Loading...
HomeMy WebLinkAboutNo. 2874 continuing certain funds and accounts in connection with the lease dated as of 11/1/93, as amended, between the SBRC and the SBRA for the College Football Hall of Fame/Century Center Project and regarding related mattersRESOLUTION NO. 2874 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION CONTINUING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF NOVEMBER 1, 1993, AS AMENDED, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY FOR THE COLLEGE FOOTBALL HALL OF FAME /CENTURY CENTER PROJECT AND REGARDING RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been created pursuant to IC 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 South Bend Redevelopment Commission (the "Commission "); and WHEREAS, the Authority will consider the issuance of two (2) series of bonds as follows: (i ) taxable lease rental revenue bonds in an aggregate principal amount expected not to exceed Eight Million Six Hundred Thousand and 00 /100 Dollars ($8,600,000.00) pursuant to IC 36 -7- 14.5 -19 and IC 5 -1 -5 (collectively, the "Act ") to be known as the "South Bend Redevelopment Authority Taxable Lease Rental Revenue Refunding Bonds, Series 2011 A (College Football Hall of Fame Project)" (the "Hall Bonds "), the proceeds of which will be used to currently refund the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2000 (College Football Hall of Fame Project) (the "2000 Bonds "), and to pay the costs of issuance of the Hall Bonds; and (ii) tax - exempt lease rental revenue bonds in an aggregate principal amount expected not to exceed Three Million Eight Hundred Thousand and 00 /100 Dollars ($3,800,000.00) pursuant to the Act to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 2011 B (Century Center Project)" (the %W� BDDB01 6649917v 1 "Century Center Bonds" and collectively, with the Hall Bonds, the 'Bonds "), the proceeds of which will be used to currently refund the South Bend Redevelopment Authority Lease Rental Revenue Refunding and Improvement Bonds of 2001 (Century Center Project) (the "2001 Bonds" and together with the 2000 Bonds, collectively, the "Prior Bonds "), and to pay the costs of issuance of the Century Center Bonds; and WHEREAS, the Authority previously entered into a lease between the Authority and the Commission dated as of November 1, 1993, which lease was amended by the Addendum to Lease dated as of June 3, 1994, as amended by the Second Addendum to Lease dated as of July 1, 1994, and as further amended by the Third Addendum to Lease dated as of November 17, 2000 (collectively, the "Lease "), which Lease was heretofore approved by this Commission, and pursuant to which the Authority leases to the Commission certain local public luimprovements, namely the College Football Hall of Fame and the Century Center and related improvements; and WHEREAS, the Commission anticipates it will be necessary to enter into an one or more addenda to the Lease following the sale of the Bonds to reflect changed rental payments due under the Lease and to make certain other changes to the Lease; and WHEREAS, the Commission, by Resolution No. 1834 adopted at a meeting on April 16, 2001, established certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease (the "Century Center Pledge Resolution "); and WHEREAS, the Commission, by Resolution No. 1784 adopted at a meeting on July 21, 2000, established certain funds and account for the payment of the rental owed by the Commission pursuant to said Lease (the "Hall of Fame Pledge Resolution" and together with the C11 Century Center Pledge Resolution collectively, the "Pledge Resolutions "); BDDBOI 6649917v1 - 2 - '' NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Commission as follows: Section 1. The Commission hereby authorizes, approves and ratifies the issuance, sale and delivery of (i) the Hall Bonds by the Authority in a maximum aggregate principal amount not to exceed Eight Million Six Hundred Thousand and 00 /100 Dollars ($8,600,000.00) at a maximum interest rate not to exceed eight percent (8.0 %) and (ii) the Century Center Bonds by the Authority in a maximum aggregate principal amount not to exceed Three Million Eight Hundred Thousand and 00 /100 Dollars ($3,800,000.00) at a maximum interest rate not to exceed seven percent (7.0 %) in order to refund all or a portion of the Prior Bonds. The issuance of the Hall Bonds will remove the restrictive tax - exempt covenants presently in place with respect to the 2000 Bonds and may provide a savings to the Authority and the Commission, and the issuance of the Century Center Bonds will provide a savings to the Authority and the Commission. Section 2. The Commission hereby covenants and agrees to keep and maintain those funds and accounts created by the Pledge Resolutions, such funds and accounts consisting of a Century Center Project Principal and Interest Account (the "Century Center Principal and Interest Account "), a Hall of Fame Project Principal and Interest Account (the "Hall of Fame Principal and Interest Account ") and such other accounts as the Commission may from time to time establish to pay the rentals owed by the Commission pursuant to the Lease as the same may be amended by the Fourth Addendum. Section 3. The Commission hereby acknowledges and restates its obligation pursuant to the Pledge Resolutions to levy in each calendar year a special tax upon all of the C; taxable property in the South Bend Redevelopment District in a total amount sufficient, together BDDB01 6649917vl - 3 - 14 with all other funds in the Century Center Principal and Interest Account and in the Hall of Fame Principal and Interest Account deposited into such accounts from any other sources (other than such special taxes) during the previous 12 calendar months prior to August 1 of such calendar year, to pay all lease rental payments payable in the 12 -month period beginning on July 1 of the following calendar year pursuant to Section 4 of the Lease. Such taxes shall be deposited in the Century Center Principal and Interest Account and the Hall of Fame Principal and Interest Account, and such taxes and any other funds in the Century Center Principal and Interest Account and the Hall of Fame Principal and Interest Account shall be irrevocably pledged for the purposes set forth in this Resolution. Section 4. Following the sale of Hall Bonds and the Century Center Bonds, the President or Vice - President and Secretary of the Commission are hereby authorized to execute and attest, respectively, one or more addenda to the Lease to reflect changed rental payments due under the Lease and make any other changes necessary to reflect the issuance of the Bonds upon the advice of counsel to the Commission. Section 5. This Resolution shall be in full force and effect after its adoption by the Commission. BDDBOI 6649917v1 - 4 - A G ADOPTED at a meeting of the South Bend Redevelopment Commission held on May 10, 2011, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, 46601. ATTEST: Nancy King, Sec tary BDDB01 6649917v 1 SOUTH BEND REDEVELOPMENT COMMISSION Uav Varner; Vice President