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5. NSW BUSINESS (Cont'd <br />Mr. Helmen raised the question on the investment of <br />monies and the return being almost 7 %, what happens <br />to that, return and if it is earmarked for any specific <br />purpos ? Mr. Barbe apprised the Commission that the <br />P.E.A. is returned to the project operating account <br />and is used for operating expenses; in the case of <br />Bond R demption Funds, this is City money and inter- <br />est re (eived is applied to retiring the bonds. Mr. <br />Helmen stated that over the years, this has amounted <br />to substantial amount. President Wiggins stated <br />that t is has substantially decreased the operating <br />costs f this department. This is good property <br />manage ent. <br />j. <br />Landscape Improvement Contract "H ": The <br />CONTRACT "H ", LAND - <br />bid opening <br />date for Landscape Improvements, Contract <br />SCAPE IMPROVEMENTS, <br />"H ", ir <br />the LaSalle Park Urban Renewal Project, R -57, <br />LASALLE PARK URBAN <br />was June <br />26, 1969, at 10:00 A.M., in the Office of <br />RENEWAL PROJECT, <br />the De <br />artment of Redevelopment. The bidders were: <br />R -57 <br />1) Hood's Nursery <br />Osceola, Indiana $ 40,656.00 <br />2) Lawrence & Ahlman, Inc. <br />Arlington Heights, I11. 49,445.00 <br />3) Highland Landscape Co. <br />South Bend, Indiana 58,715.52 <br />The low <br />bidder was Hood's Nursery, located in <br />Osceola, <br />Indiana, and this bid, in the amount of <br />$40,656.00, <br />is the Redevelopment Staff's recommenda- <br />tion to <br />the Commissioners. Bid notifications were <br />mailed <br />to 25 individuals and /or firms, and only <br />three blids <br />were received. <br />Mrs. Ja et Allen asked if the contract states an <br />absolute guarantee that the plantings will live. Mr. <br />Belling 2r stated the guarantee is for the planting <br />seasons in the initial year, which is a normal guaran- <br />tee witi proper maintenance. The fall and spring plant- <br />ing would be in this contract. <br />Mr. Che ney asked if Hood's Nursery had done any work <br />for us rior. Mr. Bellinger stated they had not, but <br />had inv stigated this nursery and found nothing deroga- <br />tory. <br />On moti n by Mr. Helmen, seconded by Mr. Wilhelm, the <br />Landsca a Improvement Contract "H" was awarded to <br />Hood's iursery, in Osceola, Indiana, with their bid <br />of $40,556.00. Approval was unanimous by all Com- <br />missioners present. <br />-8- <br />