds. Crowe was able to do the reconciliation to satisfy the rating agencies and move ahead with the bond issue. The third issue was the financial markets, having to be prepared to go to market, and then backing up because there were no buyers of reasonable rates, and then eventually moving ahead when there was an opening in the market to sell the bonds. The increase from Crowe is considerably less proportionally than the increase we saw from Baker and Daniels. Mr. Inks thought the increase was reasonable considering the The Redevelopment Authority December 17, 2008 Meeting Minutes difficulties we faced in attempting to sell the bonds. Upon a motion by Ms. Pfotenhauer, seconded by Mr. Thomas, the Authority approved the claim, as presented. 4. NEXT MEETING DATE: January 7, 2009 5. ADJOURNMENT There being no further business to come before the Redevelopment Authority the meeting was adjourned at 1:40 p.m. 4se arez, President a~~ f ~ ~ 'mot" j r/ DY~nald Inks, Director 2 H:\WPDATA\AUTHORTY\ 121708. MIN. DOC