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5. N :W BUSINESS (Cont'd President Nimtz asked if anyone else had any bids to turn in. There were no further bids and the Chair asked Mr. Brownell to check at the Receptionist's desk to see whether any sealed offers may have been left there. There being none, President Nimtz requested Mr. Brownell to open the sealed envelopes he has received. Those being: 1) The bid is from the St. Joseph River Bend Development Corpo- ration, in the amount of $651,111.00. Attached to the bid is an Irrevocable Letter of Credit from the St. Joseph Bank & Trust Company, in the amount of $65,11`1.00. The proposal is enclosed and signed; the narrative description is enclosed; :the Affidavit of Non - Collusion by the Developer is signed and notarized; Part I of the Redeveloper's Statement for Public Disclosure is filled out and signed, attached to that is the Statement of Public Disclosure; background information is at- tached; and Part II is filled out which is not for public dis- closure; and attached to the bid are two aerial photographs of the Block 6 area. The principal's signature is Donald S. Esmont, Secretary. 2) This bid is in response to our public offering of Disposition Parcel 6 -1, by International Constructors Company, signed by Mr. Gordon E. Medlock, Sr. Mr. Medlock requested Mr. Brownell to read the letter for the public to understand its contents. Mr. Brownell read the three -page letter, in its entirety. The letter stated they are publicly reconfirming their inter- est in submitting a fully responsive bid when their proposed development ce.n be approved. They have prepared additionzl details in their prcposed development, plans for financing, ownership and completion dates for our confidential review. Public disclosure at this time could jeopardize their com -, petitive position if they were given the bidding opportunity they requested. The letter further states, "We again urge you to proceed with the requested change in land use immediately, rejecting any and all bids received at this time, for reasons most important to the future and economic welfare of downtown South Bend." No other bids were received. Motion was made by Mr. Wiggins that the bid from St. Joseph River Bend Development Corporation, in the amount of $651,111.00, and the communication with the accompanying documents from International Constructors Company, be received by the Commfssion and be submitted to the Commissioners' attorney and staff to review necessary process- ing and report back to the Commission. Mr. Donaldson seconded the motion and carried unanimously. A copy of said communication is at- tached to the official minutes. - 5 -