Resolution with respect to certain off-street parking facilities, the refinancing of thereto, and authorizing the execution of a lease agreement

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I RESOLUTION NO. (al 7.2 e RESOLUTION WITH RESPECT TO CERTAIN OFF- STREET PARKING FACILITIES OF THE CITY OF SOUTH BEND, INDIANA AND THE REFINANCING OF THE CITY'S OFF - STREET PARKING REVENUE BONDS, SERIES 1969 PROJECT, AND AUTHORIZING THE EXECUTION OF A LEASE AGREEMENT. WHEREAS, the City of South Bend, Indiana( "City ") has heretofore acquired and constructed certain off - street parking facilities ( "Parking Facilities ") situated on the following real estate: Site I located at the Southeast Corner of Colfax and Main Streets in the City of South Bend, Indiana, more particularly Lots 22, 23 and 24 as shown on the recorded original plat of the Town, now City, of South Bend; Site III located at the northwest corner of St.Joseph Street and Jefferson Boulevard in the City of South Bend, Indiana, more particularly Lots 38, 39 and 40 as shown on the recorded original plat of the Town, now City, of South Bend; WHEREAS, for the purpose of paying the cost of construct- ing the Parking Facilities the City has heretofore issued its Off- Street Parking Revenue Bonds, Series 1969 Project ( "1969 Bonds "), which bonds are now outstanding in the principal amount of $3,250,000; and WHEREAS, officers of the City have determined that it would be advantageous to the City to refinance the 1969 Bonds pursuant to the provisions of Indiana Code 18- 5- 3.3 -8.5, by the conveyance of the Parking Facilities to Parking Facilities of South Bend, Inc. (''Corporation "), an Indiana corporation not- for - profit organized for the purpose of effecting such refinancing, and the leasing of the Parking Facilities from Corporation to the City at rentals sufficient to retire revenue bonds issued by the Corporation for the purpose of acquiring the Parking Facilities; and WHEREAS, officers of the City have caused to be prepared a form of Lease Agreement ( "Lease ") between the Corporation as lessor and the City as lessee, the terms of which Lease have been agreed upon by the Corporation and officers of the City; and WHEREAS, a petition requesting such refinancing and leasing, signed by not less than 50 tax - paying citizens of the City, has been filed with the Mayor and this Common Council; and WHEREAS, it is necessary that a public hearing be held as provided by Indiana Code 18- 5- 3.3 -6; NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana that a public hearing shall be held on April 24, 1978 on the necessity for the execution of the Lease and the fairness and the reasonableness of the rentals provided therein, and the City Clerk shall give notice of such hearing in the manner provided in Indiana Code 18- 5- 3.3 -7. MESENTELT NOT APPROVED ADOPTED V -/,o ._ 2 g' FILED IN CLERK'S OFFICE APR 51978 Irene Gammon CLT_Y, CLERK, SOUTH BEND, IND. er Vf the Common Council ® Ysigned only to provide an opportunity for public discussion and Council action on the issue.