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South Bend Redevelopment Authority <br />• Special Meeting - March 26, 1992 <br />4. NEW BUSINESS (Cont.) <br />a. continued... <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority accepted the <br />proposal from Baker & Daniels to serve as bond counsel <br />for the Palais Royale Lease-Purchase Financing. <br />b. Authority approval requested for proposal from Norwest <br />Bank to serve as Trustee for Redevelopment Authority <br />Revenue Bonds Palais Royale Financing. <br />Mrs. Kolata noted that we asked Norwest Bank to serve as <br />Trustee for this financing. Their rates for this have <br />been compared to rates we have had in the past for this <br />service and they are favorable. We recommend hiring <br />Norwest Bank. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority accepted the <br />proposal from Norwest Bank to serve as Trustee for <br />Redevelopment Authority Lease Rental Revenue Bonds, <br />Palais Royale Financing. <br />c. Authori ~ approval requested for Resolution No. 49 <br />establishing its intent to issue Redevelopment Taxable <br />Lease Rental Revenue Bonds and that certain preliminary <br />redevelopment costs be reimbursed from the proceeds of <br />said bonds and approving a Proposed Lease between the <br />South Bend Redevelopment Authority and the South Bend <br />Redevelopment Commission for certain land and <br />improvements. <br />Mrs. Kolata explained that the Lease is for the Palais <br />Royale Building. The Authority will buy the building <br />with the proceeds from the bonds and lease it to the <br />Commission for a term not exceeding 13 years. The <br />semi-annual rental installments would be $110,000 per <br />payment beginning January 28, 1993. Responsibility for <br />maintenance will rest with the Redevelopment Commission. <br />After the bond sale the lease will be amended to reflect <br />the actual payment based on the actual interest rate. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority approved <br />Resolution No. 49 establishing its intent to issue <br />Redevelopment Taxable Lease Rental Revenue Bonds and that <br />certain preliminary redevelopment costs be reimbursed <br />• from the proceeds of said bonds and approving a Proposed <br />Lease between the South Bend Redevelopment Authority and <br />-4- <br />