2006-06-07 Resolution 158 - Laserfiche WebLink

Home Browse Search

WHEREAS, the Authority and the Commission also entered into a Lease dated July 1,1992, as amended (the "1992 Lease"), pursuant to which the Authority would acquire certain real estate and constructed certain local public improvements thereon, including the Blackthorn Golf Course, as more particularly described at Exhibit B (collectively, the "1992 Leased Premises"); and WHEREAS, pursuant to the terms of the 1992 Lease, the Authority issued (i) its Lease Rental Revenue Refunding Bonds of 1998 in an original aggregate principal amount of $6,135,000 (the "1998 Bonds"), refunding the Authority's previously outstanding South Bend Redevelopment Authority Lease Rental Revenue Bonds (Blackthorn Golf Course Project) dated October 1, 1992 originally issued in an aggregate principal amount of $5,680,000, and (ii) no other obligations under. the 1992 Lease; and WHEREAS, the 1998 Bonds are secured by a Trust Agreement by and between the Authority and Wells Fargo Bank, N.A., successor in interest to Norwest Bank Indiana, N.A., as Trustee and dated November 1,1998 (the "Trust Agreement"), recorded as Document No. 9861369, in the records of the Recorder's Office of St. Joseph County, Indiana; and WHEREAS, the Commission has requested that the Authority convey the Proposed Outlot (as more particularly defined and described at Exhibit C), an approximately 40ft by 370ft section of the 1992 Leased Premises, to the Commission to provide for the construction of a four-star hotel development project (the "Hotel Project") on Lot 3A (as more particularly described and defined at Exhibit C) (Lot 3A and the Proposed Outlot shall be referred to herein collectively as the "Hotel i Site"); and WHEREAS, evidence has been presented to the Authority that the Hotel Project allow for significant private investment of approximately Seventeen Million Dollars ($17,000,000) on property immediately adjacent to the 1992 Leased Premises, increasing the value of the 1992 Leased Premises; and WHEREAS, the conveyance of the Proposed Outlot will not reduce the lease rentals payable by the Commission to the Authority for the remaining portion of the 1992 Leased Premises; and WHEREAS, the Authority desires to transfer the Proposed Outlot to the Commission to allow for the Hotel Project; and WHEREAS, the Authority desires for the Proposed Outlot and Lot 3A to be replatted as may be appropriate for the development of the Hotel Site; and WHEREAS, pursuant to Ind. Code § 36-1-11-8 and the 1990 Lease, the South Bend Redevelopment Authority and the South Bend Redevelopment Commission, acting for and on behalf of the City of South Bend, Department of Redevelopment, may exchange or transfer property with one another upon the terms and- conditions agreed upon by the two (2) entities as evidenced by the adoption of substantially identical resolutions of each entity; and WHEREAS, the Authori has entered into a Settlement A cement and Release affectin a ty ~' g