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