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South Bend edevelopment Commission <br />Regular Mee ing - December 8, 1989 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />17-P <br />Mrs. Kolata: The action would be to <br />approve Resolution No. 901 which <br />authorizes the president or vice <br />president and secretary to execute and <br />deliver the lease in substantially the <br />form presented at this meeting with such <br />charges in form or substance as the <br />president or vice president shall <br />approve. The lease provides that rental <br />payments that the Commission would make <br />to the Redevelopment Authority would not <br />ex $749,000 per year, that they would <br />begin the day the project is completed <br />or July 31, 1991, whichever is later and <br />will continue through the term of the <br />lea . The resolution directs the <br />sec tary of the Commission to transmit <br />to t ie Common Council a copy of this <br />res o -ution and to file with the Council <br />an o t1inance approving the lease between <br />the Authority and the Commission and that <br />the President, Vice President and <br />Secretary are authorized and directed to <br />file a petition for approval of the lease <br />with the State Board of Tax Commissioners <br />after the passage of the ordinance by the <br />C n Council. Then, there is a general <br />clause which says you are authorized and <br />dir ed to take all further actions and <br />execute all such instruments as are <br />des' le. That is the intent of the <br />reso ution and the lease. As I mentioned <br />at t ie last meeting, the lease payment <br />and lie lease, as drafted, are based on <br />est' iates which we hope are high <br />est' nates, and that we will be coming back <br />foll ing the State Tax Board approval <br />and 5ollowing the receipt of bids to <br />modi T the lease to the actual numbers, <br />whic 1 will be no higher than the <br />$74%000, and hopefully will be less than <br />M <br />