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<br />• South Bend Redevelopment Authority <br />Special Meeting - October 2, 1992 <br />4. NEW BUSINESS (Cont.) <br />a. continued... <br />selection of a successful bidder and the terms of the <br />bonds and regarding other related matters. <br />Mrs. Kolata noted that as a result of the bond sale held <br />on September 28, the lease payment amounts for the <br />Blackthorn Golf Course bond have been reduced. Resolution <br />No. 68 reduces the payment amounts and also increases the <br />amount which will be set aside with each payment for <br />paying the bond trustee. The lease payments range from <br />approximately $181,000 to approximately $345,000 <br />semi-annually. <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved Resolution <br />No. 68 approving a modification to and reducing the annual <br />rentals on the Lease for the Blackthorn Golf Course <br />Project, approving the execution of an Addendum to the <br />Lease, ratifying the selection of a successful bidder and <br />the terms of the bonds, and regarding other related <br />matters. <br />b. Authority approval requested for Resolution No. 69 <br />approving an Agreement among the South Bend Redevelopment <br />Authority the South Bend Redevelopment Commission, and_ <br />the St Joseph County Airport Authority for the operation <br />and management of Blackthorn Golf Course.' <br />Mrs. Kolata noted that the Authority, at its meeting on <br />September 28, approved the concept of splitting any net <br />profits from the golf course with the Airport Authority. <br />This Resolution approves the agreement among all three <br />entities. The Airport Authority owns 60~ of the land <br />being used for the golf course. The Airport will convey <br />its land to the Authority for a nominal amount and, in <br />exchange, the parties will split the net profits from <br />operation of the golf course. They will operate the golf <br />course jointly through a board made up of Redevelopment <br />and Airport members. The Airport Authority will meet on <br />October 8 to approve the agreement. <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved Resolution <br />No. 69 approving an Agreement among the South Bend <br />Redevelopment Authority, the South Bend Redevelopment <br />Commission, and the St. Joseph County Airport Authority <br />for the operation and management of Blackthorn Golf <br />Course. <br />