HomeMy WebLinkAboutNo. 1784 determining to levy a special tax in an amount sufficient to pay lease rental pmts. in connection w/ lease dated 11/1/93 as amended by addendum to lease dated 6/3/94 further amended by addendum to lease dated 7/1/94 (HOF)RESOLUTION NO. 1784
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TO LEVY A SPECIAL TAX IN AN AMOUNT SUFFICIENT TO PAY
LEASE RENTAL PAYMENTS IN CONNECTION WITH THE LEASE DATED
AS OF NOVEMBER 1, 1993, AS AMENDED BY AN ADDENDUM TO LEASE
DATED JUNE 3,1994, AND AS FURTHER AMENDED BY AN ADDENDUM TO
LEASE DATED JULY 1, 1994, BETWEEN THE SOUTH BEND REDEVELOPMENT
COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY
RELATING TO THE 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 is expected to consider a resolution at its next meeting
indicating its intent to issue bonds pursuant to IC 36 -7- 14.5 -19 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 finance the costs of. (i)
refunding the outstanding variable rate demand lease rental revenue bonds issued in 1994 to
construct and equip the College Football Hall of Fame and (ii) issuing 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, which
lease was further amended by the Second Addendum to Lease entered into between the Authority
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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 certain local public improvements, namely the College Football Hall of Fame and
related improvements; and
WHEREAS, on November 24, 1993, the State Board of Tax Commissioners issued
its Order approving the Lease and the annual lease rental payments in an amount not to exceed Three
Million Eight Hundred Thousand and 00 /100 Dollars ($3,800,000.00) pursuant to IC 6 -1.1- 18.5 -8
; and
WHEREAS, the Commission adopted a resolution on June 17, 1994, establishing
certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said
Lease (the "Pledge Resolution "); and
WHEREAS, the Commission, pursuant to the Pledge Resolution, now desires to levy
a special tax upon all taxable property within the City of South Bend Redevelopment District to pay,
when due, all lease rental payments owed by the Commission pursuant to the Lease;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Commission as follows:
Section 1. The Commission hereby covenants and agrees to keep and maintain
those funds and accounts created by the Pledge Resolution, such funds and accounts consisting of
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
Addendum.
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Section 2. The Commission, hereby determines, pursuant to the Pledge
Resolution, to levy a special tax upon all of the taxable property in the City of South Bend
Redevelopment District in a total amount sufficient to pay lease rental payments under the Lease
payable in the twelve (12) month period beginning on July 1 of next year. Such taxes shall be
deposited in the Hall of Fame Project Principal and Interest Account and such taxes in the Hall of
Fame Project Principal and Interest Account shall be irrevocably pledged for the purposes set forth
in this Resolution and the Pledge Resolution.
Section 3. This Resolution shall be in full force and effect after its adoption by
the Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
July 21, 2000, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By: V��
President
ATTEST:
IP
Secretary
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