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v L` ~. SOUTH BEND REDEVR7~OPMENT AUTHORITY SPECIAL MF~TING July 29, 1988 1200 County-City Building 8.00 a.m. 227 W. Jefferson Boulevard • South Bend, Indiana 46601 The July 29, 1988 Special Meeting of_ the Redevelopment Authority was called to order at 8:09 a.m. by its President, Thomas J. Varga, Jr. There was a quorum present. l.Ro11 Ca11 • Members Present: Mr. Thomas J. Varga, Jr. Mr. Chris Davey Mr. Joseph Wroblewski Legal Counsel: Mr. Richard A. Nussbaum II Redevelopment Staff: Mrs. Ann Kolata, Deputy Executive Director Mrs. Martha Lantz Others• Mr. Richard Hill., Parker & Jaicomo 2. Approval of the Mintues of the Special Meeting of. July 26, 1988. Upon a motion by Mr. Davey, seconded by Mr. Wroblewski and unanimously carried, the Authority approved the Minutes of the Special Meeting of July 26, 1988. Mr. Varga asked if there were any continents about the Bond bidding. Mr. Nussbaum indicated that we were very pleased with the bids for the Parking Facility. There will be substantial savings in terms of the actual lease payment over the projected lease payment.. However, he explained that the semi-annual lease payment for the Stadium will remain at $500,000 because the lease language specifies that the semi-annual payment must be high enough to cover the largest principal and interest payment over the life of the Bond, rounded to the next thousand dollars plus an additional thousand dollars. The largest principal and interest payment is $498,037, requiring, therefore, the $500,000 lease payment. Mrs. Kolata explained that the $500,000 lease payment would cause an accumulation of funds held by the Trustee which would earn interest over the life of the Bond and would be used at the end of the lease to reduce the levy. 3. Execution of Addendum to Lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Co~nission dated as of June 1 _,~ 1988 (St. Joseph/Wayne Parking Facil