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4. Band, Indiana, and in the September 3, 1968 issue of The Daily Bond Buyer in the City of New York. Proposals for`'the" purchase of said notes in the form approved by the Local Public Agency were received, o ened, and_canvassed at the time and place provided by said adver- t sement, to wit: At Suite'1001, 120 W. LaSalle Avenue, in the City ol,South Bend; Indiana -, at 1;00 P.M., E.D S`T.,,September 17, 1968. e low bidder was: Morgan Guaranty'Trust''Co: of New York and` Salomon Brothers and Hutzler_ 23 Wall' Street New York City, New York 10015 at 3:04Y interest rate, plus $10.00 premium; for sale of Preliminary Loan Notes in tlie''amount of $376,000.00, First Series I'D,T1 for Project Indiana R -56, Industrial Expansion Project. The money will be used as our dayta day operating expense and will be repaid from the grant received from the Federal Government and the sale of land. The total Gross Cost of the project is $638,000.00. It is anticipated that $113,000.00 will be received from sale of land, thus resulting in a net Project Cost of $524,000:00. These costs in- c ude all site improvements. The total parcel covers about 13 -2 acres. The Commission will make the decision whether to sell the.land as a single parcel or divide the area into more than one parcel. On mo- t on by Mr'. Chenney, and seconded by Reverend Kirk, Resolution No. 2 4 was adopted and motion carried by unanimous vote - - -a11 Commis s oners voting "aye." Mr. Bellinger apprised the Commission that he received a letter,�today from Mr. Thomas S. Kilbride, the Acting Assistant Regional Adminis --- t ator for'Renewal Assistance, HUD Office, providing approval of our Downtown Renewal Program and approved the budget submitted forinfor- mational purposes only at this time, but giving.us assurance of a 10.8 Million Dollar, Capital Grant. This .amou s `$ 0, -0.OQ .less than r quested 3'I to-Regional Office adjustments -of. certain cost esti- tes. Mr. Hammerschmidt apprised the Commission that a most recent decision b the Indiana Supreme Court held that at Public Hearings the public i privileged to cross- examine any member of the Commission--which- ever members are questioned are required to respond. In. discussion, ir was decided that the Commission should have a review session on the downtown project. Mr. Wiggins suggested the Commissioners take a walk through the downtown area and brief themselves on actual evi- dence. Mr'. Wilhelm stated the one question in the minds of many peo- ple is what this may do to the tax rate. 3 -