Approving lease for public improvements between Redevelopment Authority and Redevelopment Commission

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reasonable, and finding, pursuant to IC 36-7-14-25.2, that the use of the Project throughout the term of the lease will serve the public purpose of the City of South Bend and is in the best interests of its residents. Said Resolution No. 1673 further directed the Secretary of the Commission to file with the Common Council of the City of South Bend (the "Common Council") an approving ordinance for the purposes of said Council's finding, prior to the Commission's execution of the lease, that the rental payments are fair and reasonable and that the use of the Project throughout the term of the lease will serve the public purpose of the City of South Bend and is in the best interests of its residents, and for purposes of approving the lease. The lease provides that, upon the completion of the issuance of the Notes guaranteed by HUD, the lease rentals will be correspondingly reduced. The Common Council desires to approve said lease, pursuant to IC 36-7-14-25.2, which provides that any lease approved by a resolution of the Commission must be approved by an ordinance of the fiscal body of the unit. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: 1. The Common Council finds that the rental payments, as approved by the Commission, are fair and reasonable, and further finds that the use of the Proj ect throughout the term of the lease will serve the public purpose of the City of South Bend and is in the best interests of its residents. 2. The Common Council hereby approves said lease, as approved by the Commission, pursuant to IC 36-7-14-25.2, in substantially the form provided at this meeting and attached hereto as Exhibit "A". 3. In accordance with the Section 108 Loan application previously approved by this Council, the Common Council hereby pledges to make available to the Commission available EDIT revenues (being such revenues as are available for expenditure after the debt service requirements on any bonds payable from EDIT revenues are satisfied) for use by the Commission for payment of Lease rentals pursuant to its proposed payment schedule. 4. This Ordinance shall be in full force and effect from and after passage by the Common Council and approval by the Mayor. c,-,~ 1,".!~ ~y~j 1st R~nr. ~ ~~~q PUuiK NE!~RfNG3- ~ l l 3rd READit`1G~j-o2o2~ /9 NOT APPROVED R~~EP.RED ^ASSED J -~ ~~ COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of the Common Council ::ODMA~PCDOCS~SBDOCS1~32117~3 -2-