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,,~ <br />South Bend Redevelopment Authority <br />• Special Meeting - August 7, 1992 <br />3. NEW BUSINESS (Cont.) <br />b. continued... <br />Mrs. Kolata explained that this Addendum to the Lease <br />reduces the amount of rental payment the Commission will <br />pay the Authority for the lease/purchase of the Palais <br />Royale, based on the bid received from Robert W. Baird & <br />Co. It also ratifies the action Mr. Fewell took on August <br />4 of awarding the bid to Robert W. Baird. Another change <br />is that the previous Lease allowed the lease payment to be <br />set by rounding up to the nearest thousand dollars and <br />adding two thousand dollars to cover bond trustee costs. <br />The Addendum allows us to add three thousand dollars for <br />bond trustee costs. Our experience has shown that we have <br />been a little short and have had to use other funds to pay <br />the trustee. The semi-annual rental installments to the <br />Authority will be in the amount of $98,500. The estimated <br />amount previously used in the Lease was $110,000. <br />I • <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved Resolution No. <br />61 reducing the annual rentals on the lease for the Palais <br />Royale project, approving the execution of an Addendum to <br />the Lease, ratifying the selection of a successful bidder <br />and the terms of the bonds, and regarding other related <br />matters. <br />c. Authority approval recLuested for Resolution No. 62 <br />ratifying the execution of a Lease between the South Bend <br />Redevelopment Authority and the South Bend Redevelopment <br />Commission for certain public improvements. <br />Mrs. Kolata noted that the Authority previously authorized <br />its officers to execute a Lease for the Blackthorn Golf <br />Course after the State Tax Board approved the lease. The <br />Tax Board has approved the Lease and the President and <br />Secretary-Treasurer have executed it. This resolution <br />ratifies the Lease's execution. <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved Resolution No. <br />62 ratifying the execution of a Lease between the South <br />Bend Redevelopment Authority and the South Bend <br />Redevelopment Commission for certain public improvements. <br />d. <br />Mrs. Kolata explained that we wish to add a service to the <br />contract with North American Golf and increase the amount <br />-2- <br />