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South Bend Redevelopment Authority <br />Special Meeting - November 8, 1990 <br />3. New Business (Cont.) <br />b. <br />Rental Revenue Bonds (Airport Economic Development Area Public <br />Improvement Project) . <br />Mrs. Kolata noted that one of the provisions of the bond issue is that the <br />Authority will obtain title insurance for the property to be acx~uired. We <br />sent a copy of the lease to St. Joseph Title Company and Abstract and <br />Title Corp., the two c-ornpanies in South Bend that provide title <br />ice. We received two proposals. St. Joseph Title proposes to <br />charge $1.00 per $1,000 of title insurance and $200 per parcel for search. <br />fees. Abstract and Title Corp. proposes to charge $.95 per $1,000 of <br />title insurance and no search fee. Mrs. Kolata noted that prior to <br />today's meeting she verified with Abstract and Title that there was no <br />search fee. Based on those figures, the staff recorromends that the <br />Authority accept the proposal of Abstract and Title Corp. to provide the <br />title insurance. <br />Mrs. Kolata noted that the estimated bond size will be $5,300,000. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski and unanimously <br />• carried, the Authority accepted the proposal frarn Abstract and Title Corp. <br />to provide title insurance in connection with the South Bend Redevelopment <br />Authority Lease Rental Revernxe Bonds (Airport Economic Development Area <br />Public Improvement Project). <br />4 . Adiourrnnent <br />There being no further business to Dome before the Authority, Mr. Fewell made a <br />motion that the meeting be adjourned. Mr. Wroblewski seconded the motion and <br />the meeting was adjourned at 4:47 p.m. <br />~~ <br />W. Wroblewski, President <br />G~- <br />Ann E. Ko ata, Director <br /> <br />