No. 3180 approving and authorizing the transfer of real property to Jenna Hotel Investments, LLC

Home Browse Search

WHEREAS, the UDAG grant required the Commission to hold title to the land upon which the Office Building and Hotel would be constructed; and WHEREAS, on October 16, 1979, a Ground Lease Agreement for private development was entered into between the Commission and Rahn ( "Hotel Ground Lease "), and on October 22, 1979, a Ground Lease was entered into between the Commission and FBT ( "Bank Ground Lease "). In the Hotel Ground Lease and the Bank Ground Lease, it is acknowledged by all Parties the Commission undertook the disposition process required by Indiana law with respect to the Real Property subject to the Ground Leases, and no offers were received for the purchase or lease of such Property and following such disposition process, the Commission entered into the Hotel Ground Lease and Bank Ground Lease; and WHEREAS, Jenna Hotel Investments, LLC ( "Jenna ") is the successor in interest to Rahn; and WHEREAS, the Office Building and Hotel were constructed and have been in operation in excess of thirty (30) years on the Real Estate; and WHEREAS, the Commission approved a Memorandum of Understanding ( "MOU ") on December 3, 2010 providing for, among other things, sufficient improvements to permit the Office Building to continue as the headquarters for 1 S` Source Bank, and to upgrade the rooms and other areas in the Hotel; and WHEREAS, the Commission agreed in the MOU in Section 3(k) to convey its interest in the Hotel Ground Lease to Jenna as successor in interest to the original Hotel Ground Lease Lessee upon completion of the Atrium and Hotel Improvements as defined in the MOU; and WHEREAS, Jenna has provided sufficient evidence to the Commission of the completion of the Atrium and Hotel Improvements required in the MOU; and WHEREAS, the Commission now finds (i) the original purpose of the Project as described in the Hotel Ground Lease and JDA have been accomplished; (ii) the purposes the MOU have been accomplished; and (iii) all redevelopment purposes for which the Real Estate was acquired have been satisfied; and WHEREAS, pursuant to I.C. 36 -7 -14 -22.5, the Commission may transfer real property, consistent with I.C. 36 -7 -14 -22.2, required for redevelopment purposes when the redevelopment purposes for which the Real Estate was acquired have been satisfied; and WHEREAS, the Commission finds the conditions required under both I.C. 36 -7 -14 -22.2 and I.C. 36 -7 -14 -22.5 have been satisfied and the Commission has authority to transfer the Real Estate to Jenna. NOW THEREFORE, be it resolved by the South Bend Redevelopment Commission as follows: Page 2 of 4