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South Bend <br />Regular Mee <br />6. NEW BUS <br />elopment Commission <br />- March 27, 1992 <br />f. continued... <br />Aut ority will send a purchase offer for <br />the building within the next two to three <br />wee S. The price is not set yet, but <br />wil be under $1.3 million. <br />Mrs. Kolata noted that this bond will <br />have G.O. back -up in order to get a lower <br />interest rate on the bond, but we expect <br />to use tax increment for the lease <br />payinents and do not intend to use the <br />G.O. backup. <br />Mrs. Kolata noted that we expect to sell <br />the bond in late July. The Redevelopment <br />Authority will reach an agreement with <br />the owners and the owners will place a <br />deed in escrow until the bond proceeds <br />are available. <br />Mr. Piasecki asked if bond proceeds would <br />alsD be used for rehab of the building. <br />Mrs. Kolata responded that they would not <br />be. Community fundraising in the private <br />sec or is proceeding to fund the rehab. <br />Mrs. Kolata noted that when the Palais <br />Roy le is renovated, the Ballroom will be <br />ren ed out for private occasions. There <br />wilL be a kitchen for catering and a <br />sma 1 stage. The mezzanine will have <br />off'ce space for rent. The first floor <br />wil continue to be rented by Office <br />Int riors. <br />Ms. Huddleston asked if the renovated <br />bal room will compete with Century <br />Cen er. Mrs. Kolata responded that <br />Cen ury Center tries to hold its space <br />ope for large conventions and doesn't <br />like to book weddings, etc., far in <br />advance because having some space <br />unavailable could ruin their chances of <br />get zing a large convention. It could be <br />competitive, but could also relieve <br />Cen ury Center of some of that type of <br />dem nd. The Palais Ballroom isn't as <br />lar a as some of the Century Center or <br />Mar iott space. It's a different kind of <br />-7- <br />