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South Bend edevelopment Ccamission <br />Regular Mee ing - January 25, 1991 <br />6. NEW BUSINESS (Cont.) <br />a. conuinuea... <br />M:7 <br />Th being no one else who wished to <br />spezk on this matter, Ms. Auburn closed <br />the public hearing for whatever action <br />the Commission desired to take. <br />Upo a motion by Mr. Donoho, seconded by <br />Mr. Conbs and unanimously carried, the <br />Coimission appraved Resolution No. 974 <br />amending the South Bend Central <br />Dev lopment Area Development Plan. <br />Mrs. Kolata reported that the <br />Redevelopment Authority held its bond <br />salE on January 22nd. Both the taxable <br />bond and the tax exempt bonds were sold. <br />Our financial consultants felt that both <br />bonds sold at very good interest rates. <br />The successful buyer of the taxable bond <br />was Jcbn Nuveen and Conpany, along with <br />other underwriters, at an effective <br />interest rate of 9.6161 %. Merrill Lynch <br />CcnTany was the successful bidder of the <br />tax exempt bond at an effective interest <br />rate of 7.0486 %. <br />The four bids on the taxable bond were <br />v close, ranging fran 9.6161% to <br />9.6E18%. The five bids on the tax exempt <br />bond ranged fran 7.04% to 7.28 %. <br />The ease /rental amounts had been set at <br />a rate in the Lease. As a result of <br />the e, it is now necessary to approve <br />the 7f tion of an Addendum to the <br />lecting the actual payment <br />mtz <br />COMMISSION APPROVED RESOLUTION <br />NO. 974 AMENDING THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA <br />DEVELOPMENT PLAN <br />