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t„ <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />• SPECIAL MEETING <br />June 23, 1992 1200 County-City Building <br />4.00 p.m. 227 W. Jefferson Boulevard <br />Presiding: Joseph Wroblewski South Bend, Indiana 46601 <br />President <br />The June 23, 1992, Special Meeting of the Redevelopment Authority <br />was called to order at 4:02 p.m. by its President, Joseph <br />Wroblewski. There was a quorum present. <br />1. ROLL CALL <br />Members Present• Mr. Joseph Wroblewski, President <br />• Mr. Andre Gammage, Vice-President <br />Mr. Donald Fewell, Secretary <br />Redevelopment Staff: Mrs. Ann Kolata, Director <br />Mrs. Cheryl Phipps, Office Manager <br />Others• Mr. Randy Rompola, Baker & Daniels <br />Mr. Richard Treptow, Evensen Dodge... <br />2. NEW BUSINESS <br />a, Authorit a roval re ested for Resolution No. 57 <br />a roving the award of the South Bend Redevelopment <br />Authority Lease Rental Revenue Bonds (Parking Facility <br />Refunding) and approving a form of escrow agreement. <br />Mr. Treptow noted that at 11:00 a.m. today (June 23) the <br />Authority received four bids for the refinancing of the <br />St. Joseph/Wayne Street Parking Facility.. The net <br />interest cost on the bids were as follows: Prudential <br />Securities bid 6.167%; City Securities bid 6.285%; <br />Griffin, Kubik, Stephens, and Thompson bid 6.468%; and <br />Raffensperger Hughes and Co. bid 6.535%. Based on the <br />best bid received, from Prudential Securities, the net <br />savings for refunding the 1988 bond for the parking <br />facility is $244,525. <br />Mr. Treptow noted that Moodys rated this bond issue "A." <br />The four bids received is an average number of bids for a <br />bond issue of this size and size of city. The low bid <br />from Prudential Securities is slightly lower than Evensen <br />Dodge's estimate. It is a very aggressive bid for the <br />market and the staff recommends awarding the bonds to <br />Prudential Securities. <br />• Mr. Rompola explained that Resolution No. 57 acknowledges <br />that the Authority authorized the issuance of bonds in <br />-1- <br />