Approving a lease for certain land & public Improvements for South Bend Development area

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WHEREAS, the Commission, at its meeting on December 8, 1989, adopted Resolution No. 901 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 Seven Hundred Forty-Nine Thousand Dollars ($749,000) per year in semiannual installments beginning on the day the Project is completed and ready for use, or July 31, 1991, 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; and WHEREAS, said Resolution No. 901 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; and WHEREAS, the Common Council desires to approve said lease, pursuant to IC 36-7-14-25.2, which provides that any lease approved by a resolution of the Commission must be approved by an ordinance of the fiscal body of the unit; -2-