Bill No. 23-02 Approving a Lease between S.B Redevelopment Authority & S.B Redvelopment Commission

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WHEREAS,the Commission expects the Authority to consider the issuance of lease rental revenue bonds in one(1) or more series for the purpose of(i) financing the cost of funding all or any portion of the costs of the Projects and related expenses; (ii) funding a debt service reserve fund, if necessary in connection with the issuance of bonds to finance the costs of the Projects or purchasing a surety bond to satisfy a reserve requirement;and(iii)pay costs incurred in connection with the issuance of said bonds and which bonds will be payable from the Rental Payments; and WHEREAS, the Commission seeks to authorize execution of the Lease and authorize the publication, in accordance with Indiana Code. 36-7-14-25.2 and Indiana 6-1.1-20-5,of a Notice of Execution and Approval of Lease; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION,AS FOLLOWS: SECTION 1. The Commission hereby finds and determines that(i)the terms of the Lease are based upon the value of the Leased Premises, and the Rental Payments to be paid by the Commission,pursuant to the terms of the Lease, at a rate not to exceed Ten Million Five Hundred Thousand Dollars ($10,500,000.00) per year, in semiannual installments, with a term no longer than twenty (20) years beginning on the date the Authority acquires an interest in the Leased Premises and ending on the day prior to a date not later than twenty(20) years (the"Term") after such date of acquisition by the Authority, are fair and reasonable, (ii) the use of the Leased Premises throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents, and(iii) the execution and delivery of the Lease is needed. SECTION 2. The President or Vice-President and the Secretary of this Commission are hereby authorized and directed, on behalf of the City, and subject to obtaining approval from the Common Council of the City(the"Common Council"),to execute, attest,and deliver the Lease in substantially the form presented at this public meeting with such changes in form or substance as the President or Vice-President of this Commission shall approve,such approval to be conclusively evidenced by the execution thereof; provided that the Rental Payments and the Term shall not exceed the amounts set forth in Section 1 hereof. SECTION 3. The Secretary of the Commission is hereby directed to transmit to the Common Council a copy of this Resolution and the Lease and to request the Common Council to adopt a Resolution approving the Lease and its execution by the Commission and the Authority, prior to the execution of the Lease. SECTION 4. The Commission hereby authorizes the publication, in accordance with Indiana Code 5-3-1 and 36-7-14-25.2,of the Notice of Execution and Approval of Lease,following execution of the lease by the Commission. SECTION 5. The President, Vice-President and Secretary of this Commission, and each of them, is hereby authorized and directed to take all such further actions and to execute all such documents or instruments as are desirable to carry out the transactions contemplated by this Resolution, in such forms as the President, Vice-President or Secretary executing the same shall deem proper, such desirability to be conclusively evidenced by the execution thereof. SECTION 6. This Resolution shall be in full force and effect from and after its adoption 3