HomeMy WebLinkAboutNo. 1029 approving the execution of an addendum to the lease dated 6/1/88 between the SBRC and the SBRA for the Stanley Coveleski Regional Stadium facilityRESOLUTION NO. 1029
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE DATED
AS OF JUNE 1, 1988 BETWEEN THE SOUTH BEND REDEVELOPMENT
COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY
FOR THE STANLEY COVELESRI REGIONAL STADIUM FACILITY
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 the
aggregate principal amount of Four Million Two Hundred Eighty
Thousand Dollars ($4,280,000) pursuant to IC 36 -7- 14.5 -19 to be
known as the "South Bend Redevelopment Authority Taxable Lease
Rental Revenue Bonds (Coveleski Stadium Refunding)" (the "Taxable
Bonds "), the proceeds of which are.to be used to refund the South
Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds
(Coveleski Stadium Project) issued by the Authority in 1988, and
to pay the costs of issuance of the Taxable Bonds; and
WHEREAS, the Authority previously entered into a lease
between the Authority and the Commission dated as of June 1, 1988
(the "Lease "), which Lease was heretofore approved by this
Commission, and pursuant to which the Authority leases to the
Commission the land and stadium facility located thereon known as
the "Stanley Coveleski Regional Stadium (the "Facility "); and
WHEREAS, the Commission desires to approve and execute
an addendum to the Lease (the "Addendum "), a copy of which is
hereby attached 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 of the Commission is
authorized to execute said Addendum. The Lease shall be amended
effective as of the date when the Authority deposits or causes to
be deposited proceeds derived from the sale of the Taxable 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 December 1, 1991, to reduce the annual
rental payments to the amounts listed in paragraph three of the
Addendum payable in semi - annual installments in the amounts and on
the dates listed in paragraph four of 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 November 22, 1991 at the office of the
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
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Bv:
ATTEST:
Michael Donoho, Secretary
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Paula N. Auburn, President
FORM OF ADDENDUM TO LEASE
Addendum to Lease Between
South Bend Redevelopment Authority, as Lessor,
and South Bend Redevelopment Commission, as Lessee
(Stadium Facility)
THIS ADDENDUM, entered into as of the 1st day of
November, 1991 (the "Addendum "), between South Bend Redevelopment
Authority, a body corporate and politic organized and existing
under IC 36 -7 -14.5 (the "Authority "), and South Bend Redevelopment
Commission (the "Lessee "),
WITNESSETH:
In consideration of the mutual covenants herein
contained, it is agreed that the lease previously entered into
between the Lessee as of June 1, 1988 and which was recorded in
the office of the Recorder of St. Joseph County, Indiana (the
"Lease "), shall be amended as follows:
1. Section 3 of the Lease is amended to read as
follows:
Section 3. Rental Payments. (a) During the term of this
Lease, the Lessee agrees to pay rental for said premises at the
total yearly rate provided for in the total yearly rental amount
schedule attached hereto as Exhibit C. Such rental shall be paid
from the Stadium Principal and Interest Account of the
Redevelopment District Bond Fund. All rentals payable under the
terms of this Lease shall be paid to the Trustee or to such other
bank or trust company as may from time to time succeed the Trustee
under the Trust Agreement. All payments so made shall be
considered as payments to the Authority of the rental payable
hereunder. The Lessee shall receive a credit on such rental
payment in an amount equal to the amount then in the South Bend
Redevelopment Authority Stadium Facility Sinking Fund created by
Section 3.01 of the Trust Agreement. The Lessee shall also receive
credit for any Bond maturing within seven (7) days of the date of
the lease rental payment. (b) As additional rental included in
the amounts listed in Exhibit C, the Lessee agrees to pay all fees,
charges and reimbursement of expenses of the Trustee under the
Trust Agreement and all prudent charges and expenses of the
Authority incurred in the performance of its obligations hereunder.
2. Section 4 of the Lease is amended to read as
follows:
Section 4. Rental Payment Dates. The first rental
installment in the amount of Four Hundred Sixty -Four Thousand Six
Hundred Dollars ($464,600) shall be due on February 28, 1992.
Thereafter such rentals shall be payable in advance in semiannual
installments on February 28 and August 28 of each year as provided
for in the lease payment schedule attached hereto as Exhibit D.
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3. The Lease is amended to include the following as
Exhibit C:
Exhibit D:
EXHIBIT C
TOTAL YEARLY RENTAL AMOUNT SCHEDULE
FOR THE STADIUM FACILITY LEASE
Year Amount
1992
$929,200
1993
934,200
1994
932,200
1995
929,400
1996
925,200
1997
462,700
4. The Lease is amended to include the following as
EXHIBIT D
LEASE PAYMENT SCHEDULE FOR
STADIUM FACILITY LEASE
Payment Date
Amount
02 -28 -92
$464,600
08 -28 -92
464,600
02 -28 -93
467,100
08 -28 -93
467,100
02 -28 -94
466,100
_..._ 08 -28 -94
466,100
02 -28 -95
464,700
08 -28 -95
464,700
02 -28 -96
462,600
08 -28 -96
462,600
02 -28 -97
462,700
5. The parties hereto acknowledge that all remaining
terms, covenants and conditions as set forth in the lease between
the parties hereto and executed as of the first day of June, 1988
shall remain in full force and effect.
6. This Addendum shall take effect as of the date (the
"Deposit Date ") when the Authority deposits or causes to be
deposited proceeds derived from the sale of its South Bend
Redevelopment Authority Taxable Lease Rental Revenue Bonds
(Coveleski Stadium Refunding) into an escrow fund established
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pursuant to an Irrevocable Escrow Deposit Agreement, such Agreement
to be dated as of December 1, 1991, between the Authority and
Norwest Bank Indiana, N.A. for the purpose of redeeming the South
Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds
(Coveleski Stadium Project) , dated September 1, 1988. Such Deposit
Date shall be endorsed on this Addendum at the end hereof by the
parties hereto as soon as the same can be done after the deposit
into the Escrow Fund and the Addendum shall be recorded as so
endorsed.
IN WITNESS WHEREOF, the undersigned have caused this
Addendum to be executed for and on their behalf on the day and year
first hereinabove written.
ATT ST:
Donald Fewell, Secretary
ATTEST:
ichael Donoho, Secretary
SOUTH BEND REDEVELOPMENT AUTHORITY,
as Lessor
J eph W. Wroblewski, President
SOUTH BEND REDEVELOPMENT COMMISSION,
as Lessee
By:
Paula N. Auburn, President
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STATE OF INDIANA )
SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for
said State, personally appeared Joseph W. Wroblewski and Donald
Fewell personally known by me to be the President and Secretary,
respectively, of the South Bend Redevelopment Authority and
acknowledged the execution of the foregoing Lease for and on behalf
of said Redevelopment Authority.
WITNESS my hand and Notarial Seal this 0-�-� day of
Aye," k(- -- , 1991.
(.SEAL;
Nay commission expires:
I an a resident of
County, Indiana.
(Written ignature)
Z Me-- 2-,l I �-_ ';0f/ ?,e 3
(Printed Signature)
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STATE OF INDIANA )
SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for
said State, personally appeared Paula N. Auburn and Michael Donoho
personally known by me to be the President and Secretary,
respectively, of the South Bend Redevelopment Commission and
acknowledged the execution of the foregoing Lease for and on behalf
of such Redevelopment Commission.
WITNESS my hand and Notarial Seal this 0---)-, -W day of
to ( SEAL)
(Written ignature)
C ft� A- / L. /L ?/-t 11�V 5
(Printed Signature)
My commission expires:
I an a resident of
County, Indiana.
This instrument was prepared by Randolph R. Rompola, Baker &
Daniels, 205 West Jefferson Boulevard, South Bend, Indiana 46601.
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