HomeMy WebLinkAboutNo. 1673 authorizing the execution of a lease for certain public improvements on behalf of the COSB and regarding other realted mattersr
RESOLUTION NO. 1673
co RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AUTHORIZING THE EXECUTION OF
A LEASE FOR CERTAIN PUBLIC
IMPROVEMENTS ON BEHALF OF THE CITY OF
SOUTH BEND AND REGARDING OTHER 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 to finance local public improvements for lease to the South Bend
Redevelopment Commission (the "Commission "); and
WHEREAS, the Authority on March 1, 1999, adopted a resolution indicating its
intent to issue its South Bend Redevelopment Authority lease rental revenue notes for the purpose
of obtaining money for the acquisition of real property generally located at the corner of Main and
Jefferson in South Bend, Indiana, and removal of improvements located thereon (the "Main and
Jefferson Portion ") and the acquisition of real property generally located at the southeast corner of
Monroe and Lafayette in South Bend, Indiana, which has been targeted for the construction of a new
Studebaker National Museum (the "Studebaker Lot Portion ") (collectively referred to as the
"Project ") pursuant to IC 36 -7- 14.5 -19 and approving a proposed lease between the Authority and
the Commission for the Project and filed a copy of the proposed lease with the Commission; and
WHEREAS, on February 19, 1999, the Commission approved the proposed lease,
scheduled a public hearing on the lease to be held on March 19 1999 at 10:00 a.m. local time in
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Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, and
authorized the publication of a notice of public hearing on the lease pursuant to IC 5 -3 -1; and
WHEREAS, a notice of public hearing on the lease was published on February 26,
1999, pursuant to IC 5 -3 -1; and
WHEREAS, on this date said public hearing has been held and all interested parties
have been provided the opportunity to be heard at the hearing; and
WHEREAS, the Commission intends to pay rent to the Authority (the "Rental
Payments "), pursuant to the terms of the lease, at a rate not to exceed One Hundred Forty-four
Thousand Dollars ($144,000) per year in equal semiannual installments beginning on the day the
Studebaker Lot Portion is completed and ready for use or July 25, 1999 whichever is later, and Three
Hundred Forty -four Thousand Dollars ($344,000) in equal semi - annual installments beginning on
the date the Main and Jefferson Portion is completed and ready for use, or July 25, 2003, whichever
is later, through expiration of the lease;
NOW, THEREFORE, BE IT RESOLVED, by this Commission as follows:
1. The President or Vice President and Secretary of this Commission are hereby
authorized and directed, on behalf of the City of South Bend, to execute and deliver the lease in
substantially the form presented at this meeting with such changes in form or substance as the
President or Vice President of this Commission shall approve, such approval to be conclusively
evidenced by the execution thereof.
2. The Rental Payments to be paid by the Commission, pursuant to the terms of
the lease, at a rate not to exceed One Hundred Forty -four Thousand Dollars ($144,000) per year in
equal semiannual installments beginning on the day the Studebaker Lot Portion of the Project, as
defined in the lease, is completed and ready for use or July 25, 1999 whichever is later, and Three
Hundred Forty-four Thousand Dollars ($344,000) in equal semi - annual installments beginning on
the date the Main and Jefferson Portion of the Project, as defined in the lease, is completed and ready
for use, or July 25, 2003, whichever is later, through expiration of the lease, are fair and reasonable,
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and the use of the Project throughout the term of the lease will serve the public purpose of the City
of South Bend and is in the best interests of its residents.
3. The Commission hereby approves and ratifies action taken by the Secretary
to file with said Common Council an approving ordinance for the purpose of said Council's finding,
prior to execution of the lease, that the Rental Payments are fair and reasonable and approving the
lease.
4. The President, Vice President and Secretary of this Commission, and each of
them, is hereby authorized and directed to take all such further actions and to execute all such
instruments as are desirable to carry out the transactions contemplated by this Resolution, in such
form as the President, Vice President and Secretary executing the same shall deem proper, to be
evidenced by the execution thereof.
Commission.
5. This Resolution shall be in full force and effect after its adoption by the
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
March 19,1999, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana.
SOUTH B DEVELOPMENT COMMISSION
Robert W. Hunt, President
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