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<br /> ORDINANCE NO. 7873-88
<br /> AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA,
<br /> APPROVING A LEASE FOR THE STANLEY COVELESKI REGIONAL STADIUM
<br /> BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY
<br /> AND THE SOUTH BEND REDEVELOPMENT COMMISSION
<br /> STATEMENT OF PURPOSE AND INTENT:
<br /> WHEREAS , the South Bend Redevelopment Authority (the
<br /> "Authority") at a special meeting on April 14, 1988, adopted Reso-
<br /> lution No. 3, which, among other things, approved a proposed Lease
<br /> between the Authority and the South Bend Redevelopment Commission
<br /> (the "Commission") to be dated as of June 1, 1988, for the Stanley
<br /> Coveleski Regional Stadium (the "Stadium") and directed the Secretary
<br /> of the Authority to file a copy of said Lease, as approved, with the
<br /> Commission; and
<br /> WHEREAS, the Commission, at a meeting on April 15, 1988,
<br /> adopted Resolution No. 840 approving said Lease, scheduling a public
<br /> hearing on said Lease to be held on April 29, 1988, pursuant to IC
<br /> 36-7-14-25.2, and authorizing the publication of a notice of public
<br /> hearing on said Lease pursuant to IC 5-3-1; and
<br /> WHEREAS, on April 29, 1988, said public hearing was held and
<br /> all interested parties were provided the opportunity to be heard at
<br /> the hearing; and
<br /> WHEREAS, the Commission, at a meeting on April 29, 1988,
<br /> adopted Resolution No. 842 finding, pursuant to IC 36-7-14.5-14,
<br /> that the Rental Payments to be paid by the Commission to the Autho-
<br /> rity pursuant to the Lease, at a rate not to exceed One Million
<br /> Dollars ($1, 000,000. 00) per year in semi-annual installments through
<br /> expiration of the Lease, are fair and reasonable, and finding, pur-
<br /> suant to IC 36-7-14-25.2, that the use of the Stadium throughout the
<br /> term of the Lease will serve the public purpose of the City of South
<br /> Bend and is in the best interests of its residents; and
<br /> WHEREAS, said Resolution No. 842 further directed the
<br /> Secretary of the Commission to file with the Common Council of the
<br /> City of South Bend (the "Common Council") an approving ordinance for
<br /> the purposes of said Council 's finding, prior to execution of the
<br /> Lease, that the Rental Payments are fair and reasonable and that the
<br /> use of the Stadium throughout the term of the Lease will serve the
<br /> public purpose of the City of South Bend and is in the best interests
<br /> of its residents, and for purposes of approving the Lease; and
<br /> WHEREAS, the Common Council desires to approve said Lease,
<br /> pursuant to IC 36-7-14- 25.2, which provides that any lease approved
<br /> by a resolution of the Redevelopment Commission must be approved by
<br /> an ordinance of the fiscal body of the unit;
<br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
<br /> CITY OF SOUTH BEND:
<br /> Section 1. That the Common Council finds that the Rental
<br /> Payments, as approved by the Commission, are fair and reasonable, and
<br /> further finds that the use of the Stadium throughout the term of the
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