HomeMy WebLinkAboutApproving the form of and authorizing the execution of an Assignment of Ground Sublease and a revised Lease and Trust Indenture by the City of South BendAttest:
RESOLUTION
No. 443 -74
Passed by the Common Council of the City of South Bend, Indiana,
SEPTEMBER 23,
19 74
ity Clerk
A t
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
SEPTEMBER 24, 19 74
City Clerk
Approved and signed by me 19e71-1.
RESOLUTION NO. -41 a{3- 7 5!
A RESOLUTION approving the form of and authorizing the
execution of an Assignment of Ground Sublease and a re-
vised Lease and Trust Indenture by the City of South Bend,
Indiana and approving the form of a Sublease for the
purpose of financing facilities for St. Joseph -Brown
Building Company and St. Joseph Bank and Trust Company -
which transaction was originally approved under Resolution
No. 438 -74 by the Common Council of the City of South
Bend, Indiana on the 12th day of August, 1974.
WHEREAS, the City South Bend, Indiana has approved the
acquisition and construction of an economic development project and
the leasing of the same to St. Joseph -Brown Building Company and has
authorized the issuance and sale of $995,000 principal amount of
Economic Development Revenue Bonds, Series 1974 (One Plaza Place
Building), for the purpose of paying the cost of acquiring and
constructing the economic development project and necessary expenses
incidental thereto, and has authorized the execution and delivery of
an Indenture securing the bonds and providing for the disbursement
of a portion of the proceeds thereof; and prescribing other matters
pertaining thereto; and
WHEREAS, the City has, in connection with the Project,
approved the execution of a lease, dated February 1, 1974, by the
City, as Lessor, to St. Joseph -Brown Building Company ( "the Com-
pany"), as Lessee, ( "the Lease "); and the Company will enter into a
sublease of the Project with St. Joseph Bank and Trust Company which
instrument was dated February 1, 1974 ( "the Sublease "), which in-
strument was also approved by the City; and
WHEREAS, in order that the City may acquire the right,
title and interest of the Company in Tract #2 of the Project Site,
described in Exhibit A to the Lease, which Tract is owned by Whitcomb
and Keller, Inc., an Indiana corporation, which land was leased to
St. Joseph Bank and Trust Company, an Indiana banking association,
pursuant to an Agreement dated April 8, 1969 ( "the Ground Lease "),
and subleased by St. Joseph Bank and Trust Company to the St. Joseph -
Brown Building Company pursuant to a Lease and Agreement dated
January -24, 1974 ( "the Ground Sublease "), it is necessary for the
City to enter into an Assignment of Ground Sublease dated September 1
1974 from the Company to the City ( "the Assignment of Ground Sublease ");
and
WHEREAS, it is necessary for the City to approve the
revised form of Lease, Sublease and Indenture dated September 1,
1974 in substantially the form herein presented:
NOW, THEREFORE, Be It Resolved by the Common Council of
the City of South Bend, Indiana, as follows:
Section 1. There is hereby authorized the execution and
delivery of the Indenture, the Lease and the Assignment of Ground
Sublease, in substantially the form attached hereto as Exhibit A, B
and C respectively, which instruments are hereby approved and incorp-
orated by reference and made a part hereof.
Section 2. The Sublease is hereby approved and incorpor-
ated by reference and made a part hereof in substantially the form
attached hereto as Exhibit D.
Section 3. The Series 1974 Bonds to be issued for the
Project shall be dated September 1, 1974, as provided in the In-
denture.
Section 4. The provisions of this Resolution are hereby
declared to be separable and if any section, phrase or provision
shall for any reason be declared by a court of competent juris-
diction to be invalid or uneforceable, such declaration shall not
effect the validity of the remainder of the sections, phrases and
provisions.
E
Section 5. All orders and resolutions and parts thereof
in conflict herewith are to be the extent of such conflict hereby
repealed, and this Resolution shall take effect and be in full force
immediately upon its adoption and sig ing by the Mayor.
Member o t U-51inci
Passed and adopted by the Common Council of the City of
South Bend, Indiana, on the - j— day of September, 1974, as amended.
Attest:
City Clerk
' N i �' ►�
Presented by me to the Mayor of the City of South Bend,
Indiana, on the day of September, 1974, at the hour of v: c
o'clock P .M.
City Clerk
This resolution approved and signed by me on the " day
of September, 1974, at the hour of 4:00 o'clock P.M.
Attest:
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ty Clerk
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