Approving a lease for certain land & public improvements

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• ORDINANCE NO. ea S- 9 a AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING A LEASE FOR CERTAIN LAND AND 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 March 26, 1992, adopted Resolution No. 49, which, among other things, approved a proposed lease between the Authority and the South Bend Redevelopment Commission (the "Commission") to be dated as of March 1, 1992, regarding the acquisition of certain land and a building located thereon, commonly known as the Palais Royale (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 March 27, 1992, approved the proposed lease, scheduled a public hearing on said lease to be held on April 24, 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. The public hearing was rescheduled for May 1, 1992, and a notice of public hearing was republished pursuant to IC 5- 3-1. On May 1, 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 May 1, 1992, adopted Resolution No. 1053 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 Two Hundred Twenty Thousand Dollars ($220, 000) per year in semiannual installments beginning on the day the Project is completed and ready for use, or January 28, 1993, 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. 1053 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.