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6. NEW BUSINESS (Cont'd <br />Mr. Ch nney moved for the adoption of Resolution No. 412, <br />second d by Mr. Wiggins and unanimously carried. <br />b.l Resolution No. 413: <br />RESOLUTION NO. 413 <br />ADOPTED, R -66 <br />The Executive Director presented a petition <br />signed by more than fifty (50) owners of taxable <br />real estate located within the boundaries of the <br />So th Bend Redevelopment District requesting the <br />Co mission to authorize and issue bonds in an <br />amount not to exceed $3,800,000.00 to pay the <br />cost of acquisition, clearance, rehabilitation, <br />site improvement and renewal of property des- <br />cribed in Resolution No. 215 adopted by the South <br />Bend Redevelopment Commission on April 4, 1968, <br />along with a verifying affidavit as certified by <br />the County Auditor. After consideration of said <br />petition, on motion duly made by Mr. Wiggins, se- <br />conded by Mr. Wade, and unanimously carried, the <br />petition was approved and found to comply with <br />the provisions of IC 1971, 6- 1 -46 -7 (Section <br />64-1910 of Burns' Indiana Statutes), and said <br />petition was received and placed on file. <br />After further consideration and discussion, <br />motion duly made by Mr. Wiggins, seconded by <br />. Wade, and unanimously carried, the Commission <br />opted Resolution No. 413, which had previously <br />en prepared by Bond Counsel at the request of <br />e Commission, and which resolution is attached <br />reto and made a part hereof. <br />Bond Counsel stated that it would be necessary to hold a <br />heari g on the additional appropriation of the proceeds <br />of thE bonds not less than ten (10) days after the first <br />publi ation and posting of the notice of such hearing. <br />After discussion and consideration, the Commission de- <br />cided to hold such hearing at the office of the Commis- <br />sion zt 1200 County -City Building, 227 West Jefferson <br />Boulevard, South Bend, Indiana, at 10:30 o'clock A.M., <br />E.S.T , on the 18th day of August, 1972. <br />Mr. T4ylor read his letter which accompanied the petition. <br />This need follows completion of a revised cost estimate <br />for the Downtown Renewal Project. The updated project <br />cost reflects the inflationary spiral of construction <br />costs over the past five years. The original.capital <br />grant request from HUD was $13,576,782.00. Due to limita- <br />tions on available funds, the request was reduced by HUD <br />in am unt of 2.7 Million Dollars. <br />- 5 - <br />