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• 3. NEW BUSINESS (Cont.) <br />a. continued... <br />Kolata noted that this should not be a very complicated refinancing and the <br />costs should, therefore, not be too great. <br />Ms. Ferlic asked if we bid out work of this type. Mrs. Kolata responded that <br />we are not required. to bid out professional services. We generally continue to <br />have the same firms we have worked with in the past provide those services <br />again because they have the past history in their files and we believe that we <br />achieve a cost savings as a result. <br />Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously <br />carried, the Authority approved the Proposal from Baker & Daniels for an <br />amount not to exceed $22,000 for Professional Services related to 1990 Lease <br />Rental Revenue Bonds (South Bend Central Development Area Public <br />Improvement Project) Refinancing. <br />b. Authori~ approval reauested for Proposal from Municipal Consultants related <br />to 1990 Lease Rental Revenue Bonds~South Bend Central Development Area <br />Public Improvement Project) Refinancing. <br />• Mrs. Kolata explained that Municipal Consultants' fee would also be an hourly <br />rate not to exceed $10,000. If we do not move forward with the refinancing <br />we would be charged only for out-of-pocket expenses. <br />Municipal Consultants was not the financial consultant on this original bond. <br />The reason we are using them in this instance is that they have just recently <br />done the projections on the College Football Hall of Fame bond and it makes <br />sense to have them do this as well since both will be structured on the same <br />tax increment revenues. <br />Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously <br />carried, the Authority approved the Proposal from Municipal Consultants for <br />an amount not to exceed $10,000 for professional services related to 1990 <br />Lease Rental Revenue Bonds (South Bend Central Development Area Public <br />Improvement Project) Refinancing. <br />c. Authority approval requested for Proposal from Beres & Cullar for <br />Professional Services related to Quality Drive Project in the Aimort Economic <br />Development Area. <br />-2- <br />