No. 1260 approving modifications to the lease for the College Football Hall of Fame/Century Center project and approving the execution of an addendum to the lease

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RESOLUTION NO. 1260 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING MODIFICATIONS TO THE LEASE FOR THE COLLEGE FOOTBALL HALL OF FAME/ CENTURY CENTER PROJECT AND APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE WHEREAS, the South Bend Redevelopment Commission (the "Commission") previously entered into a Lease between the Commission and the South Bend Redevelopment Authority (the "Authority") dated as of November 1, 1993 (the "Lease"), pursuant to which the Authority will lease certain improvements including the existing Century Center facility and the College Football Hall of Fame to be constructed by the Authority (the "Project") to the Commission; and WHEREAS, the Authority entered into a purchase contract with First Chicago Capital Markets, Inc., acting on behalf of itself and certain other underwriters (collectively, the "Underwriter"), on May 24, 1994, pursuant to which the Authority has agreed to sell and the Underwriter has agreed to purchase the Authority's "South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project)" (the "Bonds"); and WHEREAS, the Authority has agreed to sell the Bonds to the Underwriter at a net interest cost of 6.31% which will permit the annual lease rental to be paid by the Commission to the Authority pursuant to the Lease to be reduced; and