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<br />n <br />U <br />RESOLUTION NO. < < q <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />AUTHORITY APPROVING A MODIFICATION TO THE LEASE FOR <br />MORRIS PERFORMING ARTS CENTER PROJECT AND APPROVING <br />THE EXECUTION OF AN ADDENDUM TO THE LEASE <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority") previously <br />entered into a Lease between the Authority and the South Bend Redevelopment Commission (the <br />"Commission") dated as of March 1,1992, as amended by an Addendum to Lease dated as of August <br />7, 1992 (collectively, the "Original Lease"), whereby the Authority currently leases certain land and <br />a building located thereon commonly known as Palais Royale to the Commission; and <br />WHEREAS, the Authority and the Commission amended and restated the Original <br />• Lease by entering into and adopting an Amended and Restated Lease, dated as of May 1, 1997 (the <br />"Original Amended and Restated Lease"), amended January 15, 1998 (collectively, the "Amended <br />and Restated Lease"), the purpose of which is to provide for the acquisition, construction, renovation <br />and equipping of the Morris Performing Arts Center which includes improvements to certain <br />portions of the Palais Royale and acquisition of and improvements to the adjacent facility known as <br />Morris Civic Center; and <br />WHEREAS, the Authority received bids for the sale of its Lease Rental Revenue <br />Bond on February 18, 1998, and the lowest and best bid for said Bond was received from City <br />Securities Corporation as the bidder offering the lowest net interest cost to the Authority, determined <br />by computing the total interest on all of the Bonds from the date thereof to their maturities and <br />deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any, <br />• with a net interest rate of 4.95163%, which bid was accepted; and <br />