RM 04-29-88 - Laserfiche WebLink

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South Bend edevelopment Commission Rescheduled Regular Meeting - April 29, 1988 6. NEW BUS$NESS (Cont.) c. uontinuea... Mr. Nimtz asked if there was any objection to these items being entered into the record. There were no objections and the items were received into the record. Mrs Kolata explained that Resolution No. 842 approves the proposed lease between the Redevelopment Commission and the Redevelopment Authority which sets the payment at $1,000,000 per year. Again, this is the maximum payment which would make sense to proceed with the refinancing and the figure is expected to be lower. Mr. Nimtz asked if there was anyone who PUBLIC HEARING CONCERNING TBE desired to be heard concerning Resolution ACQUISITION BY LEASE /PURCHASE OF No. 842. There was no one who wished to THE COVELESKI REGIONAL STADIUM be heard. Mr. Nimtz closed the Public Hearing for whatever action the Co ssion desired to take. d. Corm*i.ssion authorization requested for exeqution of a lease on behalf of the Cit of South Bend and regarding other rel- ted matters. ( Stanley Req onal Stadium) Mrs Kolata explained that Resolution No. 842 authorizes the President, Vice President and Secretary to execute and deliver the lease in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of this Co ssion shall approve. It sets the rental payments to be paid by the Co ssion at a rate not to exceed $1,000,000 per year in semi - annual installments, it directs the Secretary to transmit to the South Bend Common Council a copy of this resolution and to file with the Council an approving ordinance for the purpose of the Council finding tha the rental payments are fair and rea onable. The President, Vice Pre ident and Secretary are directed to -5-