2011-08-03 Redev Authority Minutes

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SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING August 3, 2011 1308 County-City Building 10:30 a.m. 227 West Jefferson Boulevard Presiding: Jose Alvarez South Bend, IN 46601 The August 3, 2011 Regular Meeting of the Redevelopment Authority was called to order at 10:30 a.m. by its President, Jose Alvarez. There was a quorum present. 1. ROLL CALL Members Present: Mr. Jose Alvarez, President Mr. Ray Thomas, Secretary Member Absent: Ms. Carolyn V. Pfotenhauer, Vice President Redevelopment Staff: Mr. Don Inks, Director of Economic Development Mrs. Jenny Hullinger, Recording Secretary Others: Mr. Randy Rompola, Baker& Daniels 2. APPROVAL OF MINUTES a. Approval of the minutes of July 6, 2011 Upon a motion by Ray Thomas, seconded by Jose Alvarez, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of July 6, 2011. 3. NEW BUSINESS a. Authority approval of Resolution No. 174 authorizing the appointment of a Trustee for the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 2011 and other related matters Mr. Inks said Wells Fargo has been used on a number of bond projects, and was the original Trustee for this bond but their trustee fees were more than double those of other trustees. We are going with U.S. Bank, who is our trustee for the Eddy Street Commons bond. We have a good working relationship with them. Mr. Rompola said that as early as last year there were just three banks in Indiana that did trust work, but now there are five or six. Most of the banks are automated, so where there used to be multiple people doing the trust work now most banks are automated. In Chicago, Wells Fargo is able to charge those kind of fees for large transactions but they can't for the smaller deals since there are less expensive trustees. They are not willing, at this point, to distinguish between the large and small deals. Mr. Rompola was concerned that Wells Fargo may not be