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REGULAR MEETING JULY 24, 2000
<br />RESOLUTION NO. 2909-00 A RESOLUTION OF THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND, INDIANA, REGARDING THE
<br />DETERMINATION OF THE SOUTH BEND
<br />REDEVELOPMENT COMMISSION TO LEVY A
<br />SPECIAL TAX SUFFICIENT TO MAKE LEASE RENTAL
<br />PAYMENTS PURSUANT TO A LEASE BETWEEN THE
<br />SOUTH BEND REDEVELOPMENT COMMISSION AND
<br />THE SOUTH BEND REDEVELOPMENT AUTHORITY
<br />DATED AS OF NOVEMBER 4, 1993, AS
<br />SUBSEQUENTLY AMENDED
<br />WHEREAS, the South Bend Redevelopment Authority (the "Authority "), and the South
<br />Bend Redevelopment Commission (the "Commission ") previously entered into a lease dated as of
<br />November 1, 1993, which lease was amended by an Addendum to Lease on June 3, 1994, and further
<br />amended by a Second Addendum to Lease on July 1, 1994 (collectively, the "Lease "), for certain
<br />local public improvements, namely the College Football Hall ofFame and related improvements (the
<br />"Project "); and
<br />WHEREAS, on November 24,1993, the State Board of Tax Commissioners issued its order
<br />approving the Lease and the lease rental payments in an amount not to exceed $3,800,000 per year;
<br />and
<br />WHEREAS, the Common Council of the City of South Bend (the "Common Council "), at
<br />its meeting on November 29, 1993, approved the Lease, and found that the rental payments were fair
<br />and reasonable and that the use of the Project throughout the term of the lease would serve the public
<br />purpose of the City of South Bend (the "City ") and was in the best interests of its residents; and
<br />WHEREAS, the Commission, at its meeting on June 17, 1994, adopted a resolution (the
<br />"Pledge Resolution ") establishing certain funds and accounts for the payment of the rentals owed
<br />by the Commission to the Authority pursuant to the Lease; and
<br />WHEREAS, on July 1, 1994, the Authority issued its South Bend Redevelopment Authority
<br />Variable Rate Demand Lease Rental Revenue Bonds of 1994 (the "1994 Bonds ") to finance the
<br />Project; and
<br />WHEREAS, the Authority, at its meeting on July 17, 2000, adopted Resolution No. 141,
<br />indicating its intent to issue South Bend Redevelopment Authority Lease Rental Revenue Refunding
<br />Bonds of 2000 (the "Refunding Bonds ") to finance the refunding of the 1994 Bonds; and
<br />WHEREAS, at its July 21, 2000, meeting, the Commission adopted Resolution No. 1784,
<br />determining to maintain the funds and accounts established under the Pledge Resolution for the
<br />payment of lease rentals and further determining to levy a special tax on all taxable property within
<br />the City of South Bend Redevelopment District in an amount sufficient to pay the lease rental
<br />payments due to the Authority in connection with the Lease; and
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
<br />OF SOUTH BEND:
<br />1. The Common Council acknowledges that it previously found that the lease rental
<br />payments payable under the Lease, as approved by the Commission, are fair and
<br />reasonable, and further found that the use of the Project throughout the term of the
<br />Lease will serve the public purpose of the City and is in the best interests of its
<br />residents.
<br />2. The Common Council hereby acknowledges the determination of the Commission
<br />to levy a special tax on all taxable property within the City of South Bend
<br />Redevelopment District in an amount sufficient to pay lease rentals owed to the
<br />Authority in connection with the Lease, all pursuant to the Pledge Resolution.
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