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A <br />RESOLUTION NO. 1694 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION APPROVING A MODIFICATION TO AND REDUCING <br />THE ANNUAL RENTALS ON THE LEASE FOR THE DOWNTOWN <br />PROPERTY ACQUISITION PROJECT AND APPROVING THE <br />EXECUTION OF AN ADDENDUM TO THE LEASE <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority ") at a meeting <br />on March 1, 1999, adopted Resolution No. 132, authorizing the issuance of the "South Bend <br />Redevelopment Authority Lease Rental Revenue Note (Downtown Property Acquisition Project)" <br />(the "Note ") through the Department of Housing and Urban Development's Section 108 Loan <br />Guaranty Program in an aggregate amount of One Million Eight Hundred Thousand and 00 /100 <br />Dollars ($1,800,000) to finance the acquisition of certain property and the demolition of <br />improvements located thereon (the "Project "); and <br />WHEREAS, the Authority previously entered into a Lease between the Authority and <br />the South Bend Redevelopment Commission (the "Commission ") dated as of March 1, 1999, <br />pursuant to which the Authority will lease the Project to the Commission; and <br />WHEREAS, Section Three of the Lease provides that the annual rental shall be <br />reduced following the sale of the Note by HUD to an amount equal to the sum of principal and <br />interest on the Note due in any year; and <br />WHEREAS, the Commission desires to approve and execute an addendum to the <br />Lease (the "Addendum "), a copy of which is hereby attached as Exhibit A, reflecting such lower <br />annual Lease payments for the Project and making certain other amendments to the Lease; <br />::ODMA\PCDOCS \SBDOCS 1 138670\ 1 <br />