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RESOLUTION NO. 1100 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION APPROVING A MODIFICATION TO AND REDUCING THE <br />ANNUAL RENTALS ON THE LEASE FOR THE BLACKTHORN GOLF <br />COURSE PROJECT AND APPROVING THE EXECUTION OF <br />AN ADDENDUM TO THE LEASE <br />WHEREAS, the South Bend Redevelopment Authority (the <br />"Authority ") previously entered into a Lease between the Authority <br />and the South Bend Redevelopment Commission (the "Commission ") <br />dated as of July 1, 1992, pursuant to which the Authority will <br />lease certain improvements to be known as the Blackthorn Golf <br />Course (the "Project ") to the Commission; and <br />WHEREAS, Section Four of the Lease provides that the <br />annual rental shall be reduced following the sale of the Bonds to <br />an amount equal to the multiple of One Thousand and 00 /100 Dollars <br />($1,000.00) next highest to the highest sum of principal and <br />interest due in any year ending on a Bond maturity date on the <br />Bonds plus Two Thousand Dollars and 00 /100 ($2000.00); and <br />WHEREAS, the Commission desires to approve a modification <br />to the Lease changing the amount to be added from Two Thousand and <br />00 /100 Dollars ($2,000.00) to Four Thousand and 00 /100 Dollars <br />($4,000.00) which modification does not increase the term of the <br />Lease or the rental amount of the Lease as approved by the State <br />Board of Tax Commissioners; and <br />WHEREAS, bids were received on September 28, 1992, for <br />the sale of the "South Bend Redevelopment Authority Lease Rental <br />Revenue Bonds (Blackthorn Golf Course Project)" (the "Bonds ") for <br />the acquisition of the Project; and <br />