HomeMy WebLinkAboutNo. 1235 approving the issuance of SBRA lease rental revenue bonds and regarding other related mattersRESOLUTION NO. 1235
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING OF THE ISSUANCE OF SOUTH BEND
REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS
AND REGARDING OTHER RELATED MATTERS
WHEREAS, the South Bend Redevelopment Authority (the
"Authority ") at a meeting on November 4, 1993, adopted Resolution
No. 85, approving a proposed lease between the Authority and the
South Bend Redevelopment Commission (the "Commission ") to be dated
as of November 1, 1993 (the "Lease "), for certain land and public
improvements consisting of the Century Center to be acquired by the
Authority and improvements to be constructed thereto and a facility
to house the College Football Hall of Fame to be constructed by the
Authority on land either owned or to be acquired by the Authority
(collectively, the "Project "); and
WHEREAS, the Authority also adopted on November 4, 1993,
Resolution No. 84, which, among other things, indicated the
Authority's intent to issue its Lease Rental Revenue Bonds subject
to the approval of the Common Council of the City of South Bend
(the "Common Council "); and
WHEREAS, the South Bend Redevelopment Commission (the
"Commission ") on November 15, 1993, held a public hearing on the
Lease for the Project, at which all interested parties were
provided the opportunity to be heard, after which hearing the
Commission adopted Resolution No. 1199 finding that the rental
payments to be paid by the Commission pursuant to the Lease are
fair and reasonable and that the use of the Project throughout the
term
of the
Lease
will
serve
the
public
purpose of the
City
of
South
Bend
(the
"City ")
and
is
in the
best interests
of
its
residents; and
WHEREAS, the Common Council at a meeting on November 29,
1993, and after a public hearing, adopted Ordinance No. 8437 -93
approving the Lease; and
WHEREAS, the State Board of Tax Commissioners issued its
order dated November 24, 1993, approving of the execution of the
Lease, upon which the Authority and Commission executed and
published notice of execution of the Lease; and
WHEREAS, no objecting petition was filed with the County
Ce Auditor following the publication of such notice of execution of
the Lease within thirty (30) days as permitted by I.C.
36 -7 -14 -25.2; and
WHEREAS, the Commission desires to approve of the
issuance of lease rental revenue bonds (the "Bonds ") by the
Authority in an amount sufficient to complete the Project and
recommend to the Common Council that the Common Council adopt an
ordinance approving of the issuance of the Bonds;
NOW THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission approves of the issuance of the Bonds
by the Authority to complete the Project.
N
2. The Commission hereby ratifies and approves the
CW action taken by the Secretary to file with the Common Council an
approving ordinance for the purpose of the Common Council's
approval of the issuance of the Bonds by the Authority.
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 March 11, 1994, at 455 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Paula N. Auburn, President
ATTEST:
1
Theo F. Sharp, Sect tary
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