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South Bend edevelopment Commission <br />Regular Mee ing - March 27, 1992 <br />6. <br />f. <br />Upon <br />a motion by Mr. Donoho, <br />seconded by <br />COMMISSION REQUESTED THE BOARD OF <br />Mr. <br />Faccenda and unanimously <br />carried, the <br />PUBLIC WORKS TO ACT AS ITS AGENT <br />Commission <br />requested the Board <br />of Public <br />FOR THE REHABILITATION OF <br />Works <br />to act as its agent for <br />the <br />PROPERTIES LOCATED AT 611 AND 701 <br />rehabilitation <br />of properties <br />located at <br />E. SOUTH STREET <br />6111and 701 E. South Street. <br />Mrs. Kolata noted that the lease is for <br />the Palais Royale building. Under the <br />proposal, the Redevelopment Authority <br />wou d issue Lease Rental Revenue Bonds <br />with which to buy the building and the <br />Comnission would lease the building for a <br />per'od of time. This Lease is expected <br />to have some modifications because the <br />int rest rate used to figure the payments <br />is stimated. The payments should be <br />lesg when the interest rate is firm <br />bec use this estimate is conservative. <br />Acc rding to this document, the <br />sem'- annual payments would each be <br />$11),000 for no more than 13 years. We <br />int nd to limit the term to 12 years, <br />whi h is the term of the City's existing <br />lea 5e on the property. <br />The next step after approving the <br />Proposed Lease is to hold a Public <br />Hearing regarding the lease. Resolution <br />No. 1045 also sets the date and time for <br />Public Hearing as 10:00 a.m. April 24, <br />199t. <br />Mrs <br />whi <br />iss <br />ant <br />Kolata noted that the size of the <br />is approximately $1.41 million, <br />includes the purchase price, <br />nce costs, and a bond discount. We <br />ipate that the Redevelopment <br />IN <br />