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South Bendtedevelopment Commission <br />RescheduledlRegular Meeting - May 1, 1992 <br />5. OLD BUSINESS (Cont.) <br />6. <br />a. continued... <br />22 <br />Upon a motion by Ms. Huddleston, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved the Commercial <br />Lea a with Catering by Billie for retail <br />spa es numbered one and two in the St. <br />Jos ph /Wayne parking garage and consented <br />to he Assognment of Lease with 1st <br />Sou ce Bank. <br />. (Palais Royale) <br />Mrs. Kolata asked that the following <br />items be entered into the record: 1) a <br />copy of the Lease; and 2) the affidavits <br />froin the South Bend Tribune and the <br />Tri County News indicating that the <br />notice was published in both newspapers <br />on pril 17, 1992, and setting the public <br />hea ing for 10:00 a.m. May 1, 1992. <br />Ms. Auburn asked if there was any <br />obj ction to these documents being <br />ent red into the public record. There <br />was no objection and the documents were <br />so Bntered. <br />Mrs. Kolata noted that the purpose of the <br />pub is hearing is to consider the Lease <br />to De entered into by the Commission and <br />the Authority concerning the bond issue <br />whi h will be used to acquire the Palais <br />Royale building. The Common Council must <br />alsD take action on this lease, after <br />whi h the State Board of Tax <br />Commissioners must act on the Lease. <br />Res lution No. 1053 authorizes the <br />Co fission to seek these actions. <br />The Lease states that the Commission <br />int nds to pay rent to the Authority at a <br />ratB not to exceed $220,000 per year in <br />semi- annual installments beginning when <br />-4- <br />COMMISSION APPROVED THE <br />COMMERCIAL LEASE WITH CATERING BY <br />BILLIE FOR RETAIL SPACES NUMBERED <br />ONE AND TWO IN THE ST. <br />JOSEPH /WAYNE PARKING GARAGE AND <br />CONSENTED TO THE ASSIGNMENT OF <br />LEASE WITH 1ST SOURCE BANK <br />