No. 1023 approving/consenting to the sub-lease of real property by the COSB to the Housing Development Corp. of St. Joseph Co., Inc.

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RESOLUTION No. 1023 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING AND CONSENTING TO THE SUB -LEASE OF REAL PROPERTY BY THE CITY OF SOUTH BEND, INDIANA TO THE HOUSING DEVELOPMENT CORPORATION OF ST. JOSEPH COUNTY, INC. WHEREAS, the City of South Bend, Indiana, on behalf of its Department of Redevelopment, and acting by and through the South Bend Redevelopment Commission (hereinafter, the "Commission ") is Lessee by virtue of a certain Lease Agreement between the Commission and the South Bend Redevelopment Authority dated as of August 1, 1990, as restated and amended, of certain real property situated in the Monroe Park Development Area, being more commonly known as: 1. 609 S. Columbia 2. 618 Lincolnway East 3. 620 -622 Lincolnway East 4. 626 Lincolnway East 5. 514 Rush 6. 620 Columbia 7. 310 E. South Street 8. 312 E. South Street 9. 602 S. Carroll (hereinafter, as the "Real Property "; and collectively referred to WHEREAS, by virtue of certain Sub - Leases between the Commission and the City of South Bend, Indiana, acting by and through its Board of Public Works, dated April 15, 1991, April 29, 1991 and August 26, 1991, as restated and amended (hereinafter referred to as the "Sub- Leases"), the Commission sub - leased the Real Property to the City of South Bend, and the City of South Bend sub - leased the Real Property from the Commission; and WHEREAS, the City of South Bend, Indiana, acting by and through its Board of Public Works has determined it to be in the best interest of the City of South Bend, and in furtherance of the Commission's plan for the redevelopment of Monroe Park, to sub -lease the Real Property to the Housing Development Corporation of St. Joseph County, Inc. (hereinafter referred to as the "HDC ") for restoration and rehabilitation as affordable housing; and WHEREAS, the HDC has represented to the City of South Bend that the HDC is an Indiana not - for - profit corporation organized for educational, literary, scientific, religious, or charitable purposes that is exempt from federal taxation under Section 501 of the Internal Revenue Code; and WHEREAS, the City of South Bend, through its Board of Public Works, has determined that it may sub -lease the Real Property to the HDC pursuant to I.C. 36- 1- 11- 1(a)(7), and has approved and authorized the execution of a Sub -Lease Agreement between the City of South Bend and the HDC concerning the Real Property, a copy of which is attached hereto and made a part hereof; and WHEREAS, pursuant to the Sub - Leases, the City of South Bend may transfer an interest in the Real Property only upon the consent of the Commission; and WHEREAS, the Commission has reviewed said Sub -Lease Agreement and finds it to be reasonable in its terms, finds it to protect, adequately, the interest of the Commission, and finds it to be in the best interests of the Commission and the Department of Redevelopment of the City of South Bend that said Sub -Lease Agreement be approved.