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1988-04-14 Resolution 3
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1988-04-14 Resolution 3
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l <br />~~ <br />RESOLUTION NO. 3 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY <br />ACCEPTING ASSIGNMENT OF AN OPTION TO PURCHASE THE STANLEY <br />COVELESKI REGIONAL STADIUM AND APPROVING'A PROPOSED LEASE <br />FOR THE STADIUM BETWEEN.THE SOUTH BEND REDEVELOPMENT <br />AUTHORITY AND THE SOUTH BEND REDEVELOPMENT'COMMISSION <br />WHEREAS,. the South Bend Redevelopment Authority (the "Authority") <br />at a meeting on March 10,_ 1988, adopted Resolution No. 1, which, <br />among other things, indicated ,its intent to issue its Redevelopment <br />Authority revenue bonds, for purposes of refinancing the Stanley <br />Coveleski Regional Stadium (the "Stadium"}; and <br />WHEREAS, the Board. of Park Commissioners of the Park District of <br />the-City of South Bend, Indiana (the "Park Board") adopted a resolu- <br />tion on April 12, 1988, assigning its option to purchase Security <br />Pacific National Bank's. ("Security .Pacific") right, title and inte- <br />rest in-and to the Stadium pursuant to Section 8.01(b) of the AGREE- <br />• MENT FOR LEASE WITH PURCHASE OPTION BETWEEN SECURITY PACIFIC NATIONAL <br />BANK AND THE BOARD OF PARK-COMMISSIONERS OF THE PARK DISTRICT OF THE <br />.CITY OF SOUTH BEND, INDIANA, dated December 9, 1985, as amended on <br />September l5, 1986 and March 2, 1988 (the "Lease, as amended"), to <br />the Authority;. and <br />WHEREAS, the Authority desires to enter into and adopt a proposed <br />Lease to be dated as of June 1, 1988, with the. South Bend Redevelop- <br />ment Commission (the''"Commission") in the form presented at this <br />meeting for the purposes of paying the principal and interest on its <br />Redevelopment Authority revenue bonds issued to exercise said option <br />to purchase pursuant to I.C. 36-7-14.5-19. <br />-1- <br /> <br /> <br /> <br />
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