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ORDINANCE NO. 722 -KZ
<br /> AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE
<br /> ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE
<br /> RENTAL REVENUE BONDS (COVELESKI STADIUM PROJECT)
<br /> FOR THE PURCHASE OF THE STANLEY COVELESKI REGIONAL STADIUM
<br /> STATEMENT OF PURPOSE AND INTENT:
<br /> WHEREAS, the South Bend Redevelopment Authority (the "Redevelop-
<br /> ment Authority") intends to issue its South Bend Redevelopment Autho-
<br /> rity Lease Rental Revenue Bonds (Coveleski Stadium Project) (the
<br /> "Bonds") in an aggregate principal amount not to exceed Six Million
<br /> Five Hundred Thousand Dollars ($6,500, 000. 00) , the proceeds of which
<br /> are to be used to finance the purchase by the Redevelopment Authority
<br /> of the Stanley Coveleski Regional Stadium (the "Coveleski Stadium")
<br /> from Security Pacific National Bank, the Lessor under an Agreement
<br /> for Lease with Purchase Option (the "Lease Agreement") with the Board
<br /> of Park Commissioners of the Park District of the City of South Bend
<br /> (the "Park Board") , as Lessee; and
<br /> WHEREAS, the Coveleski Stadium is a five thousand seat sports
<br /> facility located at 501 South Street in the City of South Bend,
<br /> Indiana, Redevelopment District and, in addition to a playing field,
<br /> consists of public areas, restrooms, administrative office areas,
<br /> pressbox, locker room and other team areas, concession and souvenir
<br /> sales areas, maintenance building, storage areas, stadium club area,
<br /> specialized seating areas and such equipment and appurtenances inci-
<br /> dental to the operation of a stadium facility; and
<br /> WHEREAS, the Coveleski Stadium is to be leased by the Redevelop-
<br /> ment Authority to the South Bend Redevelopment Commission (the "Rede-
<br /> velopment Commission") pursuant to a Lease between the Redevelopment
<br /> Authority and the Redevelopment Commission (the "Lease") dated as of
<br /> June 1, 1988, and it is expected that the Coveleski Stadium will be
<br /> initially operated by the Park Board; and
<br /> WHEREAS, the purchase price of the Coveleski Stadium will be
<br /> determined pursuant to the provisions of the Lease Agreement; and
<br /> WHEREAS, in addition to the purchase price of the Coveleski
<br /> Stadium, the Bonds will pay costs incidental to their issuance; and
<br /> WHEREAS, the Park Board has assigned its option to purchase pur-
<br /> suant to the Lease Agreement to the Redevelopment Authority and the
<br /> Redevelopment Authority has accepted the assignment of said option to
<br /> purchase; and
<br /> WHEREAS , the Redevelopment Commission,, on April 29, 1988,
<br /> subsequent to a public hearing at which all interested parties were
<br /> provided the opportunity to be heard, adopted Resolution No. 842
<br /> finding, pursuant to IC 36-7-14.5-14, that the rental payments to be
<br /> made by the Redevelopment Commission to the Redevelopment Authority
<br /> pursuant to the Lease, as previously approved by the Redevelopment
<br /> Authority and Redevelopment Commission, respectively, at a rate not
<br /> to exceed One Million Dollars ($1, 000, 000 . 00) per year in
<br /> semi-annual installments through the expiration of the Lease, are
<br /> fair and reasonable, and finding pursuant to IC 36-7-14- 25.2 that
<br /> the use of the stadium throughout the term of the Lease will serve
<br /> the public purpose of the City of South Bend and is in the best
<br /> interests of its residents; and
<br /> WHEREAS, the Common Council, on May 9, 1988, adopted Ordinance
<br /> No. 7873-88, which found that the rental payments, as approved by the
<br /> Redevelopment Commission, are fair and reasonable, and further found
<br /> that the use of the Coveleski Stadium throughout the term of the
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