2008-01-02 Redevelopment Authority Minutes Special

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. SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING January 2, 2008 1308 Courrty-City Building 1:30 p.m. - 227 West Jefferson Boulevard Presiding: Jose Alvarez South Bend, IN 46601 The January 2, 2008 Regular Meeting of the Redevelopment Authority was called to order at 1:30 p.m. by Mr. Jose Alvarez. There was a quorum present. L ROLL CALL Members Present: Mr. Jose Alvarez, President Ms. Carolyn V. Pfotenhauer, Vice President Mr. Ray Thomas, Secretary Redevelopment Staff: Mr. Don Inks, Directorof Economic Development Mrs. Jenny Hullinger, Recording Secretary 2. APPROVAL OF MINUTES a. Approval of the minutes of October 17, 2007 U on a motion b R p y aphael Thomas, seconded by Carolyn Pfotenhauer, and unanimously carried, the Authority approved the Minutes of the Regular, Meeting of October 17, 2007. 3. NEW BUSINESS a. .Redevelopment Authority execution of lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission (Eddy Street Commons Project) Mr. Inks said the lease had already been approved at a prior Authority meeting and was before the Authority for execution only. Mr. Alvarez asked what the $3,000. was for that was mentioned in the lease on page three. Mr. Inks said he would have to ask bond counsel for clarification. Mr. Inks said the lease payments have -been estimated high until the bonds are sold. Currently they are listed at 8% but after they are sold they will be around 5% or less. The lease will then need to be changed to reflect the amount needed according to the interest rate. Mr. Alvarez asked if the TIF will be around $4M, and Mr. Inks said it would. The TIF will be used to make bondpayments as well as payments on two loans from the City for this project, which total together to be about $6.7M. Ms. Pfotenhauer asked when Mr. Inks thought the bonds would be sold. Mr. Inks said the bonds would go to market February 15, 2008. • 4. NEXT MEETING DATE: January 16, 2008