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06-26-17 Council Minutes
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06-26-17 Council Minutes
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City Council - City Clerk
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Council Mtg Minutes
City Counci - Date
6/26/2017
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REGULAR MEETING JUNE 26, 2017 <br /> There were none from the public wishing to speak in favor of or in opposition to this bill. <br /> Councilmember John Voorde made a motion to adopt Bill No. 17-34. Councilmember Oliver <br /> Davis seconded the motion which carried by a roll call vote of seven (7) ayes. <br /> 17-36 A RESOLUTION OF THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA, <br /> APPROVING AND AUTHORIZING CERTAIN <br /> ACTIONS AND PROCEEDINGS WITH <br /> RESPECT TO CERTAIN PROPOSED <br /> ECONOMIC DEVELOPMENT REVENUE <br /> BONDS AND RELATED MATTERS <br /> Councilmember Karen White, Chair of the Personnel and Finance Committee, reported that they <br /> met this afternoon and send this bill forward with a favorable recommendation. <br /> Tyler Kalachnik,the Law Firm of Ice Miller, 1 American Square, Indianapolis, IN, stated, We <br /> are acting as bond counsel for prospective projects. The resolution before you contemplates not- <br /> to-exceed $14,000,000 of bonds to be used for rehabilitation of the Miami Hills apartments- <br /> one-hundred and fifty-one (15 1) apartment units located on 3534 High Street. Mr. Kalachnik <br /> stated, There is, in this instance, conduit financing, so there's no effect on the constitutional debt <br /> limit of the City. It's not payable from taxes solely from revenues from the project. A <br /> commission letter was sent as contemplating another statute, and no comments came back from <br /> the Plan Commission in terms of the zoning appropriateness of the master plan. This is one- <br /> hundred percent (100%) Section Eight(8), affordable property. It will remain that way after <br /> rehabilitation. The bonds are anticipated as a short-term collateralized structure, so they'll be <br /> only outstanding for eighteen(18)to twenty-four(24) months and totally secured by U.S. <br /> treasuries and cash. There are sixty-six (66)planned new construction jobs to go along with the <br /> rehabilitation period. <br /> Councilmember Oliver Davis asked if the key to the issue was the aforementioned commission <br /> letter of support from the City. <br /> Mr. Kalachnik responded, Yeah, the key thing tonight would be with adoption: the ability to go <br /> back and reimburse with bond proceeds later in the process, when we come back for a final <br /> approval of the actual bond issuance. It is simply a step to show that there was an official intent <br /> that there could be bonds and expenditures that would be reimbursed from those bonds later. <br /> Councilmember Davis asked, When will that process take place, do you know? <br /> Mr. Kalachnik responded, The developer might be closing the transaction before the end of the <br /> year. Based on the timeline probably around November, we would be back for final approval. <br /> Councilmember Jo M. Broden asked, Could you address the issue of, during the renovation, <br /> where the current residents will go and how you're going to manage that? <br /> Mr. Kalachnik responded,The primary preference is to have them stay at the campus of the <br /> current facility in available units while that work is taking place. <br /> Councilmember Davis asked, Since you are at one-hundred percent (100%) occupancy, wouldn't <br /> it take some time to have enough spots available where people would actually be able to stay for <br /> two (2) weeks? <br /> Mr. Kalachnik responded, I can't speak for the developer as we don't represent them. Given the <br /> natural course of how tenants roll off, I think that they will have vacancies, but certainly <br /> alternative arrangements could be made for a short stay elsewhere for a two (2) week period. <br /> This being the time heretofore set for the Public Hearing on the above bill, proponents and <br /> opponents were given an opportunity to be heard. <br /> There were none from the public wishing to speak in favor of or in opposition to this bill. <br /> 15 <br />
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