No. 2440 approving Execution of an Addendum to Lease with the South Bend Redevelopment Authority for the Morris Performing Arts Center project

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• RESOLUTION NO. 2440 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY FOR THE MORRIS PERFORMING ARTS CENTER PROJECT WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created pursuant to IC 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and WHEREAS, the Authority has authorized the issuance of its lease rental revenue refunding bonds in an aggregate principal amount not to exceed Eight Million and 00/100 Dollars ($8,000,000.00) pursuant to IC 36-7-14.5-19 and IC 5-1-5 et seq•, to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2008 (Morris Performing Arts Center Project)" (the "Bonds"), the proceeds of which are to be used to: (i) • currently refund the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1998 (Morris Performing Arts Center Project); and (ii) pay the costs of issuance of the Bonds; and WHEREAS, the Authority previously entered into a lease between the Authority and the Commission dated as of May 1, 1997, which Lease was amended by an Addendum to Lease entered into between the Authority and the Commission and dated as of January 15, 1998, as further amended by an Addendum to Lease entered into between the Authority and the Commission and dated as of March 1, 1998, as amended (collectively, the "Lease"), which Lease was heretofore approved by this Commission, and pursuant to which the Authority leases to the Commission the local public improvement known as the Morris Performing Arts Center which includes the Morris Civic Center and certain portions of the Palais Royale facility in South Bend, Indiana (the "Project"); and WHEREAS, the Commission desires to approve and execute an addendum to the Lease (the "Addendum"), a copy of which is attached hereto as Exhibit A and incorporated herein, to reflect lower annual lease rental payments under the Lease for the Project. NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: Section 1. The Addendum, attached hereto as Exhibit A, is hereby approved and the President or Vice President and Secretary of the Commission are hereby authorized to • execute and attest, respectively, said Addendum in substantially the form presented at this I3DD1301 ~ 128358v I