HomeMy WebLinkAboutNo. 1808 approving execution of an addendum to the lease between the SBRA and the SBRC for the College Football Hall of Fame projectRESOLUTION NO. LNO&
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE EXECUTION OF AN ADDENDUM TO
THE LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT
AUTHORITY AND THE SOUTH BEND REDEVELOPMENT
COMMISSION FOR THE COLLEGE FOOTBALL
HALL OF FAME PROJECT
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 to finance local public improvements for lease to the South Bend
Redevelopment Commission (the "Commission "); and
WHEREAS, the Authority has authorized the issuance of its lease rental revenue
refunding bonds in an aggregate principal amount not to exceed Fifteen Million Five Hundred
Thirty-five Thousand and 00 /100 Dollars ($15,535,000.00) pursuant to IC 36- 7- 14.5 -19 and IC 5 -15
to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds
of 2000 (College Football Hall of Fame Project)" (the "Bonds "), the proceeds of which are to be used
to currently refund the South Bend Redevelopment Authority Variable Rate Demand Lease Rental
Revenue Bonds of 1994 (College Football Hall of Fame Project) issued by the Authority in 1994,
and to pay the costs of issuance of the 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 entered into between the Authority and the Commission and dated as of June 3, 1994, and
further amended by an Addendum to Lease entered into between the Authority and the Commission
and dated as of July 1, 1994 (collectively, the "Lease "), which Lease was heretofore approved by this
Commission, and pursuant to which the Authority leases to the Commission the local public
improvement known as the College Football Hall of Fame Project (the 'Project "); and
WHEREAS, the Commission desires to approve and execute an addendum to the
Lease (the "Addendum "), a copy of which is attached hereto as Exhibit A and incorporated herein,
to adjust the lease rental payments payable under the Lease and make certain other changes to the
Lease;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Commission as follows:
Section 1. The Addendum attached hereto as Exhibit A is hereby approved and
the President or Vice President and Secretary of the Commission are hereby authorized to execute
said Addendum in substantially the form presented at this meeting with such changes in form or
substance as the President or Vice President and Secretary of this Commission shall approve, such
approval to be conclusively evidenced by the execution thereof. The Addendum shall be effective
and the Lease shall be amended as of the date (the "Deposit Date ") when the Authority deposits or
causes to be deposited proceeds derived from the sale of the Bonds into an escrow fund to be
established by that certain Irrevocable Escrow Deposit Agreement between the Authority and Wells
Fargo Bank Indiana, N.A., dated as ofNovember 1, 2000, to adjust the lease rental payments payable
under the Lease and make certain other changes to the Lease. The Deposit Date shall be recorded
as an endorsement to the Addendum.
Section 2. This Resolution shall be in full force and effect after its adoption by
the Commission.
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ADOPTED at a meeting of the South Bend Redevelopment Commission held on
November 17, 2000, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Robert W. Hunt, President
ATTEST:
Philip J. Faccenda e etary
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