No. 2392 authorizing execution of a Lease for certain land and public improvements on behalf of the City of South Bend, Indiana, and regarding other related matters

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Indiana Code 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend, Indiana, to finance local public improvements for lease to the Commission; and WHEREAS, the Authority has adopted a resolution indicating its intent to issue its lease rental revenue bonds to finance the costs of the acquisition, expansion, renovation and equipping of the Project and related expenses pursuant to Indiana Code 36-7-14.5-19 and approving a proposed lease between the Authority and the Commission for the Project (the "Lease"); and WHEREAS, on October 9, 2007, the Commission approved the preliminary plans and specifications and cost estimates and the proposed Lease, determined that the 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 Lease to be held on November 2, 2007, at 10:00 a.m. (local time), and authorized the publication of a notice of public hearing on the Lease pursuant to Indiana Code 5- 3-1; and WHEREAS, a notice of public hearing on the Lease 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 Project to the Authority (the "Rental Payments"), pursuant to the terms of the Lease, at a rate not to exceed Three Million Seven Hundred Seventeen Thousand and 00/100 Dollars ($3,717,000.00) per year in semiannual installments beginning on the day the Project is complete and ready for use, or February 1, 2011, whichever is later, subject to reduction as set forth in the Lease; NOW, THEREFORE, BE IT RESOLVEll, 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 Lease 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 Lease, at a rate not to exceed Three Million Seven Hundred Seventeen Thousand and 00/100 Dollars ($3,717,000.00) per year in semiannual installments beginning on the day the Project is completed and ready for use, or February 1, 2011, whichever is later, subject to reduction as set forth in the Lease, are fair and reasonable, and the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents. • BDDBOI 4918911x1 - 2 -