2008-03-13 Resolution 165 - Laserfiche WebLink

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RESOLUTION NO. 165 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY APPROVING THE SALE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS OF 2008 (EDDY STREET COMMONS PROJECT), AMENDING RESOLUTION NO. 163 AND APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION FOR THE EDDY STREET COMMONS PROJECT, AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created pursuant to IC 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and WHEREAS, the Authority adopted Resolution No. 163 on February 6, 2008, 2008 (the "Bond Resolution"), authorizing the issuance and sale of its Lease Rental Revenue Bonds of 2008 (Eddy Street Commons Project) (the "Bonds") in an aggregate principal amount not to exceed $36,000,000;=and WHEREAS, the Bonds have been sold to City Securities Corporation (the "Underwriter") in an aggregate principal amount of $36,000,000, and the Authority now desires to ratify the sale of the Bonds; and WHEREAS, the Authority desires to amend the Bond Resolution to modify the redemption terms of the Bonds to reflect the terms of the sale of the Bonds; and WHEREAS, the Authority previously entered into a Lease between the Authority and the Commission dated as of October 15, 2007 (the "Lease"), whereby the Authority will lease certain land and improvements located thereon to the Commission, including without limitation: a parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary and storm sewers and site preparation; the extension and upgrading of electrical, telephone and high speed Internet services; other related services including, without limitation, engineering and geotechnical testing; and related improvements in an area known as the Eddy Street Commons development in the City; and WHEREAS, the Authority desires to approve and execute an addendum to the Lease (the "Addendum"), a copy of which is attached hereto as Exhibit B, making certain amendments to the Lease which amendments do not cause either the maximum lease rental amount payable under the Lease or the maximum term of the Lease to be exceeded; BDDBOI 5153575v 1