Loading...
HomeMy WebLinkAboutNo. 1462 approving the execution of an addendum to the lease dated as of 1/11/96 between SBRC and the SBRA for certain land and public improvements located thereonRESOLUTION NO. %46;p , ® RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE DATED AS OF SEPTEMBER 11, 1996, 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 Three Million Seven Hundred Ninety Thousand and 00 /100 Dollars ($3,790,000.00) pursuant to IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 1996 A (South Bend Central 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 (South Bend Central Development Area Public Improvement Project) issued by the Authority in 1990, 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, 1989, which Lease was amended by the Addendum fflk to Lease entered into between the Authority and the Commission and dated as of April 6, 1990 (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 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 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 September 1, 1996, 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. -2- ADOPTED at a meeting of the South Bend Redevelopment Commission held on September 20, 1996, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT CONMSSION Paula N. Auburn, President ATTEST: William P. Ho' cki, ecretary J:\WPDOCS\RRROhVOL\STHBEND\AUTTULU.96\RESOLUTI.ONS\LURCAPPR.ADD -3- RESOLUTION NO. 1460 A RESOLUTION APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION WHEREAS, I. C. 6 -1.1- 12.1 -2(1) provides that an application for property tax deduction may not be approved when the property is located in an allocation area as defined in I. C. 36- 7- 14 -39, unless the Redevelopment Commission which designated that allocation area adopts a resolution approving that application; and WHEREAS, the South Bend Common Council has received a petition for three (3) years of real property tax abatement consideration from the South Bend Redevelopment Authority on behalf of Elumatec USA, Inc., for real property located at 4320 Ralph Jones Court in the Airport Economic Development Area, the legal description of which is attached hereto, marked Exhibit "A" and incorporated herein; and WHEREAS, this Commission declared the Airport Economic Development Area by Resolution No. 919, adopted February 23, 1990, and in the same resolution declared the Airport Economic Development Allocation Area, Allocation Area No. 1; and WHEREAS, the property located at 4320 Ralph Jones Court is located within the Airport Economic Development Allocation Area, Allocation Area No. 1; NOW, 'IFIERF.FORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1) The Commission finds that the application from the South Bend Redevelopment Authority on the behalf of Elumatec USA, Inc., for three (3) years of real property tax abatement consideration for property located at 4320 Ralph Jones Court in the Airport Economic Development Allocation Area, Allocation Area No. 1, should be and is hereby approved. 2) That a copy of this resolution be forwarded to the South Bend Common Council to indicate the Commission's approval of the petition for real property tax abatement for the South Bend Redevelopment Authority on the behalf of Elumatec USA, Inc. Approved this 20 day of September 1996 at the regularly scheduled meeting of the South Bend Redevelopment Commission. ATTEST: William P. acki, Secretary vb:res1460 SOUTH BEND REDEVELOPMENT COMMISSION _Qj, /U. ' Paula N. Auburn, President -AW Exhibit "A" Legal Description of Property A parcel of land in the northeast quarter of Section 21, Township 38 North, Range 2 East, German Township, St. Joseph County, Indiana, and described as being Lot 11 of Toll Road Industrial Park - Section 6, as recorded under instrument number 8908570, dated April 7, 1989, at the office of the recorder, St. Joseph county, Indiana, and containing 3.7178 acres, more or less, and is subject to all easements, restrictions and or covenants of record.