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South Bend edevelopment Commission Rescheduled Regular Meeting - June 17, 1988 6. NEW BUSINESS (font.) a. Adoption of Resolution No. 846, a resolution of the South Bend Redevelopment Commission approvin to and execution of a Lease Bend Redeve and the South Bend ment Commission for the St. yne Parking Facility and other related matters. Mrs Kolata noted that on April 29 the Commission approved Resolution. No. 841 authorizing execution of the lease for the St. Joseph/Wayne Parking Facility. Since that time the Common Council has app owed the resolution and the lease and the Local Property Tax Control Board and the State Board of Tax Commissioners have app oved the terms of the lease. Resolution No. 846 modifies the lease, executes the modified lease, authorizes publication of notice of execution and approval of lease (to be published in the Tri ounty News and the South Bend Tribune on June 17) and authorizes the sale of the land to the Redevelopment Authority for $1.00 on July 18, 1988. The proposed rental payment of $520,000 per year is still the maximum rental ficpire rather than the actual figure. The basic provisions of the lease are as follows: (1) The Authority will provide ins trance during the construction of the facility and the Commission will provide ins trance on the structure when it is built as well as insurance on the rental payments to be made; (2) The Commission can exercise its Option to Purchase any t during the term of the lease. If that option is not exercised prior to the bonds being fully paid, the Authority will deed the property to the Commission whem the bonds are paid. Upom a motion by Mr. Combs, seconded by Mr. Donoho and unanimously carried, the Co ssion adopted Resolution No. 846 app ovinct modifications to and execution -3- COMMISSION APPROVED RESOLUTION NO. 846 APPROVING MODIFICATIONS TO AND EXECUTION OF A LEASE BETWEEN THE SOUTH BEND REDEVELOP-