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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.. _ . for the lease of the Stadium and filed a copy of the proposed Lease with the Commission; and WHEREAS, on April 15, 1988, the Commission approved the proposed Lease and scheduled a public hearing on the Lease to be held on April 29, 1988, at 10:00 o'clock a.m., Eastern Standard Time, at the office of the Commission, and authorized the publication of a notice of public hearing on the Lease pursuant to I.C. 5 -3 -1; and WHEREAS, on this date said public hearing has been held and all interested parties have been provided the opportunity to be heard at the hearing; and WHEREAS, the Commission intends to pay rent to the Authority (the "Rental Payments "), pursuant to the terms of the Lease, at a rate not to exceed One Million Dollars ($1,000,000.00) per year in semi - annual installments through expiration of the Lease; NOW, THEREFORE, BE IT RESOLVED, BY THIS COMMISSION AS FOLLOWS: Section 1. The President or Vice President and Secretary of this Commission are hereby authorized and directed, on behalf of the City of South Bend, to execute and deliver the Lease in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of this Commission shall approve, such approval to be conclusively evidenced by his execution thereof. Section 2. The Rental Payments to be paid by the Commission pursuant to the Lease, at a rate not to exceed One Million Dollars ($1,000,000.00) per year in semi- annual installments through expira- tion of the Lease, are fair and reasonable, and the use of the Sta- dium throughout the term of the Lease will serve the public purpose -2-