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reasonable and that the use of the 2008 Project throughout the term of said Second Addendum <br />will serve the public purpose of the City of South Bend, Indiana (the "City"), and is in the best <br />interests of its residents, and for purposes of approving the Second Addendum; and <br />On June 13, 2008, said public hearing is expected to be held and all interested <br />parties were provided the opportunity to be heard at the hearing; and <br />The Commission, at its meeting on June 13, 2008, is expected to adopt a <br />resolution finding, pursuant to Indiana Code 36-7-14.5-14, that the rental payments to be paid by <br />the Commission to the Authority pursuant to said Second Addendum, at a rate not to exceed One <br />Million One Hundred Nine Thousand and 00/100 Dollars ($1,109,000.00) per year, subject to <br />reduction as set. forth in the Second Addendum, in semiannual installments beginning on the day <br />the 2008 Project is completed and ready for use, or April 15, 2009, whichever is later, are fair <br />and reasonable, and finding, pursuant to Indiana Code 36-7-14-25.2, that the use of the 2008 <br />Project throughout the term of the Second Addendum will serve the public purpose of the City, <br />and is in the best interests of its residents; and <br />The Common Council desires to approve said Second Addendum, pursuant to <br />Indiana Code 36-7-14-25.2, which provides that any lease approved by a resolution of the <br />Commission must be approved by an ordinance of the fiscal body of the unit; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA: <br />1. The Common Council hereby finds that the rental payments, as approved <br />by the Commission, are fair and reasonable, and further finds that the use of the 2008 Project <br />throughout the term of the Second Addendum will serve the public purpose of the City and is in <br />the best interests of its residents. <br />BDDBOI 5237694v2 - 3 - <br />