No. 2466 approving a modification to a Second Addendum to Lease for Certain Public Improvements and regarding other related matters (Century Center)

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Project and related expenses pursuant to Indiana Code 36-7-14.5-19 and approving a proposed second addendum to the Lease between the Authority and the Commission for the 2008 Project (the "Second Addendum"); and WHEREAS, on May 16, 2008, the Commission approved the preliminary plans and specifications and cost estimates and the proposed Second Addendum, determined that the 2008 Project was not a "controlled project" as such term is defined by Indiana Code 6-1.1-20- 1.1, scheduled a public hearing on the Second Addendum to be held on June 13, 2008, at 10:00 a.m. (local time), and authorized the publication of a notice of public hearing on the Second Addendum pursuant to Indiana Code 5-3-1; and WHEREAS, a notice of public hearing on the Second Addendum was published in accordance with Indiana Code 5-3-1; and WHEREAS, the Commission, on June 13, 2008, held a public hearing and all interested parties were provided the opportunity to be heard at the hearing, following which the Commission adopted Resolution No. 2459 determining that the rentals proposed to be paid pursuant to the Second Addendum are fair and reasonable and authorizing the execution of the Second Addendum; and WHEREAS, the Commission, as set forth in the Second Addendum approved by Resolution No. 2459, determined to pay rent for the 2008 Project to the Authority, at a rate not to exceed One Million One Hundred Nine Thousand and 00/100 Dollars ($1,109,000.00) per year in semiannual installments beginning on the day the 2008 Project is complete and ready for use, or April 15, 2009, whichever is later, subject to reduction as set forth in the Second Addendum; and WHEREAS, the Common Council of the City (the "Common Council"), in considering approval of the Second Addendum, adopted an ordinance at its meeting on June 23, 2008, modifying and approving the Second Addendum as so modified to reduce the rent payable pursuant to the Second Addendum to an amount not to exceed Six Hundred Thousand and 00/100 Dollars ($600,000.00) per year in semiannual installments and directing the Commission and the Authority to approve a modification to the Second Addendum; and WHEREAS, the Commission desires to approve the Second Addendum in the form approved by the Common Council with the reduced not to exceed maximum rent; NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: 1. Consistent with the approval of the Second Addendum by the Common Council, the Commission hereby approves of the payment of rent pursuant to the Second Addendum at a maximum rate not to exceed Six Hundred Thousand and 00/100 Dollars ($600,000.00) per year in semiannual installments beginning on the day the 2008 Project is completed and ready for use, or April 15, 2009, whichever is later, subject to reduction as set forth in the Second Addendum. The Commission confirms its earlier findings set forth in BDDBOI 5310473v1 - 2 -