No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he

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• limitation: a parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary and storm sewers and site preparation; the extension and upgrading of electrical, telephone and high speed Internet services; other related services including, without limitation, engineering and geotechnical testing; and related improvements (collectively, the "Project"); and WHEREAS, the Common Council of the City has previously adopted an ordinance creating the South Bend Redevelopment Authority (the "Authority") pursuant to 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, there has been presented to the Commission at this meeting a form of proposed lease with the Authority for lease of the Project ;and WHEREAS, the preliminary plans, specifications and cost estimates for the Project have been filed with the Commission; and WHEREAS, the Commission desires to approve the proposed lease and publish notice of public hearing and conduct a public hearing on the proposed lease pursuant to Section 25.2 of the Act; and WHEREAS, after the public hearing, the Commission may adopt a resolution pursuant to Section 25.2 of the Act authorizing the execution of the proposed lease on behalf of the City of South Bend, Indiana (the "City"), if it finds that the service to be provided throughout the term of the proposed lease will serve the public purpose of the City and is in the best interests of its residents and the lease rental provided for is fair and reasonable; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby approves the preliminary plans, specifications and cost estimates which have been tiled with the Commission and the form of lease filed with the Commission and attached hereto as Exhibit A. 2. The Commission hereby determines that the Project is not a "controlled project" as such term is defined by IC 6-1.1-20-1.1 because the Commission reasonably expects to pay the lease payments from funds other than property taxes that are exempt from the levy limitations of IC 6-1.1-18.5, such other funds being tax increment and other revenues made available to the Commission for such purpose. 3. The Commission hereby schedules the public hearing on the lease to be held at the regular meeting of the Commission scheduled for November 2, 2007, at 10:00 a.m. (local time). • BDDBOI 4905182v1 - 2 -