Approving Proposed Master Lease Between GLC Portage Prairie, LLC. & South Bend Redevelopment Commission

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RESOLUTION NO. � O'( S' A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING AND RECOMMENDING A PROPOSED MASTER LEASE BETWEEN GLC PORTAGE PRAIRIE, LLC, AS LESSOR, AND THE SOUTH BEND REDEVELOPMENT COMMISSION, AS LESSEE WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the South Bend Department of Redevelopment, exists and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, pursuant to the Act, the Commission has previously designated and declared an area in the City of South Bend, Indiana (the "City "), known as the River West Development Area, to be an economic development area and an allocation area (the "Area ") for the purpose of collecting tax increment finance revenues, adopted an economic development plan for the Area, and established an allocation fund for the Area; and WHEREAS, the Commission has received a proposal to enter into a master lease agreement (the "Master Lease" attached hereto as Exhibit A ) with GLC Portage Prairie, LLC (the "Developer ") by which the Commission would contribute to the construction and marketing of a speculative commercial/bulk distribution facility of approximately two hundred thousand (200,000) leasable square feet of space in the development known as Ameriplex at Interstate 80/90 (the "Project "), which Project is to be located in the Area and is intended to enhance the City's ability to attract and retain businesses by providing move -in ready options for prospective business tenants for commercial and/or distribution uses; and WHEREAS, the Commission seeks the Common Council's approval and recommendation of the Master Lease pursuant to Section 2.5 of the Act; and WHEREAS, the Common Council desires to approve the Master Lease, pursuant to Section 2.5 of the Act. THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby approves the Master Lease, pursuant to Section 2.5 of the Act, in substantially the form provided at this meeting and attached hereto as Exhibit A subject to the following express limitations: (a) the term of the Master Lease may not exceed sixty (60) months; and (b) the total consideration paid by the Commission under the Master Lease may not exceed One Million Six Hundred Seventy -Four Thousand Dollars ($1,674,000). SECTION II. This Resolution shall be in full force and effect from and after the time it has been adopted by the Common Council, approved by the Mayor, and otherwise 1