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South Bend edevelopment Commission <br />Regular Mee ing - November 22, 1991 <br />6. NEW BUSINESS (Cont.) <br />C. contiinued... <br />Mr. Pocius explained that this testing is <br />a follow-up to the visual testing done <br />earlier. There was some staining on the <br />floor and some cracks in the floor, <br />indicating that some contaminants may <br />h ve seeped into the ground beneath the <br />flo r. <br />Mr. Pocius noted we have worked with both <br />of these firms in the past and have been <br />satisfied with their work. Based on the <br />pro osed fees, the staff recommends <br />accepting the proposal of EIS. <br />Upon a motion by Mr. Donoho, seconded by COMMISSION ACCEPTED THE PROPOSAL <br />Mr. Piasecki and unanimously carried, the FROM EIS IN AN AMOUNT NOT TO <br />ComOLission accepted the proposal from EIS EXCEED $5,000 FOR ENVIRONMENTAL <br />in an amount not to exceed $5,000 for TESTING IN BLOCK 6 OF THE <br />environmental testing in Block 6 of the STUDEBAKER CORRIDOR DEVELOPMENT <br />Stu ebaker Corridor Development Area. AREA <br />Mrs Kolata explained that the <br />Redevelopment Authority approved the <br />Purchase Contract with Banc One at its <br />November 15 meeting. The net interest <br />cost on the project dropped to 6.675. <br />The bonds ranged from 4.9°s on the short <br />to bonds to 7.9%- on the long term <br />bon s. The cumulative savings for this <br />refinancing over the life of the bond is <br />app oximately $340,000. <br />The Addendum to the Lease acknowledges <br />that the rental payments the Commission <br />makes to the Authority will be on a new <br />payment schedule based on what the bond <br />pricing was. The payments will range <br />fro $925,000 to about $934,000 instead <br />