Approving a lease for certain land & public improvements South Bend Redevelopment Authority South Bend Redevelopment Commission

Home Browse Search

ORDINANCE NO. ( -Q o 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 August 30, 1990, adopted Resolution No. 24, which, among other things, approved a proposed lease between the Authority and the South Bend Redevelopment Commission (the "Commission") to be dated as of August 1, 1990, for certain land and public improvements (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 August 31, 1990, approved the proposed lease, scheduled a public hearing on said lease to be held on September 14, 1990, 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 September 14, 1990, 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 September 14, 1990, adopted Resolution No 959 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 Nine Hundred Thousand Dollars ($900, 000) per year in semiannual installments beginning on the day the Project is completed and ready for use, or January 28, 1992, 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. 959 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. The Common Council desires to approve said lease, pursuant. to IC 36-7-14-25.2 , which provides that any lease approved •