No. 1582 approving a modification to the lease for Morris Performing Arts Center project and approving the execution of an addendum to the lease

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C- RESOLUTION NO. 1582 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING A MODIFICATION TO THE LEASE FOR MORRIS PERFORMING ARTS CENTER PROJECT AND APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE WHEREAS, the South Bend Redevelopment Authority (the "Authority ") previously entered into a Lease between the Authority and the South Bend Redevelopment Commission (the "Commission ") dated as of March 1, 1992, as amended by an Addendum to Lease dated as of August 7, 1992 (collectively, the "Original Lease "), whereby the Authority currently leases certain land and a building located thereon commonly known as Palais Royale to the Commission; and WHEREAS, the Authority and the Commission amended and restated the Original Lease by entering into and adopting an Amended and Restated Lease, dated as of May 1, 1997, and further amended pursuant to an Addendum to Lease between the Authority and the Commission and dated January 15, 1998 (collectively, the "Amended and Restated Lease "), the purpose of which is to provide for the acquisition, construction, renovation and equipping of the Morris Performing Arts Center which includes improvements to certain portions of the Palais Royale and acquisition of and improvements to the adjacent facility known as Morris Civic Center (the "Project "); and WHEREAS, the Authority received bids on February 18, 1998, for the sale of its "South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1998 ( "Morris Performing Arts Center Project ")" (the "Bonds ") and the lowest and best bid for the Bonds was received from City Securities Corporation, which bid will result in a lower annual lease rental payments for the Project; and