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_ South Bend Redevelopment Commission <br />egular Meeting - August 7, 1992 <br />6. NEW BUSINESS (Cont <br />b. continued... <br />Upon a motion by Ms. Huddleston, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission accepted Resolution No. <br />1086 for filing and set 10:00 a.m., <br />August 21, 1992, for a Public Hearing on <br />Resolution No. 1086. <br />c. Commission approval requested for <br />Resolution No. 1087, reducing the annual <br />rentals on the Lease for the Palais <br />Royale Proiect and approving the <br />Execution of an Addendum to the Lease. <br />Mrs. Kolata noted that the Redevelopment <br />Authority held a bond sale on August 4 <br />for the Palais Royale bond issue. The <br />successful bidder was Robert W. Baird and <br />Co. with a net interest rate of 7.0189W. <br />ON It was a taxable bond because of the <br />rental space on the first floor of the <br />Palais. As a result of the interest <br />rate, the lease payments which were <br />estimated at $110,000 will be reduced to <br />$98,500 per payment. The other change in <br />the Addendum is to increase the amount of <br />money set aside to pay the bond trustee <br />each year from $2000 to $3000. <br />Upon a motion by Ms. Huddleston, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission approved Resolution <br />No. 1087 reducing the annual rentals on <br />the Lease for the Palais Royale Project <br />and approving the execution of an <br />Addendum to the Lease. <br />d. Commission approval requested for <br />Resolution No. 1088 establishing certain <br />funds and accounts in connection with the <br />Lease dated as of July 1, 1992, between <br />the South Bend Redevelopment Commission <br />and the South Bend Redevelopment <br />Authority relating to the Blackthorn Golf <br />Course Proiect and other related matters. <br />�h <br />6' Mrs. Kolata explained that Resolution <br />No. 1088 sets up the various accounts <br />-4- <br />COMMISSION ACCEPTED RESOLUTION <br />NO. 1086 FOR FILING AND SET 10:00 <br />A.M. AUGUST 21, 1992, FOR A <br />PUBLIC HEARING ON RESOLUTION <br />NO. 1086 <br />COMMISSION APPROVED RESOLUTION <br />NO. 1087 REDUCING THE ANNUAL <br />RENTALS ON THE LEASE FOR THE <br />PALAIS ROYALE PROJECT AND <br />APPROVING THE EXECUTION OF AN <br />ADDENDUM TO THE LEASE <br />