No. 0842 authorizing the execution of a lease for the Stanley Coveleski Regional Stadium on behalf of the City of South Bend and other related matters

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-I RESOLUTION NO. 842 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF A LEASE FOR THE STANLEY COVELESKI REGIONAL STADIUM ON BEHALF OF THE CITY OF SOUTH BEND AND REGARDING OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been created pursuant to I.C. 36 -7 -14.5 as a separate body, cor- porate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission "); and WHEREAS, the Authority on March 10, 1988, adopted a resolution indicating its intent to issue its South Bend Redevelopment Authority revenue bonds for purposes of refinancing the Stanley Coveleski Re- gional Stadium (the "Stadium ") pursuant to I.C. 36 -7- 14.5 -19; and WHEREAS, the Board of Park Commissioners of the Park District of the City of South Bend on April 12, 1988, adopted a Resolution as- signing its option to purchase ( "Option to Purchase ") all of Security Pacific National Bank's ( "Security Pacific ") right, title and in- terest in and to the Stadium to the Authority; and WHEREAS, on April 14, 1988, the Authority adopted a resolution accepting assignment of the Option to Purchase all of Security Paci- fic's right, title and interest in and to the Stadium pursuant to Sec- tion 8.01(b) of the AGREEMENT FOR LEASE WITH PURCHASE OPTION BETWEEN SECURITY PACIFIC NATIONAL BANK AND THE BOARD OF PARK COMMISSIONERS OF THE PARK DISTRICT OF THE CITY OF SOUTH BEND, INDIANA, dated December 9, 1985, as amended on September 15, 1986 and March 2, 1988; and WHEREAS, on April 14, 1988, the Authority adopted a resolution approving a proposed Lease between the Authority and the Commission ac