No. 1507 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters

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RESOLUTION NO. 1507 . RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF A LEASE FOR CERTAIN LAND AND PUBLIC IMPROVEMENTS ON BEHALF OF THE CITY OF SOUTH BEND, INDIANA, AND REGARDING OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been created pursuant to I.C. 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission "); and WHEREAS, the Commission has previously entered into a lease with the Authority dated as of March 1, 1992, as amended by an addendum to lease between the Authority and the Commission dated as of August 7, 1992 (collectively, the "Original Lease "), whereby the Authority currently leases to the Commission certain real estate and a building located thereon commonly known as the Palais Royale (the "Palais Royale ") (the "Original Project ") in the City of South Bend, Indiana (the "City "); and WHEREAS, the Authority has previously adopted resolutions (i) on April 18, 1997, indicating its intent to issue its lease rental revenue bonds to finance the costs of 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 the Morris Civic Center (collectively, the "Additional Project ") and related expenses pursuant to I.C. 36 -7- 14.5 -19 and (ii) on May 2, 1997, approving a proposed amended and restated lease between the Authority and the Commission for the Original Project and the Additional Project (the "Amended and Restated Lease "); and