Determination of the So Bend Redevelopment Commission to Levy a Special Tax to Make Lease Payments Dated Nov. 4, 1993

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RESOLUTION NO. 2 9 0 1 ' 0 0 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE DETERMINATION OF THE SOUTH BEND REDEVELOPMENT COMMISSION TO LEVY A SPECIAL TAX SUFFICIENT TO MAKE LEASE RENTAL PAYMENTS PURSUANT TO A LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY DATED AS OF NOVEMBER 4,1993, AS SUBSEQUENTLY AMENDED WHEREAS, the South Bend Redevelopment Authority (the "Authority') and the South Bend Redevelopment Commission (the "Commission ") previously entered into a lease dated as of November 1, 1993, which lease was amended by an Addendum to Lease on June 3, 1994, and further amended by a Second Addendum to Lease on July 1, 1994 (collectively, the "Lease "), for certain local public improvements, namely the College Football Hall of Fame and related improvements (the "Project"); and WHEREAS, on November 24, 1993, the State Board of Tax Commissioners issued its Order approving the Lease and the lease rental payments in an amount not to exceed $3,800,000 per year; and WHEREAS, the Common Council of the City of South Bend (the "Common Council'), at its meeting on November 29, 1993, approved the Lease, and found that the rental payments were fair and reasonable and that the use of the Project throughout the term of the lease would serve the public purpose of the City of South Bend (the "City") and was in the best interests of its residents; and WHEREAS, the Commission, at its meeting on June 17, 1994, adopted a resolution (the "Pledge Resolution ") establishing certain funds and accounts for the payment ofthe rentals owed by the Commission to the Authority pursuant to the Lease; and WHEREAS, on July 1, 1994, the Authority issued its South Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994 (the "1994 Bonds ") to finance the Project; and WHEREAS, the Authority, at its meeting on July 17, 2000, adopted Resolution No. 141, indicating its intent to issue South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2000 (the "Refunding Bonds ") to finance the refunding of the 1994 Bonds; and WHEREAS, at its July 21, 2000, meeting, the Commission adopted Resolution No. 1784, determining to maintain the funds and accounts established under the Pledge Resolution ::ODMA\PCDOCS \SDDOCS 1 \66406\2