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South Bend Redevelopment Commission <br />Regular Meeting - June 18, 1993 <br />7. PROGRESS REPORTS <br />Mrs. Kolata noted that we have a brochure for the PROGRESS REPORTS <br />land in the Toll Road Industrial Park that Holladay <br />Corporation is marketing for us. It has been <br />mailed out locally and they have placed ads in <br />local newspapers, advertising that we have <br />industrial land for sale. <br />Mrs. Kolata noted that the Redevelopment <br />Authority intends to refinance the Airport Taxable <br />bond which was sold in 1990. It has an interest <br />rate of about 9.5 % and we expect we can save <br />approximately 2 %, which would result in a savings <br />of several hundred thousand dollars. We are doing <br />a negotiated sale with City Securities. We expect <br />the sale to be held on July 6. <br />Mr. Brademas made a presentation proposing that <br />Ark the St. Joseph County Jail be located in the present <br />Shetland Building in the Studebaker Corridor. The <br />current plan is to build a new jail in the <br />Studebaker Corridor at a cost of $60,000 per <br />inmate or a total of $31,000,000. Harris County <br />(Houston), Texas renovated a former warehouse of <br />similar construction at a cost of $20,000 per <br />inmate. Mr. Brademas noted that the Feasibility <br />Study done for us by the University of Michigan <br />indicated that the Shetland Building was one of few <br />in the Studebaker Corridor which had some reuse <br />potential. <br />8. NEXT COMMISSION MEETING <br />The next Regular Meeting of the Redevelopment NEXT COMMISSION MEETING <br />Commission is scheduled for July 2, 1993 at 10:00 <br />a.m <br />-17- <br />