No. 1236 approving the transfer of real property to the SBRA

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WHEREAS, the South Bend Redevelopment Commission (the Aph Commission) is the governing body of the City of South Bend, Department of Redevelopment, pursuant to I.C. 36- 7 -14 -3; and WHEREAS, a lease (the Lease) between the Commission and the South Bend Redevelopment Authority (the Authority), a body corporate and politic organized and operating pursuant to I.C. 36 -7 -14.5, dated as of November 1, 1993 for certain land and improvements consisting of the Century Center to be acquired by the Authority and improvements to be constructed thereto, and a facility to house the College Football Hall of Fame (collectively, the Project) was approved by the Authority by its Resolution No. 85, adopted November 4, 1993 and by the Commission by its Resolution No. 1198, adopted November 5, 1993; and WHEREAS, the Commission scheduled and on November 15, 1993, following proper legal publication of the same, conducted a public hearing on the Lease pursuant to I.C. 36 -7 -14 -25.2 providing all interested persons the opportunity to be heard; and WHEREAS, the Commission, in its Resolution No. 1199 adopted November 15, 1993, determined the annual rental payments for the Hall of Fame Portion and for the Century Center Portion of the Project to be leased, each to be fair and reasonable and that the use of the Project throughout the term of the Lease would serve the public purpose of the City of South Bend and would be in the best interests of its residents; and WHEREAS, the Common Council of the City of South Bend, Indiana, on November 29, 1993, adopted its Ordinance No. 8437 -93, finding that the annual rental payments for the Project, as approved by the Commission, to be fair and reasonable and that the use of the Project throughout the term of the Lease would serve the public purpose of the City of South Bend and be in the best interests of its residents, and approved the Lease, while reserving the right to approve the issuance of bonds by the Authority to finance costs of the Project following completion of the actions necessary to secure approval of the Lease; and WHEREAS, all actions necessary to secure approval of the Lease have been completed; and WHEREAS, the Common Council of the City of South Bend, Indiana, on March 14, 1995, will consider its Bill No. 14 -94, approving the issuance of bonds by the Authority to finance costs of the Project; and WHEREAS, should the Common Council of the City of South Bend, Indiana, approve the issuance of bonds by the Authority to finance the costs of the Project, the College Football Hall of Fame Portion of the Project will be constructed on the Real Property; and