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9853-08 Approving the second addendum to lease for certain additional public improvements between SB Redev Authority and SB Redev Comm
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9853-08 Approving the second addendum to lease for certain additional public improvements between SB Redev Authority and SB Redev Comm
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Last modified
9/24/2009 3:34:02 PM
Creation date
7/8/2008 4:32:05 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/2008
Ord-Res Number
9853-08
Bill Number
37-08
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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 was held and all interested parties were <br />provided the opportunity to be heard at the hearing; and <br />The Commission, at its meeting on June 13, 2008, adopted a resolution finding, <br />pursuant to Indiana Code 36-7-14.5-14, that the rental payments to be paid by the Commission to <br />the Authority pursuant to said Second Addendum, subject to reduction as set forth in the Second <br />Addendum, in semiannual installments beginning on the day the 2008 Project is completed and <br />ready for use, or April 15, 2009, whichever is later, are fair and reasonable, and finding, pursuant <br />to Indiana Code 36-7-14-25.2, that the use of the 2008 Project throughout the term of the Second <br />Addendum will serve the public purpose of the City, and is in the best interests of its residents; <br />and <br />The Common Council desires to modify and approve said Second Addendum, <br />pursuant to Indiana Code 36-7-14-25.2, which provides that any lease approved by a resolution <br />of the 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 annual rental payments in the <br />amount not to exceed Six Hundred Thousand and 00/100 Dollars ($600,000.00), payable in <br />semiannual amounts of Three Hundred Thousand and 00/100 Dollars ($300,000.00), are fair and <br />reasonable, and further finds that the use of the 2008 Project throughout the term of the Second <br />Addendum will serve the public purpose of the City and is in the best interests of its residents. <br />BDDBOI 5237694v3 - 3 - <br />
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