HomeMy WebLinkAboutNo. 1494 approving the execution of an addendum to the lease dated as of 1/15/97 between the SBRC and the SBRA for certain land and public improvements located thereonRESOLUTION NO. 1494
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE EXECUTION OF AN ADDENDUM TO
THE LEASE DATED AS OF JANUARY 15, 1997, BETWEEN THE SOUTH
BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND
REDEVELOPMENT AUTHORITY FOR CERTAIN LAND AND PUBLIC
IMPROVEMENTS LOCATED THEREON
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 intends to issue bonds in an aggregate principal amount
not to exceed of Two Million Five Hundred Forty Thousand and 00 /100 Dollars ($2,540,000.00)
pursuant to IC 36- 7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease
Rental Revenue Refunding Bonds of 1997 (Airport Economic Development Area Public
Improvement Project)" (the 'Bonds "), the proceeds of which are to be used to refund the South
Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development
Area Public Improvement Project) issued by the Authority in 1991, 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 August 1, 1990, which Lease was amended by the Addendum
to Lease entered into between the Authority and the Commission and dated as of January 29,
1991 (collectively, the "Lease "), which Lease was heretofore approved by this Commission, and
pursuant to which the Authority leases to the Commission certain land and the public
improvements located thereon (the "Project "); and
WHEREAS, the Commission desires to approve and execute an addendum to the
Lease (the "Addendum "), a copy of which has been presented to this meeting, 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 is hereby approved and the President or Vice
President and Secretary of the Commission are hereby authorized to execute and attest said
Addendum in substantially the form presented at this meeting with such changes in form or
substance as the President or Vice - President or Secretary of this Commission shall approve, such
approval to be conclusively evidenced by the execution and attestation 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 January 15, 1997, 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
February 7, 1997, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOVB:DEVELOPMENT CONIlVIISSION
By:
Robert W. Hunt, President
ATTEST: ) 4-
_"W L4"_4� Paula N. Auburn, Secretary
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