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