No. 2459 authorizing the execution of a Second Addendum to Lease for certain public improvements on behalf of the City of South Bend and regarding other related matters

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WHEREAS, the Authority has adopted a resolution indicating its intent to issue its lease rental revenue bonds to finance the costs of the renovation and equipping of the 2008 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, 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, the Commission intends to pay rent for the 2008 Project to the Authority (the "Rental Payments"), pursuant to the terms of the Second Addendum, 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; NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: 1. The President or Vice President and Secretary of this Commission are hereby authorized and directed, on behalf of the City, to execute, attest, and deliver the Second Addendum in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of this Commission shall approve, such approval to be conclusively evidenced by the execution thereof. 2. The Rental Payments to be paid by the Commission, pursuant to the terms of the Second Addendum, 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 completed and ready for use, or April 15, 2009, whichever is later, subject to reduction as set forth in the Second Addendum, are fair and reasonable, and the use of the 2008 Project throughout the term of the Second Addendum will serve the public purpose of the City and is in the best interests of its residents. 3. The President, Vice President and Secretary of this Commission, and each of them, is hereby authorized and directed to take all such further actions and to execute and attest all such instruments as are desirable to carry out the transactions contemplated by this • BDDBOI 5263133v1 - 2 -