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No. 0976 reducing the annual rentals on the lease for the AEDA Public Improvement Project, and approving the execution of an addendum to the lease
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No. 0976 reducing the annual rentals on the lease for the AEDA Public Improvement Project, and approving the execution of an addendum to the lease
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RESOLUTION NO. 976 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION REDUCING THE ANNUAL RENTALS ON THE <br />LEASE FOR THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA PUBLIC IMPROVEMENT PROJECT, AND <br />APPROVING THE EXECUTION OF 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 August 1, 1990, as further amended by an Amended and <br />Restated Lease, dated as of August 1, 1990 (the "Lease "), pursuant <br />to which the Authority will lease certain land, "tax- exempt" public <br />improvements and "taxable" public improvements (individually <br />referred to as the "Tax- Exempt Project" and the "Taxable Project," <br />respectively) to the Commission; and <br />WHEREAS, bids were received on January 22, 1991, for the <br />sale of the "South Bend Redevelopment Authority Taxable Lease <br />Rental Revenue Bonds (Airport Economic Development Area Public <br />Improvement Project)" (the "Taxable Bonds ") for the construction <br />of the Taxable Project under the terms and conditions provided in <br />the Lease; and <br />WHEREAS, the lowest and best bid for the Taxable Bonds <br />was received from John Nuveen & Co. Incorporated (on behalf of <br />itself and other underwriters), as the bidder offering the lowest <br />net interest cost to the Authority, determined by computing the <br />total interest on all of the Taxable Bonds from the date thereof <br />to their maturities and deducting therefrom the premium bid, if <br />any, or adding thereto the amount of any discount, if any, with a <br />net interest rate of 9.6161 %, which bid was accepted; and <br />
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