10/21/91 Board of Public Works Minutes

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6D REGULAR MEETING OCTOBER 21, 1991 St. Joseph County, Inc. It is noted that attached to the Resolution was the appropriate Sub -Lease between the City and the Housing Development Corporation. Mrs. DeClercq made a motion that the Resolution as submitted be adopted and the attached Sub -lease Agreement be approved and executed. Ms. Humphreys seconded the motion which carried and the following Resolution No. 43-1991 was adopted: RESOLUTION 43-1991 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA APPROVING AND AUTHORIZING THE SUB -LEASE OF REAL PROPERTY BY THE CITY OF SOUTH BEND, INDIANA TO THE HOUSING DEVELOPMENT CORPORATION OF ST. JOSEPH COUNTY, INC. WHEREAS, by virtue of certain Sub -Leases between the South Bend Redevelopment Commission (hereinafter referred to as the "Commission") and the City of South Bend, Indiana, acting by and through its Board of Public Works, dated April 15, 1991, April 29, 1991 and August 26, 1991, as restated and amended (hereinafter referred to as the "Sub -Leases"), the City of South Bend is Sub -Lessor of certain real property situated in the Monroe Park Development Area, being more commonly known as: 1. 609 S. Columbia 2. 618 Lincolnway East 3. 620-622 Lincolnway East 4. 626 Lincolnway East 5, 514 Rush 6. 620 Columbia 7. 310 E. South Street 8. 312 E. South Street 9. 602 S. Carroll (hereinafter, as the "Real Property"; and collectively referred to WHEREAS, the City of South Bend, Indiana, acting by and through its Board of Public Works has determined it to be in the best interest of the City of South Bend, and in furtherance of the Commission's plan for the redevelopment of Monroe Park, to sub -lease the Real Property to the Housing Development Corporation of St. Joseph County, Inc. (hereinafter referred to as the "HDC") for restoration and rehabilitation as affordable housing; and WHEREAS, the HDC has represented to the City of South Bend that the HDC is an Indiana not -for -profit corporation organized for educational, literary, scientific, religious, or charitable purposes that is exempt from federal taxation under Section 501 of the Internal Revenue Code; and WHEREAS, the City of South Bend, through its Board of Public Works, has determined that it may sub -lease the Real Property to the HDC pursuant to I.C. 36-1-11-1(a)(7), and has approved a form of Sub -Sub -Lease Agreement between the City of South Bend and the HDC concerning the Real Property, which it has determined adequately protects the interests of the City, a copy of which Sub -Lease Agreement is attached hereto and made a part hereof; and WHEREAS, pursuant to the Sub -Leases, the City of South Bend may transfer an interest in the Real Property only upon the consent of the both the South Bend Redevelopment Authority and the Commission, which are Lessor and Lessee, respectively, of said Real Property by virtue of a certain Lease Agreement between the Commission and the Authority dated as of August 1, 1990, as restated and amended.