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South Bend <br />Special MeE <br />2. NEW BU: <br />a. Cor <br />elopment Commission <br />— July 29, 1988 <br />( font . ) <br />Mr. Piasecki asked what the Commission <br />would do if there was not enough money to <br />make the payments. Mrs. Kolata responded <br />that the money for each year's payments <br />must be available by August 1 of each <br />year or the Commission will be required <br />to levy taxes sufficient to make the <br />pa ent. Our projections indicate that <br />we should always have sufficient money <br />frcm the various revenue sources to make <br />tho payment without levying taxes. <br />Upcn a motion by Ms. Auburn, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Conmission adopted Resolution No. 853 <br />reducing the annual rental on the lease <br />for the St. Joseph/Wayne Parking Facility <br />anj approving the execution of an <br />Addendum to the Lease. <br />b. Ex cution of Addendum to Lease between <br />thE South Bend Redevelopment Authorit <br />and the South Bend Redevelopment <br />Commission dated as of June 1, 1988 <br />(Ccveleski Stadium Protect). <br />Mrs. Kolata noted that it will not be <br />necessary to amend the lease with the <br />Authority for the Coveleski Stadium <br />Pr ject. At the time the Lease was <br />signed, a figure of $1,000,000 per year <br />was used as an annual rental payment, <br />based on the decision that it would not <br />make sense to refinance if the cost was <br />higher than that. Therefore, the Lease <br />stipulated a $500,000 semi - annual rental <br />payment. The Lease requires that the <br />payments be equal to the largest <br />principal and interest payment over the <br />life of the Bond, rounded to the next <br />thcusand dollars, plus an additional one <br />thcusand dollars. The largest principal <br />and interest payment is $498,037 which, <br />therefore, would require lease payments <br />of $500,000, the same figure used in the <br />Lease. No Addendum is then required to <br />am +d the Lease. That payment will allow <br />-2- <br />COMMISSION ADOPTED RESOLUTION <br />NO. 853 REDUCING THE ANNUAL <br />RENTAL ON THE LEASE FOR THE <br />ST. JOSEPH/WAYNE PARKING FACILITY <br />AND APPROVING THE EXECUTION OF AN <br />ADDENDUM TO THE LEASE <br />NO ACTION NECESSARY ON THIS ITEM <br />