Approving a lease for certain Pubic improvements between South Bend Redevelopment

Home Browse Search

i ORDINANCE NO. " Y-2 - 9;Z- AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING A LEASE FOR CERTAIN.PUBLIC IMPROVEMENTS BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION STATEMENT OF PURPOSE AND INTENT: The South Bend Redevelopment Authority (the "Authority ") at a meeting on June 26, 1992, adopted Resolution No. 59, which, among other things, approved a proposed lease between the Authority and the South Bend Redevelopment Commission (the "Commission ") to be dated as of July 1, 1992, for certain public improvements consisting of a golf course to be constructed on land owned by the Authority (the "Project "), and directed the Secretary of the Authority to file a copy of said lease, as approved, with the Commission. The Commission, at a meeting on June 26, 1992, approved the proposed lease, scheduled a public hearing on said lease to be held on July 10, 1992, pursuant to IC 36 -7 -14 -25.2, and authorized the publication of a notice of public hearing on said lease pursuant to IC 5 -3 -1. On July 10, 1992, said public hearing was held and all interested parties were provided the opportunity to be heard at the hearing. The Commission, at its meeting on July 10, 1992, adopted Resolution No. 1071 finding, pursuant to IC 36 -7- 14.5 -14, that the rental payments to be paid by the Commission to the Authority pursuant to the lease, at a rate not to exceed Eight Hundred Ninety -Five Thousand Dollars ($895,000) per year in semiannual installments beginning on the day the Project is completed and ready for use, or February 25, 1996, whichever is later, through expiration of the lease, are fair and reasonable, and finding, pursuant to IC 36 -7 -14 -25.2, that the use of the Project throughout the term of the lease will serve the public purpose of the City of South Bend and is in the best interests of its residents. Said Resolution No. 1071 further directed the Secretary of the Commission to file with the Common Council of the City of South Bend (the "Common Council ") an approving ordinance for the purposes of said Council's finding, prior to the Commission's execution of the lease, that the rental payments are fair and reasonable and that the use of the Project throughout the term of the lease will serve the public purpose of the City of South Bend and is in the best interests of its residents, and for purposes of approving the lease.