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HomeMy WebLinkAboutNo. 0842 authorizing the execution of a lease for the Stanley Coveleski Regional Stadium on behalf of the City of South Bend and other related matters-I RESOLUTION NO. 842 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF A LEASE FOR THE STANLEY COVELESKI REGIONAL STADIUM 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 I.C. 36 -7 -14.5 as a separate body, cor- porate 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 March 10, 1988, adopted a resolution indicating its intent to issue its South Bend Redevelopment Authority revenue bonds for purposes of refinancing the Stanley Coveleski Re- gional Stadium (the "Stadium ") pursuant to I.C. 36 -7- 14.5 -19; and WHEREAS, the Board of Park Commissioners of the Park District of the City of South Bend on April 12, 1988, adopted a Resolution as- signing its option to purchase ( "Option to Purchase ") all of Security Pacific National Bank's ( "Security Pacific ") right, title and in- terest in and to the Stadium to the Authority; and WHEREAS, on April 14, 1988, the Authority adopted a resolution accepting assignment of the Option to Purchase all of Security Paci- fic's right, title and interest in and to the Stadium pursuant to Sec- tion 8.01(b) of the AGREEMENT FOR LEASE WITH PURCHASE OPTION BETWEEN SECURITY PACIFIC NATIONAL BANK AND THE BOARD OF PARK COMMISSIONERS OF THE PARK DISTRICT OF THE CITY OF SOUTH BEND, INDIANA, dated December 9, 1985, as amended on September 15, 1986 and March 2, 1988; and WHEREAS, on April 14, 1988, the Authority adopted a resolution approving a proposed Lease between the Authority and the Commission ac .. _ . for the lease of the Stadium and filed a copy of the proposed Lease with the Commission; and WHEREAS, on April 15, 1988, the Commission approved the proposed Lease and scheduled a public hearing on the Lease to be held on April 29, 1988, at 10:00 o'clock a.m., Eastern Standard Time, at the office of the Commission, and authorized the publication of a notice of public hearing on the Lease pursuant to I.C. 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 One Million Dollars ($1,000,000.00) per year in semi - annual installments through expiration of the Lease; NOW, THEREFORE, BE IT RESOLVED, BY THIS COMMISSION AS FOLLOWS: Section 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 his execution thereof. Section 2. The Rental Payments to be paid by the Commission pursuant to the Lease, at a rate not to exceed One Million Dollars ($1,000,000.00) per year in semi- annual installments through expira- tion of the Lease, are fair and reasonable, and the use of the Sta- dium throughout the term of the Lease will serve the public purpose -2- of the City of South Bend and is in the best interests of its resi- dents. Section 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. Section 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 I.C. 6 -1.1- 18.5 -8, subsequent to passage of said approving ordinance of the Common Council. Section 5. The President, Vice President and Secretary of the aw 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 forms as the President, Vice President and Secretary executing the same shall deem proper, to be evidenced by the execution thereof. ADOPTED this -V day of , 1988. SOUTH BEND REDEVELOPMENT COMMISSION By • _ &A ` ATTEST: Jay Nimt , Pre ident Roman Piasecki, Secretary -3-