No. 0593 authorizing execution of a lease with respect to Central Downtown Project, IN R-66

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+j J RESOLUTION No. 593 RESOLUTION AUTHORIZING EXECUTION OF A LEASE WITH RESPECT TO CENTRAL DOWNTOWN PROJECT, INDIANA R -66 WHEREAS, the South Bend Redevelopment Commission (the "Redevelop- ment Commission ") of the City of South Bend Department of Redevelopment acting pursuant to Indiana Code 18 -7 -7 (the "Urban Renewal Act ") has undertaken a program for the clearance and reconstruction, rehabili- tation and redevelopment of slum and blighted areas in the City, including a redevelopment project within the "Central Downtown Project, Indiana R -66" generally described as being located in an area bounded by Colfax Avenue on the north, Michigan Street on the west, Washington Street on the south and St. Joseph Street on the east in the City of South Bend, Indiana (the "Project "); and WHEREAS, all structures thereon have been removed and pursuant to Section 19 of the Urban Renewal Act the Project real estate was offered for disposition to the public after compliance with the pro - cedures of said Section 19, including the preparation of two separate appraisals by independent appraisers, preparation of an offering sheet describing the real estate and terms of the offer, and publication of notice of the offering at least one time in two newspapers of general circulation in the City identifying at a time and place not less than 21 days after such publication the Redevelopment Commission at an open public meeting would receive written offers for the purchase or lease of the real estate in accordance with the terms of the offering sheet, but at such time and place no offers were received for the purchase or lease thereof; and WHEREAS, the City of South Bend has received from the United States of America, Department of Housing and Urban Development an Urban Develop- ment Grant in the amount of $7,600,000 for the purpose of construction of an approximately 800 space parking facility, street and site improve- ments, and pedestrian malls (the "Grant Facilities ") on the Project real estate, provided that there is constructed from other funds an approxi- mately 300 room hotel (the "Hotel ") and an approximately 132,000 square foot area bank /office building (the "Bank /Office "); and WHEREAS, FBT Bancorp, Inc., an Indiana corporation (the "Redeveloper ") has agreed to construct the Bank /Office in conjunction with the construction by the City of the Grant Facilities provided that the Redevelopment Commission leases to the Redeveloper the real estate on which the Bank /Office and related portions of the Grant