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<br />.~ <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />SPECIAL MEETING <br />June 5, 1992 1200 County-City Building <br />8.00 a.m. 227 W. Jefferson Boulevard <br />Presiding: Joseph Wroblewski South Bend, Indiana 46601 <br />President <br />The June 5, 1992, Special Meeting of the Redevelopment Authority <br />was called to order at 8:06 a.m. by its President, Joseph <br />Wroblewski. There was a quorum present. <br />1. ROLL CALL <br />Members Present: <br />Members Absent: <br />Redevelopment Staff: <br />Media: <br />2. APPROVAL OF MINUTES <br />Mr. Joseph Wroblewski, President <br />Mr. Andre Gammage, Vice-President <br />Mr. Donald Fewell, Secretary <br />Mrs. Ann Kolata, Director <br />Mrs. Cheryl Phipps, Office Manager <br />Mr. Don Porter, South Bend Tribune <br />a. Approval of Minutes of the Special Meeting of Friday, <br />May 22, 1992. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority approved the <br />Minutes of the Special Meeting. of Friday, May 22, 1992. <br />3. OLD BUSINESS <br />a. Staff report on acquisition of property in the South Bend <br />Central Development Area. <br />Mrs. Kolata noted that we have received a counter offer <br />of $1,308,314 for the Palais Royale. Our purchase offer <br />was for $1,255,000. The staff has been in extensive <br />negotiations with the owners and recommends accepting the <br />counter offer. The Purchase Agreement outlines the <br />method of purchase. We are representing that bonds will <br />be sold by August 15, 1992; the seller will deposit a <br />warranty deed made out to the Redevelopment Authority <br />with an Escrow Agent on or before June 30; the deed will <br />be held in escrow until there are bond proceeds to <br />purchase the building. The staff recommends accepting <br />• the counter offer and approving the Escrow Agreement. <br />-1- <br />