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04-08-13 Agenda & Packet
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04-08-13 Agenda & Packet
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4/4/2013 10:24:49 AM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
4/8/2013
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LL _Qo, <br />ORDINANCE NO. <br />AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, <br />COMMON COUNCIL APPROVING AND AUTHORIZING THE <br />EXECUTION OF A LEASE FOR THE CONSTRUCTION AND EQUIPPING <br />OF A NEW FIRE STATION AND A NEW FIRE SAFETY TRAINING <br />CENTER AND REGARDING CERTAIN RELATED MATTERS <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend, Indiana (the "City "), has previously investigated the <br />necessity for the construction and equipping of a new fire station to replace the existing Fire <br />Station #5 located at 2221 Prairie Avenue in the City (the "Fire Station Project ") and the <br />construction and equipping of a new fire safety training center located on a 5.5 acre site near <br />Sample and High Streets in the City (the "Fire Safety Training Center Project" and, with the Fire <br />Station Project, the "Projects "). The City has also previously investigated alternative methods <br />for paying for the Projects. There has been filed with the Common Council of the City (the <br />"Common Council ") a petition certified by the St. Joseph County Auditor, which petition has <br />been signed by at least fifty (50) owners of real property subject to taxation by the City and <br />addressed to the Common Council, requesting that the Common Council enter into a lease <br />whereby the Projects will be- completed with the assistance of a not - for - profit building <br />corporation and leased to the City pursuant to the provisions of Indiana Code 36 -1 -10, as <br />amended. <br />The City of South Bend Building Corporation (the "Building Corporation ") has <br />been organized as an Indiana not - for - profit corporation for the purpose of constructing and <br />leasing public improvements, including the Projects, to the City. A form of lease between the <br />Building Corporation and the City (the "Lease ") has been prepared and submitted to the <br />Common Council for its consideration. The Lease, as presented to the Common Council, <br />provides for the lease of the Projects for a term not to exceed twenty -one (21) years (the <br />"Term "). The Term would begin on the date that the Projects are available for use by the City. <br />The lease rentals payable under the Lease (the "Rentals ") by the City with respect to the Projects <br />shall not exceed $561,000 per year and shall be payable at the semiannual rate of $280,500 on <br />each January 15 and July 15, beginning on the later of. (i) the date on which the Projects are <br />completed; or (ii) July 15, 2014. Lease rentals payable under the Lease by the City for the <br />Projects shall be payable on such dates from Emergency Medical Services Funds received by the <br />City (the "EMS Funds ") and any other revenues made available for such purpose and to the <br />extent that such EMS Funds and other revenues are insufficient, from a tax levy. The Rentals <br />under the Lease have been structured such that the tax levy is expected to serve as a back -up only <br />for purposes of marketing the Building Corporation's bonds at a lower rate of interest. As a <br />result, the Project does not constitute a "controlled project" as such term is defined by IC 6 -1.1- <br />20-1.1 because such Rentals are reasonably expected to be paid from funds other than property <br />taxes that are exempt from the levy limitations of IC 6 -1.1 -18.5. <br />
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