9814-07 Approving the Lease for certain Public Improvements

Home Browse Search

WHEREAS, on November 2, 2007, said public hearing was held and all interested parties were provided the opportunity to be heard at the hearing; and WHEREAS, the Commission, at its meeting on November 2, 2007, adopted Resolution No. 2392, finding, pursuant to IC 36-7-14.5-14, that the rental payments to be paid by the Commission to the Authority pursuant to said Lease, at a rate not to exceed Three Million Seven Hundred Seventeen Thousand and 00/100 Dollars ($3,717,000.00) per year, subject to reduction as set forth in the Lease, in semiannual installments beginning on the day the Project is complete and ready for use, or February 1, 2011, whichever is later, are fair and reasonable, and finding, pursuant to IC 36-7-14-25.2, that the use of the Project throughout the term of the Lease will serve the public purpose of the City of South Bend, Indiana (the "City"), and is in the best interests of its residents; and WHEREAS, said Resolution No. 2392 further authorized the Secretary of the Commission to file with the Common Council of the City (the "Common Council") an approving ordinance for the purposes of said Common Council's finding, prior to the Commission's execution of said Lease, that the rental payments are fair and reasonable and that the use of the Project throughout the term of said Lease will serve the public purpose of the City and is in the best interests of its residents, and for purposes of approving the Lease; and WHEREAS, the Common Council desires to approve said Lease, pursuant to IC 36-7-14-25.2, which provides that any lease approved by a resolution of the Commission must be approved by an ordinance of the fiscal body of the unit; BDDBOI 4928711v1 - 3 -