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

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• Authority to allow for the Hotel Project; and WHEREAS, the Authority desires for the Proposed Outlot and Lot 3A to be replatted as maybe appropriate for the development of the Hotel Site; and WHEREAS, the Authority has entered into a Settlement Agreement and Release affecting a portion of the 1990 Leased Premises and the Proposed Outlot and under the terms thereof may not transfer any portion of the 1990 Leased Premises or the Proposed Outlot until such the Easement Agreement with License (as described in such Settlement Agreement and Release) (the "Easement Agreement") has been duly recorded; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1. The Commission hereby finds that the 1990 Lease has expired pursuant to the terms thereof, as all obligations issued under the 1990 Lease or secured by the lease rentals payable to the Authority from the Commission under the 1990 Lease have been paid and are no longer outstanding, and the Commission hereby authorizes the President or Secretary to approve and execute any documentation necessary to evidence the same. 2. The transfer of the Authority's interest, if any, in the parcels of property comprising • of the 1990 Leased Premises situated in St. Joseph County, Indiana, and described at Exhibit A by the Authority to the Commission on behalf of the City of South Bend, Indiana, Department of Redevelopment shall be, and hereby is, approved by the Commission. 3. The Commission hereby determines that the transfer and release of the Proposed Outlot from the 1992 Lease and the 1992 Trust Agreement does not adversely impact the holders of the 1998 Bonds and will not result in a reduction of the lease rentals owed by the Commission under the 1992 Lease, as the value of the Proposed Outlot is relatively minimal compared to the remaining portion of the 1992 Leased Premises and as the transfer will allow for an significant private investment adjacent to the remaining portion of the 1992 Leased Premises increasing the value of remaining 1992 Leased Premises. The President and the Secretary is authorized to approve the form of and to execute and attest, respectively, and deliver a Third Addendum to Lease and any other documentation necessary to release the Proposed Outlot from the 1992 Lease. 4. The transfer of the Proposed Outlot situated in St. Joseph County, Indiana, and described at Exhibit C by the Authority to the Commission on behalf of the City of South Bend, Indiana, Department of Redevelopment shall be, and hereby is, approved. 5. The President and the Secretary of the South Bend Redevelopment Commission shall be, and hereby are, authorized, respectively, to approve the form of and to execute • and attest an acceptance of a quit-claim or warranty deed or any other instrument necessary to accept all of the right, title and interest in the 1990 Leased Premises and the Proposed