HomeMy WebLinkAboutNo. 1199 authorizing the execution of a lease for certain public improvements on behalf of the COSB and regarding other related mattersRESOLUTION NO. 1199
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 November 4, 1993, adopted a
resolution indicating its intent to issue its South Bend
Redevelopment Authority lease rental revenue bonds for the purposes
of obtaining money for the cost of constructing and equipping the
College Football Hall of Fame (the "Hall of Fame Portion ") , the
acquisition and construction of improvements to and expansion of
the Century Center (the "Century Center Portion ") and expenses
related thereto (collectively, 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 November 5, 1993, the Commission approved the
proposed lease, scheduled a public hearing on the lease to be held
on November 15, 1993, at 4:00 p.m. (local time), at 1308 County -
City Building, 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 November 5, 1993, 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 annual rent in
semi - annual installments to the Authority, pursuant to the terms
of the lease, for the Hall of Fame Portion beginning on the day the
Hall of Fame Portion is completed and ready for use, or January 25,
1996, whichever is later, and, for the Century Center Portion,
beginning on the day the Century Center Portion is completed and
ready for use, or January 25, 1996, whichever is later, the total
of which annual rental payments shall not exceed Three Million
Eight Hundred Thousand and 00 /100 Dollars ($3,800,000.00) per year;
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.
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2. The rental payments to be paid by the Commission to
the Authority, pursuant to the terms of the lease, for the Hall of
Fame Portion in semiannual installments beginning on the day the
Hall of Fame Portion is completed and ready for use, or January 25,
1996, whichever is later, and for the Century Center portion in
semiannual installments beginning on the day the Century Center
Portion is completed and ready for use, or January 25, 1996,
whichever is later, the total of which annual rental payments shall
not exceed Three Million Eight Hundred Thousand and 00/100 Dollars
($3,800,000.00) per year, are fair and reasonable, 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 Secretary of the Commission (the "Secretary ")
is hereby directed to transmit to the South Bend Common Council a
copy of this Resolution and 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 Common
Council's finding, prior to execution of the lease, that the rental
payments provided therein are fair and reasonable and approving the
lease.
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4. The Commission hereby approves and ratifies action
taken by the President, Vice President and Secretary of the
Commission, to file a petition for approval of execution of the
lease with the State Board of Tax Commissioners pursuant to IC 6-
1.1- 18.5 -8.
5. 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.
6. 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 November 15, 1993, at 1308 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
By:, / Get -zy�9
Paula N. Auburn, President
ATTEST:
1W
heo F. S p, Sec tary
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