HomeMy WebLinkAboutNo. 0841 authorizing the execution of a lease for the St. Joseph/Wayne parking facility on behalf of the City of South Bend and other related mattersA.; A
RESOLUTION NO. 841
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AUTHORIZING THE EXECUTION OF A LEASE
FOR THE ST. JOSEPH /WAYNE PARKING FACILITY 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 the purpose of obtaining money for the cost of con-
structing the St. Joseph /Wayne Parking Facility (the "Parking Faci-
lity") pursuant to I.C. 36 -7- 14.5 -19; and
WHEREAS, on April 14, 1988, the Authority adopted ted a resolution
approving a proposed Lease between the Authority and the Commission
for the lease of the Parking Facility and filed a copy of the pro-
posed Lease with the Commission; and
WHEREAS, on April 15, 1988, the Commission approved the proposed
Lease, 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
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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 Five Hundred and Twenty Thousand Dollars ($520,000.00) per
year in semi - annual installments beginning on the day the Parking
Facility is completed and ready for occupancy, or December 28, 1989,
whichever is later, 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 sub-
stance as the President or Vice President of this Commission shall
approve, such approval to be conclusively evidenced by the execution
thereof.
Section 2. The Rental Payments to be paid by the Commis-
sion, pursuant to the terms of the Lease, at a rate not to exceed
Five Hundred and Twenty Thousand Dollars ($520,000.00) per year in
semi- annual installments beginning on the day the Parking Facility is
completed and ready for occupancy, or December 28, 1989, whichever is
later, through expiration of the Lease, are fair and reasonable, and
the use of the Parking Facility 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.
Section 3. The Secretary of the Commission is hereby
directed to transmit to the South Bend Common Council a copy of this
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Resolution and to file with said Common Council an approving ordi-
nance 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
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 forms as the President, Vice President and
Secretary executing the same shall deem proper, to be evidenced by
the execution thereof.
ADOPTED, this /-day of l� �� , 1988.
ATTEST:
Roman Piasecki, Secretary
SOUTH BEND REDEVELOPMENT COMMISSION
`�F. Jay N1 tz, P esident
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