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ORDINANCE NO. V-{3'7-1 3
<br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF
<br /> SOUTH BEND, INDIANA, APPROVING A LEASE FOR CERTAIN
<br /> PUBLIC IMPROVEMENTS BETWEEN THE SOUTH BEND REDEVELOPMENT
<br /> AUTHORITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION
<br /> STATEMENT OF PURPOSE AND INTENT:
<br /> The South Bend Redevelopment Authority (the "Authority")
<br /> at a meeting on November 4, 1993, adopted Resolution No. 85, which,
<br /> among other things, approved a proposed lease between the Authority
<br /> and the South Bend Redevelopment Commission (the "Commission") to
<br /> be dated as of November 1, 1993, for certain land and public
<br /> improvements consisting of the Century Center to be acquired by the
<br /> Authority and improvements to be constructed thereto (the "Century
<br /> Center Portion") and a facility to house the College Football Hall
<br /> of Fame to be constructed by the Authority on land either owned or
<br /> to be acquired by the Authority (the "Hall of Fame Portion")
<br /> (collectively the "Project") , and directed the Secretary of the
<br /> Authority to file a copy of said lease, as approved, with the
<br /> Commission. The Authority also adopted on November 4, 1993,
<br /> Resolution No. 84, which, among other things, indicated the
<br /> Authority's intent to issue its intent to issue its Lease Rental
<br /> Revenue Bonds subject to the approval of this Common Council
<br /> following the completion of the lease approval proceedings. The
<br /> Commission, at a meeting on November 5, 1993, approved the proposed
<br /> lease, scheduled a public hearing on said lease to be held on
<br /> November 15, 1993, pursuant to IC 36-7-14-25.2, and authorized the
<br /> publication of a notice of public hearing on said lease pursuant
<br /> to IC 5-3-1. On November 15, 1993, said public hearing was held
<br /> and all interested parties were provided the opportunity to be
<br /> heard at the hearing.
<br /> The Commission, at its meeting on November 15, 1993,
<br /> adopted Resolution No. 1199 finding, pursuant to IC 36-7-14.5-14,
<br /> that (i) the annual rental payments to be paid by the Commission
<br /> for the Hall of Fame Portion to the Authority pursuant to the
<br /> lease, in semiannual installments beginning on the day the Hall of
<br /> Fame Portion is completed and ready for use, or January 25, 1996,
<br /> whichever is later, and (ii) the annual rental payments to be paid
<br /> by the Commission for the Century Center Portion to the Authority
<br /> pursuant to the lease, in semiannual installments beginning on the
<br /> day the Century Center Portion is completed and ready for use, or
<br /> January 25, 1996, whichever is later, the total of which annual
<br /> rental payments shall not exceed Three Million Eight Hundred
<br /> Thousand and 00/100 Dollars ($3,800,000.00) per year, are fair and
<br /> reasonable, and finding, pursuant to IC 36-7-14-25.2, that the use
<br /> of the Project throughout the term of the lease will serve the
<br /> public purpose of the City of South Bend and is in the best
<br /> interests of its residents. Said Resolution No. 1199 further
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