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WHEREAS, the Commission intends to pay rent to the Authority (the <br />"Rental Payments "), pursuant to the terms of the Lease, at a rate not <br />to exceed Five Hundred and Twenty Thousand Dollars ($520,000.00) per <br />year in semi - annual installments beginning on the day the Parking <br />Facility is completed and ready for occupancy, or December 28, 1989, <br />whichever is later, through expiration of the Lease; <br />NOW, THEREFORE, BE IT RESOLVED, by this Commission as follows: <br />Section 1. The President or Vice President and Secretary of <br />this Commission are hereby authorized and directed, on behalf of the <br />City of South Bend, to execute and 'deliver the Lease in substantially <br />the form presented at this meeting with such changes in form or sub- <br />stance as the President or Vice President of this Commission shall <br />approve, such approval to be conclusively evidenced by the execution <br />thereof. <br />Section 2. The Rental Payments to be paid by the Commis- <br />sion, pursuant to the terms of the Lease, at a rate not to exceed <br />Five Hundred and Twenty Thousand Dollars ($520,000.00) per year in <br />semi- annual installments beginning on the day the Parking Facility is <br />completed and ready for occupancy, or December 28, 1989, whichever is <br />later, through expiration of the Lease, are fair and reasonable, and <br />the use of the Parking Facility throughout the term of the Lease will <br />serve the public purpose of the City of South Bend and is in the best <br />interests of its residents. <br />Section 3. The Secretary of the Commission is hereby <br />directed to transmit to the South Bend Common Council a copy of this <br />-2- <br />