HomeMy WebLinkAboutNo. 0959 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related mattersRESOLUTION NO. 959
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AUTHORIZING THE EXECUTION OF
A LEASE FOR CERTAIN LAND AND
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 August 2, 1990, adopted a
resolution indicating its intent to issue its South Bend
Redevelopment Authority lease rental revenue bonds for the purpose
of obtaining money for the cost of certain land and public
improvements and related expenses (the "Project ") pursuant to
IC 36 -7- 14.5 -19; and
WHEREAS, on August 30, 1990, the Authority adopted a
resolution approving a proposed lease between the Authority and the
Commission for certain land and public improvements and filed a
copy of the proposed lease with the Commission; and
WHEREAS, on August 31, 1990, the Commission approved the
proposed lease, scheduled a public hearing on the lease to be held
on September 14, 1990, at 10:00 a.m. (local time), at the office
of the Commission and authorized the
publication of a notice of
public hearing on the lease 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 rent to the
Authority (the "Rental Payments "), pursuant to the terms of the
lease, at a rate not to exceed Nine Hundred Thousand Dollars
($900,000) per year in semiannual installments beginning on the day
the Project is completed and ready for use, or January 28, 1992,
whichever is later, through expiration of the lease;
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.
2. The Rental Payments to be paid by the Commission,
pursuant to the terms of the lease, at a rate not to exceed Nine
Hundred Thousand Dollars ($900,000) per year in semiannual
installments beginning on the day the Project is completed and
ready for use, or January 28, 1992, whichever is later, through
expiration of the lease, are fair and reasonable, and the use of
the Project throughout the term of the lease will serve the public
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purpose of the City of South Bend and is in the best interests of
its residents.
3. The Secretary of the Commission is hereby directed
to transmit to the South Bend Common Council a copy of this
Resolution and to file with said Common Council an approving
ordinance for the purpose of said Council's finding, prior to
execution of the lease, that the Rental Payments are fair and
reasonable and approving the lease.
4. The President, Vice President and Secretary of the
Commission, and each of them, is hereby authorized and directed 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,
subsequent to passage of said approving ordinance of the Common
Council.
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 September 14, 1990, at the office of the
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IN
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
F. Jay 1mtz, sident
ATTEST:
i
Roman iasecki, Secretary
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