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ti <br />• South Bend Redevelopment Authority <br />Special Meeting - November 1, 1991 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />DeMaegt's to remove top soil and gravel from the property <br />until April 30, 1992. They will need to notify <br />Redevelopment staff of the location from which they are <br />removing the top soil and gravel and the amount they are <br />planning to take, prior to removal; 4) the property will <br />be completely vacated by April 30, 1992; 5) the Authority <br />and its representatives may enter the property <br />immediately for planning and implementing its Development <br />Plan; 6) the Authority will lease the house on the <br />property to a tenant with the provisions that the tenant <br />will not be eligible for any relocation benefits; 7) the <br />tenant must vacate the property by April 30, 1992; 8) the <br />tenant must sign a lease with the Authority indicating <br />these conditions. The tenant will be allowed to occupy <br />the property rent free under these conditions; 9) the <br />DeMaegts will have salvage rights to the house. <br />.Mrs. Kolata noted <br />money will be put <br />. first of the year, <br />closing. <br />that approximately one half of the <br />in an escrow account until after the <br />paying one half to the DeMaegts at <br />Mrs. Kolata noted that the DeMaegts do not live on this <br />property, although they have machinery and equipment <br />stored on the property. They did have a tenant in the <br />house and the tenant has been relocated by the <br />department. <br />Mrs. Kolata noted that the staff recommends. accepting the <br />counter offer. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority accepted the <br />counter offer from Ray and Justine DeMaegt in the amount <br />of $797,050 for property located at 5603 W. Old Cleveland <br />Road. <br />b. Authority approval recruested for Resolution No. 44 <br />authorizing the issuance of the South Bend Redevelopment <br />Authority Taxable Lease Rental Revenue Bonds (Coveleski <br />Stadium Refunding) and other related matters. <br />Mrs. Kolata explained that Resolution No. 44 proceeds <br />with a number of actions related to the refinancing of <br />the stadium. It authorizes the Authority to issue bonds <br />in an amount not to exceed $4,350,000. It refers to a <br />trust agreement which has a final maturity date of no <br />-2- <br />