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No. 0592 authorizing execution of a lease with respect to Central Downtown Project, IN R-66
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No. 0592 authorizing execution of a lease with respect to Central Downtown Project, IN R-66
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j.. <br />RESOLUTION No. 592 <br />AWN RESOLUTION AUTHORIZING EXECUTION <br />OF A LEASE WITH RESPECT TO <br />CENTRAL DOWNTOWN PROJECT, INDIANA R -66 <br />WHEREAS, the South Bend Redevelopment Commission (the "Redevelop- <br />ment Commission ") of the City of South Bend Department of Redevelopment <br />acting pursuant to Indiana Code 18 -7 -7 (the "Urban Renewal Act ") has <br />undertaken a program for the clearance and reconstruction, rehabili- <br />tation and redevelopment of slum and blighted areas in the City, <br />including a redevelopment project within the "Central Downtown Project, <br />Indiana R -66" generally described as being located in an area bounded <br />by Colfax Avenue on the north, Michigan Street on the west, Washington <br />Street on the south and St. Joseph Street on the east in the City of <br />South Bend, Indiana (the "Project "); and <br />WHEREAS, all structures thereon have been removed and pursuant <br />to Section 19 of the Urban Renewal Act the Project real estate was <br />offered for disposition to the public after compliance with the pro- <br />cedures of said Section 19, including the preparation of two separate <br />appraisals by independent appraisers, preparation of an offering sheet <br />describing the real estate and terms of the offer, and publication of <br />notice of the offering at least one time in two newspapers of general <br />circulation in the City identifying at a time and place not less than <br />21 days after such publication the Redevelopment Commission at an open <br />public meeting would receive written offers for the purchase or lease <br />of the real estate in accordance with the terms of the offering sheet, <br />but at such time and place no offers were received for the purchase or <br />lease thereof; and <br />WHEREAS, the City of South Bend has received from the United States <br />of America, Department of Housing and Urban Development an Urban Develop- <br />ment Grant in the amount of $7,600,000 for the purpose of construction <br />of an approximately 800 space parking facility, street and site improve- <br />ments, and pedestrian malls (the "Grant Facilities ") on the Project real <br />estate, provided that there is constructed from other funds an approxi- <br />mately 300 room hotel (the "Hotel ") and an approximately 132,000 square <br />foot area bank /office building (the "Bank /Office "); and <br />WHEREAS, Rahn Properties II, an Indiana partnership (the "Rede- <br />veloper"), has agreed to construct the Hotel in conjunction <br />r with the construction by the City of the Grant Facilities provided <br />that the Redevelopment Commission leases to the Redeveloper the <br />real estate on which the Hotel and related portions of the Grant <br />
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