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RESOLUTION NO. 61 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />AUTHORITY APPROVING A MODIFICATION TO AND REDUCING <br />THE ANNUAL RENTALS ON THE LEASE FOR THE PALMS ROYALS <br />PROJECT, APPROVING THE EXECUTION OF AN ADDENDUM TO THE <br />LEASE, RATIFYING THE SELECTION OF A SUCCESSFUL BIDDER <br />AND THE TERMS OF THE BONDS, AND REGARDING OTHER RELATED MATTERS <br />WHEREAS, the South Bend Redevelopment Authority (the <br />"Authority") at a meeting on June 18, 1992, adopted Resolution <br />No. 56, authorizing the issuance of the "South Bend Redevelopment <br />Authority Taxable Lease Rental Revenue Bonds (Palais Royale <br />Project)" (the "Bonds") in an aggregate amount of One Million Four <br />Hundred Ten Thousand Dollars ($1,410,000) pursuant to IC 36-7- <br />14.'5-19 to finance the acquisition of certain land and a building <br />located thereon commonly known as the Palais Royale (the <br />"Project"), and to pay the costs of issuance of the Bonds; and <br />WHEREAS, a Notice of Intent to Sell One Million Four <br />Hundred Ten Thousand Dollars ($1,410,000) of the Bonds was <br />published on July 3, 1992 and July 10, 1992 in the South Bend <br />Tribune, the Tri-County News, and the Indianapolis Commercial; and <br />WHEREAS, the South Bend Redevelopment Authority. <br />previously entered into a Lease between the Authority and the South <br />Bend Redevelopment Commission (the "Commission") dated as of <br />March 1, 1992 (the "Lease"), pursuant to which the Authority will <br />lease the Project to the Commission; and <br />WHEREAS, bids were received on August 4, 1992, for the <br />sale of the Bonds by the Secretary of the Authority pursuant to <br />Resolution No. 56; and <br />WHEREAS, the lowest and best bid for the Bonds was <br />received from Robert W. Baird & Co., Inc., ("Baird"), as the bidder <br />