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Mr. Treptow stated that there were two (2) bids submitted locally from Bank <br />One and Raffensberger Hughes and both were accompanied by good faith checks. <br />In the case of the two bids that he carried in, the good faith checks are on <br />file at Springsted. <br />Mr. Davey stated that the apparent low bidder is Bank One and he awarded the <br />bid to Bank One subject to verification of accuracy of the bid and also <br />compliance with the maximum semi-annual payment requirement. <br />Mayor Kernan asked if Mr. Treptow could determine the savings on the stadium <br />financing compared to .the present stadium financing. Mr. Treptow said that <br />Springsted will make that calculation. <br />Mrs. Kolata stated that Mr. Treptow will call the Springsted office to <br />verify the numbers in the Bank One bids and the Redevelopment Authority will <br />wait to ratify the award of the bids until those calculations are complete. <br />The good faith depoit checks submitted by City Securities for the parking <br />garage and by Raffensberger Hughes for the staditnn were returned to Mr. <br />Garrett and Mr. Farron respectively since their bids were not accepted. <br />Mayor Kernan thanked the Redevelopment Authority for their work on these.-two <br />issues. <br />Mr. Treptow returned to the meeting and stated that both Bank. One's bids <br />were verified and the savings on the stadium refinancing was $389,000. <br />• .Mrs. Kolata stated that the next order would be for the Authority to have a <br />motion to ratify the award of the bids by the Secretary, first for the <br />parking garage and then for the stadium. Mr. Wroblewski made a motion to <br />ratify the award of the bid for the South Bend Redevelopment Authority Lease <br />Rental Revenue Bonds on the parking facility to the verified-low bidder, <br />Bank One, which was seconded by Mr. Varga and unanimously approved. <br />Mr. Wroblewski made a motion to ratify the award of the bid for the South <br />Bend Redevelopment Authority Lease-Rental Revenue Bonds for Coveleski <br />Stadium to the verified low bidder, Bank One, which was seconded by Mr. <br />Varga and unanimously approved. <br />5. Other <br />Mr. Varga stated that the next meeting of the Redevelopment Authority will <br />be July 29, 1988, at 8:00 a.m. for the purpose of amending the leases for <br />the projects. <br />• <br />-3- <br />