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~~, <br />South Bend Redevelopment Authority <br />Special Meeting - June 5, 1992 <br />3. OLD BUSINESS (Cont.) <br />a. continued... <br />Mrs. Kolata noted that we feel this is a reasonable <br />counter offer and is supported by one of the appraisals. <br />Mr. Gammage asked whether there were comparables used in <br />the appraisals. Mrs. Kolata responded that there aren~t <br />many buildings like the Palais. A lot of the value was <br />derived from current leases that are in place, including <br />the City lease on the ballroom itself. <br />Mrs. Kolata noted that the hearing before the Local <br />Property Tax Control Board was held in Indianapolis the <br />last week of May. They recommended approval of the lease <br />between the Commission and Authority for the Palais to <br />the State Board of Tax Commissioners. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski <br />and unanimously carried, the .Authority approved the <br />counter offer from Trust No. 30560 in the amount of <br />$1,308,314. <br />• Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority approved the <br />Escrow Agreement with St. Joseph Title. <br />4. NEW BUSINESS <br />a. Authority approval requested for Resolution No. 54 <br />approving execution of a Lease between the South Bend <br />Redevelopment Authority and the South Bend Redevelopment <br />Commission for certain land and a building located <br />thereon. <br />Mrs. Kolata explained that Resolution No. 54 states that <br />the Commission and Authority have both approved a form of <br />lease; the Common Council approved that lease and the <br />State Tax Board is considering the lease, having received <br />a favorable recommendation from the Local Property Tax <br />Control Board. The Lease will be amended following the <br />bond sale to reflect actual numbers based on the interest <br />rate of the bond. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski. <br />and unanimously carried, the Authority authorized <br />execution of a Lease between the South Bend Redevelopment <br />Authority and the South Bend Redevelopment Commission for <br />certain land and a building located thereon upon receipt <br />of approval from the State Board of Tax Commissioners. <br />-2- <br />