12-13-2021 FINAL Packet - Laserfiche WebLink

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LEASE AGREEMENT THIS LEASE AGREEMENT, made and dated as of this 1st day of December, 2021, by and between the CITY OF SOUTH BEND BUILDING CORPORATION (the “Lessor”), an Indiana nonprofit corporation, and the CITY OF SOUTH BEND REDEVELOPMENT COMMISSION (the “Lessee”), the governing body of the City of South Bend, Department of Redevelopment, acting for and on behalf of the City of South Bend, Indiana (the “City”). WITNESSETH: WHEREAS, the Lessor exists for the purpose, among others, of financing and leasing buildings and other capital improvements in the City; and WHEREAS, the City has created the Lessee to undertake redevelopment and economic development in the City in accordance with Indiana Code 36-7-14 and Indiana Code 36-7-25 (collectively, the “Redevelopment Act”); and WHEREAS, to foster continued economic development in the City, the City, the Lessor, and the Lessee desire to provide for the construction and equipping of certain capital improvements at the Potawatomi Zoo (the “Project”); and WHEREAS, a portion of the costs of the acquisition and construction of the Project will be financed by the proceeds of bonds to be issued by the City in a maximum original issued amount not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) (the “Bonds”), pursuant to Indiana Code 36-7-11.9 and 12 (the “EDC Act”) and a Trust Indenture, to be dated as of the first day of the month in which the Bonds are sold or issued (the “Indenture”), between the City and a financial institution selected to serve as bond trustee (the “Trustee”); and WHEREAS, the Potawatomi Zoological Society, Inc., an Indiana nonprofit corporation (the “Corporation”), shall use a portion of the proceeds of the Bonds to pay for the Project pursuant to a Financing Agreement to be dated as of the first day of the month in which the Bonds are sold or issued (the “Financing Agreement”), by and among the City, the Corporation and the Lessor; and WHEREAS, the Bonds will be payable by the Lessor pursuant to the Financing Agreement; WHEREAS, the Lessor’s obligations under the Financing Agreement will be payable solely from the annual rentals to be paid by the Commission under this lease, and such payments under this Lease will be assigned by the Lessor pursuant to the Financing Agreement to the Trustee to pay debt service on and other necessary incidental expenses related to the Bonds; and WHEREAS, the Lessor has acquired or will acquire an interest in the real estate which will serve as the leased premises (the “Leased Premises”) described on Exhibit A hereto and such interest shall be for a term no less than the term of this Lease; and WHEREAS, the Lessee has determined, after a public hearing held pursuant to the Redevelopment Act after notice given pursuant to I.C. § 5-3-1, that the lease rentals provided for