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Q <br />c. <br />BUSINESS (Cont'd <br />is simply to determine whether under the land uses we made- - <br />permissive land uses -- whether the value of the land would have <br />to be increased, the minimum bid price. <br />Mrs. Janet S. Allen, interested citizen, asked various questions <br />on the parcel, "Wasn't the land already bid on and purchased? How <br />can you change the price of that land after they have already <br />bought it? You could negotiate the price they offered you for <br />that land lower than that which they offered, as you said it might <br />come down? Mr. Brownell answered the questions individually as <br />asked, and advised that the land has been purchased; however, they <br />have asked for the changes in land use, so that when one part of <br />the contract is changed, the other part is subject to revision. <br />The price that was bid could not be made lower as they bid that, <br />but if the value was higher it might have to be raised. <br />Motion was made by Mr. Wiggins, seconded by Mr. Robinson and <br />carried, for the authorization to enter into a contract with <br />John G. Pence Associates, Inc., for the preparation of a Letter <br />of Opinion as to the value of land in Block 6, in fee amount of <br />$200.00, in Project Indiana R -66. <br />Second Series 1976 Project Notes: Bids were received for these SECOND <br />Project Notes, in amount of 4,221,000, in the office of the De- SERIES 1976 <br />partment of Redevelopment. Bid opening was on August 17, 1976, PROJECT <br />at 1:00 o'clock, Eastern Daylight Savings Time. The low and NOTES, R -66 <br />successful bidder was: <br />Bankers Trust Company <br />Bank of America N.T. & S.A. <br />Continental Illinois National Bank & Trust Co. <br />Merrill Lynch, Pierce, Fenner and Smith <br />By: Bankers Trust Company <br />16 Wall Street <br />New York, N.Y. 10015 <br />t an interest rate of 2.94 %, with a premium of $143.00, and <br />iaturity date of"March 25, 1977. <br />ur Resolution No. 281 authorizes the sale, issuance and delivery <br />f Project Notes, and the execution of requisition agreements, in <br />roject Indiana R -66. <br />T e Notice of Sale of the Project Notes appeared in The Daily Bond <br />B yer on August 3, 1976; and also in The South Bend Tribune on <br />A gust 3. <br />other bids received in bid amount of $4,221,000 were as follows: <br />Bidder's Name and Address <br />Morgan Guaranty Trust <br />SE lomon Brothers <br />213 Wall Street <br />NEW York, N.Y. 10015 <br />Interest Rate Premium <br />Company of New York 2.95% $202.00 <br />- 7 - <br />