HomeMy WebLinkAboutNo. 0853 reducing the annual rental on the lease for the St. Joseph/Wayne Parking facility and approving the execution of an addendum to the leaseResolution No. 853
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION REDUCING THE ANNUAL RENTAL ON THE LEASE
FOR THE ST. JOSEPH /WAYNE PARKING FACILITY AND APPROVING
THE EXECUTION OF AN ADDENDUM TO THE LEASE
WHEREAS, the South Bend Redevelopment Authority (the "Authority ")
previously entered into a Lease between the Authority and the South
Bend Redevelopment Commission (the "Commission ") dated as of June 1,
1988 (the "Lease "), pursuant to which the Commission will lease a new
parking facility to be known as the St. Joseph /Wayne Parking Facility
(the "Facility ") to be constructed by or on behalf of the Authority;
and
WHEREAS, bids were received on July 26, 1988, for the sale of
$4,575,000.00 of Lease Rental Revenue Bonds (Parking Facility
Project) (the "Bonds ") for the construction of the Facility; and
WHEREAS, the lowest and best bid was received from Bank One,
Indianapolis, N.A. ( "Bank One "), as the bidder offering the lowest
net interest cost to the Authority, determined by computing the total
interest on all of the Bonds from the date thereof to their maturi-
ties and deducting therefrom the premium bid, if any, or adding
thereto the amount of any discount, if any, with a net interest rate
of 7.7868 %, which bid was accepted; and
WHEREAS, this will result in a lower annual Lease payment; and
WHEREAS, the Commission desires to approve and execute an adden-
dum to the Lease (the "Addendum "), a copy of which is hereby attached
as Exhibit "A ", reflecting such lower annual Lease payments;
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION, AS FOLLOWS:
1. The Lease shall be amended to reduce the annual rental
payment to $463,000.00 per year payable in semi- annual installments
Of $231,500.00 on June 28 and December 28 of each year during the
term of said Lease.
2. All remaining terms, covenants and conditions as set forth
in said Lease shall remain in full force and effect.
3. The President and Secretary of the Commission are hereby
authorized and directed to execute and attest, respectively, the
Addendum.
4. This resolution shall be in full force and effect after its
adoption by the Authority.
ADOPTED at a meeting of the South Bend Redevelopment Commission
held on July 29, 1988, at the office of the Commission, 1200 County -
City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601, this 29th day of July, 1988.
ATTEST:
Roman Piasecki, decritary
SOUTH BEND REDEVELOPMENT COMMISSION
v
Jay Nim z, Pres ident
ADDENDUM TO LEASE
SOUTH BEND REDEVELOPMENT AUTHORITY
TO
SOUTH BEND REDEVELOPMENT COMMISSION
f (Parking Garage Facility)
THIS ADDENDUM, made and entered into as of this 29th
day of July
, 1988, by and between the South Bend
Redevelopment Authority, a body corporate and politic organized
and existing under Indiana Code 36 -7 -14.5 (hereinafter with its
successors and assigns referred to as "Authority "), and the South
Bend Redevelopment Commission (hereinafter called "Lessee "),
WITNESSETH:
In consideration of the mutual covenants herein
contained, it is agreed that the Lease (Parking Garage Facility)
previously entered into between said parties as of the 1st day of
June, 1988, shall be amended as follows:
1. Rental Payments. The Lessee agrees to pay rental
for said premises at the rate of Four Hundred Sixty -three
Thousand Dollars ($463,000) per year during the term of the
Lease. Rental installments shall be payable under the terms and
conditions as provided in said Lease in semiannual installments
of Two Hundred Thirty -one Thousand Five Hundred Dollars
($231,500) on June 28 and December 28 of each year.
2. Validity. 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 1st day
of June, 1988 shall remain in full force and effect.
EXHIBIT "A"
IN WITNESS WHEREOF, the parties hereto have caused this
Addendum to Lease to be executed for and on their behalf on the
day and year first hereinabove written.
SOUTH BEND REDEVELOPMENT AUTHORITY
Y , �; /I - () ( 1/1 1, �-'
Thomas J. Va a, Jr., President
ATTEST:
/11ti Z____�'
Chris Davey, S cretary- Treasurer
SOUTH BEND REDEVELOPMENT COMMISSION
�Y Jay Nimt President
ATTEST:
ILA
V., �p
Roman Piasecki, Secretary
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for
said County and State, personally appeared Thomas J. Varga, Jr.,
and Chris Davey, personally known to me as the President and
Secretary- Treasurer, respectively, of South Bend Redevelopment
Authority, and acknowledged the execution of the foregoing
Addendum to Lease for and on behalf of said Authority.
nn Witness my hand and Notarial Seal this day of
1988.
(Seal)
My commission expires:
�-, 0 ;-1- /- 9/
f fsew County Resident
�jN E oz-/; , Notary Public
-2-
i
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for
i' said County and State, personally appeared F. Jay Nimtz and Roman
Piasecki, personally known to me to be the President and
Secretary, respectively, of South Bend Redevelopment Commission,
and acknowledged the execution of the foregoing Addendum to Lease
for and on behalf of said Commission.
Witness my hand and Notarial Seal this day of
198B.
Notary Public
(Seal)
My commission expires:
County Resident
This instrument was prepared by Thomas A. Pitman, 810 Fletcher
Trust Building, Indianapolis, Indiana 46204.
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