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RM EW BUSINESS (Cont'd Mr. chrager pointed out that four parcels have been offe ed for sale to date. "We have apparently purchased two cf them and bid on two today. We have made sub - stan ial investment in Downtown South Bend. The way we feel it is an outstanding opportunity and would like to see other interested investors or citizens also partici- pate because the job Redevelopment is doing is really fantastic. Karl King has visited over 20 cities and revi wed other cities on 'phones and slides. We have an u ique opportunity here and hope local and outside inve tors will join us. President Helmen said that this is an excellent thought. Mr. chrager said Mr. Karl King also encouraged the in- vest rs to pitch in. If they don't, they will miss the boat b. Royal Inns of America, Inc. Agreement: Authori- zation was requested for President and Secretary to exe- cute Agreement with Royal Inns of America, Inc., for sale of land for private development, Disposition Parcel No. -1, R -66. This agreement was approved in the August 18 Commission Meeting. The documents are to be signed in this meeting and this is a technical request by our Com- mission Legal Counsel for signature. Noti a of Public Disclosure of Redevelopers' Statement on t e above was published in The South Bend Tribune on Augu t 21, 1972. Mr. Barbe said before the agreements are igned, we need to post this legal notice. Motion was made by Mr. Wiggins, seconded by Mr. Chenney, the President and Secretary be authorized to execute the Agre ment with Royal Inns of America, Inc., for the sale of land for private development, Disposition Parcel No. 7 -1, R -66. Motion unanimously carried. d. Royal Inns of America, Inc. Good Faith Deposit: Certified check, No. 002874 - -a Bank Draft - -in amount of $42,075.40 was received in Commission meeting of March 17, 972, with sealed bid, from the St. Joseph Bank and Trust Company, as Trustee for Land Trust No. 31- 001935 -1, as a good faith deposit, to construct a 150 -unit motel, on Disposition Parcel No. 7 -1, to be owned and operated by Royal Inns of America. It has been requested that this good faith deposit be returned to Royal Inns and St. ' oseph Bank and Trust Company and in its place an Irre ocable Letter of Credit be placed on file. This Irre ocable Letter of Credit is with the St. Joseph Bank and Trust Company of South Bend. 6 ROYAL INNS OF AMERICA, INC. AGREEMENT AUTHORIZED FOR EXECUTION, DISPOSI- TION PARCEL NO. 7 -1, R -66 ROYAL INNS OF AMERICA, INC., IRREVOCABLE LETTER OF CREDIT AP- PROVED BY HUD, R -66