HomeMy WebLinkAboutNo. 0840 approving a proposed lease between the SBRA and the SBRC for the Stanley Coveleski Regional Stadium, setting a public hearing on the proposed lease pursuant to IC 36-7-14-25.2 and authorizing publication of notice of the public hearingRESOLUTION NO. 840
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING A PROPOSED LEASE BETWEEN THE
SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND
REDEVELOPMENT COMMISSION FOR THE STANLEY COVELESKI REGIONAL
STADIUM, SETTING A PUBLIC HEARING ON THE PROPOSED LEASE
PURSUANT TO I.C. 36 -7 -14 -25.2, AND AUTHORIZING
PUBLICATION OF NOTICE OF THE PUBLIC HEARING
WHEREAS, the South Bend Redevelopment Authority (the "Authority ")
on March 10, 1988, adopted a resolution indicating its intent to issue
its Redevelopment Authority revenue bonds for the purpose of obtaining
money to pay for the costs of refinancing the Stanley Coveleski
Regional Stadium (the "Stadium "); and
WHEREAS, the Board of Park Commissioners of the Park District of
the City of South Bend (the "Park Board ") on April 12, 1988, adopted a
resolution assigning its option to purchase ( "Option to Purchase ") all
of Security Pacific National Bank's right, title and interest in and
to the Stadium to the Authority for purposes of facilitating the
exercise of said Option to Purchase as provided for in Section 8.01(b)
of the AGREEMENT FOR LEASE WITH PURCHASE OPTION BETWEEN SECURITY
PACIFIC NATIONAL BANK AND THE PARK BOARD dated December 9, 1985 and
amended on September 15, 1986 and March 2, 1988; and
WHEREAS, on April 14, 1988, the Authority adopted a resolution
accepting the assignment of the Option to Purchase from the Park Board
and approved a proposed Lease between the Authority and the South Bend
Redevelopment Commission (the "Commission ") for the lease of the
,,Stadium; and
WHEREAS, the Authority has filed the proposed Lease with the Com-
mission, a copy of which is attached hereto as Exhibit "All; and
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WHEREAS, the Commission desires to approve the proposed Lease,
schedule a public hearing, publish notice of public hearing and con-
duct a public hearing on the proposed Lease pursuant to I.C.
tw 36 -7 -14 -25.2; and
WHEREAS, after the public hearing the Commission may adopt a
resolution pursuant to I.C. 36 -7 -14 -25.2 authorizing the execution of
the proposed Lease on behalf of the City of South Bend if it finds
that the service to be provided throughout the term of the proposed
Lease will serve the public purpose of the City of South Bend, is in
the best interests of its residents and the Lease rental provided for
is fair and reasonable.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission hereby approves the proposed Lease between the
Authority and the Commission to be dated as of June 1 1988.
2. The Commission hereby schedules the 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 located at 1200 County -
City Building, 227 West Jefferson Boulevard, South Bend, Indiana.
3. The Commission hereby authorizes the publication of a notice
of public hearing on the Lease pursuant to I.C. 5 -3 -1.
4. This resolution shall be in full force and effect after
adoption by the Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission
held on April 15, 1988 at the office of the Commission located at 1200
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County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
B
F. Jay mtz, Presiden
ATTEST:
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Roman Piasecki, Secretary
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