HomeMy WebLinkAboutNo. 0901 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related mattersRESOLUTION NO. 901
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 November 16, 1989, 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 November 16, 1989, 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
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WHEREAS, on November 17, 1989, the Commission approved the
proposed lease, scheduled a public hearing on the lease to be held on
December 8, 1989 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 Seven Hundred Forty -Nine Thousand Dollars ($749,000) per
year in semiannual installments beginning on the day the Project is
completed and ready for use, or July 31, 1991, 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 Seven Hundred
Forty -Nine Thousand Dollars ($749,000) per year in semiannual
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installments beginning on the day the Project is completed and ready
for use, or July 31, 1991, 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 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.
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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 December 8, 1989, at the office of the Commission, 1200
County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
By.
. Jay Nim z, Presi2lent
ATTEST:
r
Roman Piasecki, Secretary
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