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WHEREAS, on this date said public hearing has been held and all interested parties <br />have been provided the opportunity to be heard at the hearing; and <br />WHEREAS, the Commission intends to pay rent to the Authority (the "Rental <br />Payments "), pursuant to the terms of the lease, at a rate not to exceed One Hundred Forty-four <br />Thousand Dollars ($144,000) per year in equal semiannual installments beginning on the day the <br />Studebaker Lot Portion is completed and ready for use or July 25, 1999 whichever is later, and Three <br />Hundred Forty -four Thousand Dollars ($344,000) in equal semi - annual installments beginning on <br />the date the Main and Jefferson Portion is completed and ready for use, or July 25, 2003, whichever <br />is later, through expiration of the lease; <br />NOW, THEREFORE, BE IT RESOLVED, by this Commission as follows: <br />1. The President or Vice President and Secretary of this Commission are hereby <br />authorized and directed, on behalf of the City of South Bend, to execute and deliver the lease in <br />substantially the form presented at this meeting with such changes in form or substance as the <br />President or Vice President of this Commission shall approve, such approval to be conclusively <br />evidenced by the execution thereof. <br />2. The Rental Payments to be paid by the Commission, pursuant to the terms of <br />the lease, at a rate not to exceed One Hundred Forty -four Thousand Dollars ($144,000) per year in <br />equal semiannual installments beginning on the day the Studebaker Lot Portion of the Project, as <br />defined in the lease, is completed and ready for use or July 25, 1999 whichever is later, and Three <br />Hundred Forty-four Thousand Dollars ($344,000) in equal semi - annual installments beginning on <br />the date the Main and Jefferson Portion of the Project, as defined in the lease, is completed and ready <br />for use, or July 25, 2003, whichever is later, through expiration of the lease, are fair and reasonable, <br />-2- <br />::ODMA\PCDOCS \SBDOCS 1 \32116\2 <br />