02-09-15 Agenda, Packet and Committee Meeting Notice

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Resolution No. 3273 Page 2 WHEREAS, on January 15, 2015, the Commission adopted Resolution 3267 approving the form of a lease to be dated as of February 1, 2015, with the Authority (the "Lease "), scheduling a public hearing on the Lease to be held on January 29, 2015 at 9:30 a.m., local time, authorizing the publication of a notice of public hearing on said lease pursuant to Indiana Code § 5 -3 -1; and WHEREAS, a notice of public hearing on the Lease was published on January 16, 2015, pursuant to Indiana Code § 5 -3 -1; and WHEREAS, on this date said public hearing has been held and all interested parties have been provided the opportunity to be heard at the hearing; and WHEREAS, pursuant to the Lease, a copy of which is attached hereto as Exhibit A. the Commission intends to pay rent to the Authority (the "Rental Payments "), pursuant to the terms of the Lease, at an annual rate not to exceed One Million Nine Hundred Ninety Thousand and 00 /100 Dollars ($1,990,000.00), payable in semiannual installments on January 15 and July 15 beginning on the day the Project is completed and ready for use, or July 15, 2017, whichever is later, through expiration of the Lease, which Rental Payments are subject to reduction as set forth in the Lease; and WHEREAS, the Proj ect as described above and in Exhibit B to the Lease now also includes reference to Marion and Madison Streets between Michigan Street and Lincolnway West as such stretches of road were inadvertently omitted from the description of the Project contained in the Commission's Resolution No. 3267; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The President and Secretary of this Commission are hereby authorized and directed, on behalf of the City to execute and deliver the Lease in substantially the form presented at this meeting with such changes in form or substance as the President of this Commission shall approve, such approval to be conclusively evidenced by the execution thereof, which execution shall occur following approval of the Lease by the Common Council of the City (the "Common Council ") as provided herein. 2. The Rental Payments to be paid by the Commission, pursuant to the terms of the Lease, at an annual rate not to exceed One Million Nine Hundred Ninety Thousand and 00 /100 Dollars ($1,990,000.00), payable in semiannual installments on January 15 and July 15, beginning on the day the Project is completed and ready for use or July 15, 2017, whichever is later, through expiration of the Lease and which Rental Payments are subject to reduction as set forth in the Lease, are fair and reasonable, and the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents. 3. The Secretary of the Commission (the "Secretary ") is hereby directed to transmit to the Common Council a copy of this Resolution, and the Commission hereby authorizes the filing with said Common Council of an approving resolution for the purpose of said Common Council's -2-