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Resolution No. 853 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION REDUCING THE ANNUAL RENTAL ON THE LEASE <br />FOR THE ST. JOSEPH /WAYNE PARKING FACILITY AND APPROVING <br />THE EXECUTION OF AN ADDENDUM TO THE LEASE <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority ") <br />previously entered into a Lease between the Authority and the South <br />Bend Redevelopment Commission (the "Commission ") dated as of June 1, <br />1988 (the "Lease "), pursuant to which the Commission will lease a new <br />parking facility to be known as the St. Joseph /Wayne Parking Facility <br />(the "Facility ") to be constructed by or on behalf of the Authority; <br />and <br />WHEREAS, bids were received on July 26, 1988, for the sale of <br />$4,575,000.00 of Lease Rental Revenue Bonds (Parking Facility <br />Project) (the "Bonds ") for the construction of the Facility; and <br />WHEREAS, the lowest and best bid was received from Bank One, <br />Indianapolis, N.A. ( "Bank One "), as the bidder offering the lowest <br />net interest cost to the Authority, determined by computing the total <br />interest on all of the Bonds from the date thereof to their maturi- <br />ties and deducting therefrom the premium bid, if any, or adding <br />thereto the amount of any discount, if any, with a net interest rate <br />of 7.7868 %, which bid was accepted; and <br />WHEREAS, this will result in a lower annual Lease payment; and <br />WHEREAS, the Commission desires to approve and execute an adden- <br />dum to the Lease (the "Addendum "), a copy of which is hereby attached <br />as Exhibit "A ", reflecting such lower annual Lease payments; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT <br />COMMISSION, AS FOLLOWS: <br />