8486-94 Approving Execution Addendum to the Lease Century Center

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• ORDINANCE NO. p04-94i AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING OF THE EXECUTION OF AN ADDENDUM TO THE LEASE BETWEEN THE CITY OF SOUTH BEND, INDIANA, AND THE SOUTH BEND CIVIC CENTER BUILDING AUTHORITY FOR THE LAND AND PUBLIC IMPROVEMENTS KNOWN AS THE CENTURY CENTER STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City") , and the South Bend Civic Center Building Authority, a body corporate and politic organized under Indiana Code 36-10-10 (the "Authority") , entered into a lease dated August 27, 1975 (the "1975 Lease") , whereby the Authority agreed to lease to the City certain land and public improvements now known as the Century Center (the "Century Center") which 1975 Lease was amended by an Amendment to Lease dated as of the first day of June, 1977. (the "Amendment") (the 1975 Lease and the Amendment are hereinafter collectively referred to as the "Lease") . The Authority, in Section 17 of the Lease, grants to the City, the right and the option to purchase the Century Center from the Authority on any rental payment date which dates are June 28 and December 28 of each year at a price equal to the amount required to enable the Authority to redeem all outstanding bonds payable out of rentals provided for in the Lease. Indiana Code 36-10-10-16 requires that the Lease must provide an option to purchase at any time after ten (10) years from the execution of the Lease on the date or dates fixed in the Lease. The City has approved a lease between the South Bend Redevelopment Commission and the South Bend Redevelopment Authority (the "Redevelopment Authority") for the Century Center and the College Football Hall of Fame Project pursuant to which the Redevelopment Authority will issue its lease rental revenue bonds for the purposes of acquiring and constructing certain improvements to the Century Center and constructing and equipping the College Football Hall of Fame. The City desires to exercise the option to purchase the Century Center from the Authority on the date that the Redevelopment Authority issues its lease rental revenue bonds which date will be prior to June 28, 1994 . Therefore, the City desires to enter into an Addendum to Lease with the Authority to amend Section 17 of to the Lease to permit the City to exercise the option to purchase the Century Center on any date rather than only on any rental payment date as Section 17 of the Lease currently provides.