1988-04-14 Resolution 3 - Laserfiche WebLink

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l ~~ RESOLUTION NO. 3 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY ACCEPTING ASSIGNMENT OF AN OPTION TO PURCHASE THE STANLEY COVELESKI REGIONAL STADIUM AND APPROVING'A PROPOSED LEASE FOR THE STADIUM BETWEEN.THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND REDEVELOPMENT'COMMISSION WHEREAS,. the South Bend Redevelopment Authority (the "Authority") at a meeting on March 10,_ 1988, adopted Resolution No. 1, which, among other things, indicated ,its intent to issue its Redevelopment Authority revenue bonds, for purposes of refinancing the Stanley Coveleski Regional Stadium (the "Stadium"}; and WHEREAS, the Board. of Park Commissioners of the Park District of the-City of South Bend, Indiana (the "Park Board") adopted a resolu- tion on April 12, 1988, assigning its option to purchase Security Pacific National Bank's. ("Security .Pacific") right, title and inte- rest in-and to the Stadium pursuant to Section 8.01(b) of the AGREE- • MENT FOR LEASE WITH PURCHASE OPTION BETWEEN SECURITY PACIFIC NATIONAL BANK AND THE BOARD OF PARK-COMMISSIONERS OF THE PARK DISTRICT OF THE .CITY OF SOUTH BEND, INDIANA, dated December 9, 1985, as amended on September l5, 1986 and March 2, 1988 (the "Lease, as amended"), to the Authority;. and WHEREAS, the Authority desires to enter into and adopt a proposed Lease to be dated as of June 1, 1988, with the. South Bend Redevelop- ment Commission (the''"Commission") in the form presented at this meeting for the purposes of paying the principal and interest on its Redevelopment Authority revenue bonds issued to exercise said option to purchase pursuant to I.C. 36-7-14.5-19. -1-