No. 2251 accepting transfer of real property from the South Bend Redevelopment Authority

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RESOLUTION NO. 2251 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ACCEPTING THE TRANSFER OF REAL PROPERTY FROM THE SOUTH BEND REDEVELOPMENT AUTHORITY WHEREAS, the South Bend Redevelopment Authority (the "Authority")has been created pursuant to Ind. Code ~ 36-7-14.5 as a separate body, corporate and politic, and as an instnunentality of the City of South Bend, Indiana (the "City") to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission") on behalf of the City of South Bend, Indiana, Department of Redevelopment; and WHEREAS, the Authority and the Commission entered into an Amended and Restated Lease dated August 1, 1990, as amended (the "1990 Lease"), pursuant to which the Authority constructed certain local public improvements for and leased said improvements to the Commission on the real estate described at Exhibit A (the "1990 Leased Premises"); and WHEREAS, pursuant to the terms of the 1990 Lease, the Authority issued (i) its Taxable Lease Rental Acquisition and Refunding Revenue Bonds of 1993 in the original aggregate principal amount of $4,905,000 for the purpose of refunding its Taxable Lease Rental Revenue Bonds of 1991 (Airport Economic Development Area Public Improvement Project) originally issued under the 1990 Lease in an aggregate principal amount of $4,200,000 (collectively, the "Taxable 1990 Bonds") and (ii) its Lease Rental Revenue Refunding Bonds of 1997 (Airport Economic Development Area Public Improvement Project) in the original aggregate principal amount of $2,540,000 for the purpose of refunding its South Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project) dated March 1, 1991, originally issued under the terms of the 1990 Lease in an aggregate principal amount of $2,355,000 (collectively, the "Tax-exempt 1990 Bonds"); and WHEREAS, per Section 2 of the 1990 Lease, the 1990 Lease expires upon payment or defeasance of all of the outstanding obligations issued under the 1990 Lease oi- secured by the lease rental payments payable to the Authority under the 1990 Lease; and WHEREAS, in 2003 and 2004, the Commission defeased the Taxable 1990 Bonds and the Tax-exempt 1990 Bonds through tax increment finance revenues on hand, and now no obligations issued under the 1990 Lease or secured by the lease rentals payable to the Authority under the 1990 Lease are outstanding; and WHEREAS, Section 14 of the 1990 Lease provides that upon the expiration of the 1990 Lease the 1990 Leased Premises shall be transferred to the Commission; and WHEREAS, the Authority has previously transferred to the Commission certain parcels of the 1990 Lease Premises and now desires, to the extent it has not previously, to transfer the • remainder of the 1990 Leased Premises to the Commission; and