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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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10/18/2012 3:03:59 PM
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WHEREAS, this will result in a lower annual Lease payment <br />for the Taxable Project; and <br />WHEREAS, bids were received on January 22, 1991, for the <br />sale of the "South Bend Redevelopment Authority Lease Rental <br />Revenue Bonds (Airport Economic Development Area Public Improvement <br />Project)" (the "Tax- Exempt Bonds ") for the construction of the Tax - <br />Exempt Project under the terms and conditions provided in the <br />Lease; and <br />WHEREAS, the lowest and best bid for the Tax - Exempt Bonds <br />was received from Merrill Lynch & Company as the bidder offering <br />the lowest net interest cost to the Authority, determined by <br />computing the total interest on all of the Tax - Exempt Bonds from <br />the date thereof to their maturities and deducting therefrom the <br />premium bid, if any, or adding thereto the amount of any discount, <br />if any, with a net interest rate of 7.0486 %, which bid was <br />accepted; and <br />WHEREAS, this will result in a lower annual Lease payment <br />for the Tax - Exempt Project; and <br />WHEREAS, the Commission desires to approve and execute <br />an addendum to the Lease (the "Addendum "), a copy of which is <br />hereby attached as Exhibit A, reflecting such lower annual Lease <br />payments for both the Taxable Project and Tax - Exempt Project and <br />making certain other amendments to the Lease; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT COMMISSION, AS FOLLOWS: <br />1. The Lease shall be amended to reduce the annual <br />rental payments as set forth in Exhibit A attached hereto. The <br />-2- <br />
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