HomeMy WebLinkAboutNo. 1650 approving the execution of an addendum to the lease dated 11/16/98 between SBRC and the SBRA for the Blackthorn Golf Course ProjectRESOLUTION NO. 1650
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE EXECUTION OF AN ADDENDUM TO
THE LEASE DATED AS OF NOVEMBER 16, 1998, BETWEEN THE
SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH
BEND REDEVELOPMENT AUTHORITY FOR THE BLACKTHORN
GOLF COURSE 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 of Six Million One Hundred Thirty-five Thousand
and 001100 Dollars ($6,135,000.00) 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 1998 (Blackthorn
Golf Course Project)" (the "Bonds "), the proceeds of which are to be used to refund the South Bend
Redevelopment Authority Lease Rental Revenue Bonds (Blackthorn Golf Course Project) issued by
the Authority in 1992, 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 July 1, 1992, which Lease was amended by the Addendum to Lease
entered into between the Authority and the Commission and dated as of October 29, 1992
(collectively, the "Lease "), which Lease was heretofore approved by this Commission, and pursuant
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to which the Authority leases to the Commission the local public improvement known as the
Blackthorn Golf Course 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 reflect lower rental payments under 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 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 Norwest Bank Indiana,
N.A., dated as of November 1, 1998, to reduce the annual rental payments payable in semi - annual
installments. 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 20, 1998, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
ATTEST:
'�01 — A-'
/ Eugema S. Schwartz, Secretary
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ZSOU REDEVELOPMENT COMMISSION
Y
Robert W. Hunt, President
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Addendum to Lease Between
the South Bend Redevelopment Authority, as Lessor,
and the South Bend Redevelopment Commission, as Lessee
(Blackthorn Golf Course Project)
THIS ADDENDUM, made and entered into as of this 16th day of November, 1998,
by and between the South Bend Redevelopment Authority, a body corporate and politic organized
and existing under Indiana Code 36 -7 -14.5 (hereinafter with its successors and assigns referred to
as the "Authority "), and the South Bend Redevelopment Commission, the governing body of the
South Bend Department of Redevelopment and the Redevelopment District of South Bend, Indiana
(hereinafter called the "Lessee "),
WITNESSETH:
ANN
In consideration of the mutual covenants herein contained, it is agreed that the lease
(Blackthorn Golf Course Project) previously entered into between said parties as of the first day of
July, 1998, and as amended by the Addendum to Lease entered into between the Authority and
Lessee dated as of the 2 "d day of October, 1992, both of which were recorded in the office of the
Recorder of St. Joseph County, Indiana (recording numbers 9237875 and 9237877, respectively)
(collectively, the "Lease "), shall be amended as follows:
1. The following definitions in Section 1 of the Lease are amended to read as
follows:
"Lease Resolution" means Resolution No. 1646 of the Commission
co passed on November 6, 1998, establishing funds for the payment of lease
rentals for the Project, as defined herein.
"Trust Agreement" means the Trust Agreement dated as of November
1, 1998, between the Authority and the Trustee, securing the bonds.
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2. Section 4 of the Lease is amended to read as follows:
Section 4. Rental Payment Dates and Amounts. The next
ce semiannual rental installment in the amount of Two Hundred Thirteen
Thousand and 00 /100 Dollars ($213,000) shall be due on February 25, 1999.
Thereafter such rentals shall be payable in advance in semiannual
installments on February 25 and August 25 of each year as provided for in the
lease payment schedule attached hereto as Exhibit C. The last semiannual
rental payment due before the expiration of this Lease shall be adjusted to
provide for rental at the amount specified above for the applicable
semiannual period prorated from the date such installment is due to the date
of the expiration of this Lease (without taking into account any subsequent
early termination of this Lease pursuant to Section 2 hereof).
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3. The Lease is amended to include the following as Exhibit C:
EXHIBIT C
LEASE PAYMENT SCHEDULE FOR
BLACKTHORN GOLF COURSE LEASE
Payment Date
02 -25 -99
08 -25 -99
02 -25 -00
08 -25 -00
02 -25 -01
08 -25 -01
02 -25 -02
08 -25 -02
02 -25 -03
08 -25 -03
02 -25 -04
08 -25 -04
02 -25 -05
08 -25 -05
02 -25 -06
08 -25 -06
02 -25 -07
08 -25 -07
02 -25 -08
08 -25 -08
02 -25 -09
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Amount
213,000
223,000
223,000
235,500
235,500
264,000
264,000
288,500
288,500
314,000
314,000
323,500
323,500
321,500
321,500
322,000
322,000
323,000
323,000
328,500
328,500
LI
08 -25 -09
326,500
02 -25 -10
326,500
08 -25 -10
326,000
02 -25 -11
326,000
08 -25 -11
325,500
02 -25 -12
325,500
08 -25 -12
326,000
02 -25 -13
326,000
4. The parties hereto acknowledge that all remaining terms, covenants and
conditions as set forth in the Lease shall remain in full force and effect.
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A
IN WITNESS WHEREOF, the parties hereto have caused this Addendum to Lease
to be executed for and on their behalf on the day and year first hereinabove written.
SOUTH BEND REDEVELOPMENT AUTHORITY
}
By: _.
President
ATTEST:
Sec t - Treasurer
SOUTH BEND REDEVELOPMENT COMMISSION
By: VA�y
President
ATTEST:
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STATE OF INDIANA )
SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for said State, personally
appearedC.arnlvn v, pfntenhallpfrid Jose Alvarez , personally known by me to be the
President and ecS retary- Treasurer, respectively, of the South Bend Redevelopment Authority, and
acknowledged the execution of the foregoing Addendum to Lease for and on behalf of said
Authority.
WITNESS my hand and Notarial Seal this 16th day of November, 1998.
(Writt n signature)
Jennifer . Hullinger
(SEAL) (Printed Signature)
My commission expires: 2 -1 -2008
I am a resident of -,t-_ Joseph County, Indiana.
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for said State, personally
appeared and - 5 h ersonally known by me to be the President and
Secretary, respectively, of the Soutl Bend Redevelopment Commission, and acknowledged the
execution of the foregoing Addendum to Lease for and on behalf of said Commission.
WITNESS my hand and Notarial
(SEAL) tt
My commis ' s
I am a resident o County, Indiana.
of November, 1998.
Signature)
This instrument prepared by Randolph R. Rompola, BAKER & DANIELS, 205 West Jefferson
Boulevard, South Bend, Indiana 46601.
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STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
Carolyn Pfotenhauer and Jose Alvarez personally known by me to be the President and
Secretary- Treasurer, respectively, of the South Bend Redevelopment Authority and acknowledged the
execution of the foregoing Endorsement for and on behalf of said Redevelopment Authority.
WITNESS my hand and Notarial Seal this 16th day of November, 1998.
42�(�WriqeLn Signature)
Jennife H. Hullinger
(Printed Signature)
(SEAL)
My commission expires: 2 -1 -2008
I am a resident of St. Joseph County, Indiana.
STATE OF INDIANA )
SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
and 9zsnally known by me to be the President and Secretary,
respectively, of the South Vend Redevelopment Commission and acknowledged the execution of the
foregoing Endorsement for and on behalf of such Redevelopment Commission.
WITNESS my hand and Notarial Seal this day of November, 1998.
( riff Si nature}
l
(Printe ignature)
(SEAL)
My commission expires: l — ��- a Ob U
I am a resident of County, Indiana.
This instrument was prepared by Randolph R. Rompola, BAKER & DANIELS, 205 West Jefferson
Boulevard, South Bend, Indiana 46601.
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ENDORSEMENT TO ADDENDUM TO LEASE BETWEEN
SOUTH BEND REDEVELOPMENT AUTHORITY, AS LESSOR,
AND SOUTH BEND REDEVELOPMENT COMMISSION, AS LESSEE
(BLACKTHORN GOLF COURSE PROJECT)
Pursuant to Section 5 of the Addendum, entered into as of the 16' day of November,
1998 (the "Addendum "), the Addendum is hereby deemed effective as of the Deposit Date, said
Deposit Date being November _, 1998.
IN WITNESS WHEREOF, the undersigned have caused this Endorsement to be executed for and
on their behalf as of the day and year first hereinabove written.
SOUTH BEND REDEVELOPMENT AUTHORITY,
as Lessor
By. ,� c
President
ATTEST:
Se re - Treasurer
SOUTH BEND REDEVELOPMENT
COMMISSION, as Lessee
By:
President
ATTEST:
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