Laserfiche WebLink
South Bend * �lelcp�nt Commission <br />Rescheduled ar Meeting - April 6, 1990 <br />6. NEW BEJSnTESS (Cont.) <br />f. continued... <br />Mrs. Kolata explained that Resolution <br />No. 924 amends the previously approved <br />lease between the Redevelopment <br />Ccauission and the Redevelopment <br />Authority for the public improvement <br />projects. Mrs. Kolata noted that the <br />bo sale was held on March 27th. The <br />lowest and best bid was received from <br />Jolm, Nuveen and Ccnpany, Inc. at a net <br />inU rest rate of 7.3541% and the <br />Red elopment Authority accepted Nuveen's <br />bid. <br />The amended lease reflects the lower <br />1 payment schedule based on the bond <br />sal . The semi- annual lease payments <br />rance from a high of $303,500 to a low of <br />$11%500. The highest annual payment <br />wil be $607,000. <br />Resolution No. 924 authorizes the <br />Cmmission to execute both an Addendum to <br />the Lease and approves an Amended and <br />Restated Lease based on the Addendum. <br />Mr. Richard Hill explained some of the <br />more significant changes covered in the <br />Addendum to the Lease. The Addendum <br />defines the word "project" to include all <br />of the construction work to be cmpleted <br />with bond prods, including public <br />ri -of -way. It also reflects the <br />ccutleted title work that has been done <br />on the improvement areas and two refined <br />1 descriptions. <br />Mrs. Kolata noted that the purpose of the <br />Amended and Restated Lease is to be able <br />to have the Lease, as amended, all in one <br />Mr. Piasedd asked when these figures <br />would be proven accurate. Mrs. Kolata <br />responded that the figures are final. <br />Mr. Piasecki asked, then, if we live by <br />theso numbers. Mr. Hill responded that <br />