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Home My WebLink About8473-94 Approving Issuance of Lease Rental Revenue Bonds South Bend Redevelopment Authority ORDINANCE No. 8473-94 Passed by the Common Council of the City of South Bend, Indiana- March 14, 94 '9 Attest: City Clerk IRENE K. GAMMON Attest: // I / President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana March 15, 94 ig City Clerk IRENE K. GAMMON Approved and signed by me 37117 ig� 61'2°4— Mayor ORDINANCE NO. "972-934 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING OF THE ISSUANCE OF LEASE RENTAL REVENUE BONDS BY THE SOUTH BEND REDEVELOPMENT AUTHORITY STATEMENT OF PURPOSE AND INTENT: The South Bend Redevelopment Authority (the "Authority") at a meeting on November 4, 1993, adopted Resolution No. 85, which, among other things, approved a proposed lease between the Authority and the South Bend Redevelopment Commission (the "Commission") to be dated as of November 1, 1993, for certain land and public improvements consisting of the Century Center to be acquired by the Authority and improvements to be constructed thereto (the "Century Center Portion") and a facility to house the College Football Hall of Fame to be constructed by the Authority on land either owned or to be acquired by the Authority (the "Hall of Fame Portion") (collectively the "Project") , and directed the Secretary of the Authority to file a copy of said lease, as approved, with the Commission. The Authority also adopted on November 4, 1993, Resolution No. 84, which, among other things, indicated the Authority's intent to issue its Lease Rental Revenue Bonds subject to the approval of this Common Council following the completion of the lease approval proceedings. The Commission, at a meeting on November 5, 1993, approved the proposed lease, scheduled a public hearing on said lease to be held on November 15, 1993, pursuant to IC 36-7-14-25.2, and authorized the publication of a notice of public hearing on said lease pursuant to IC 5-3-1. On November 15, 1993, said public hearing was held and all interested parties were provided the opportunity to be heard at the hearing. The Commission, at its meeting on November 15, 1993, adopted Resolution No. 1199 finding, pursuant to IC 36-7-14.5-14, that (i) the annual rental payments to be paid by the Commission for the Hall of Fame Portion to the Authority pursuant to the lease, in semiannual installments beginning on the day the Hall of Fame Portion is completed and ready for use, or January 25, 1996, whichever is later, and (ii) the annual rental payments to be paid by the Commission for the Century Center Portion to the Authority pursuant to the lease, in semiannual installments beginning on the day the Century Center Portion is completed and ready for use, or January 25, 1996, whichever is later, the total of which annual rental payments shall not exceed Three Million Eight Hundred Thousand and 00/100 Dollars ($3,800, 000.00) per year, are fair and reasonable, and finding, pursuant to IC 36-7-14-25.2, that the use of the Project throughout the term of the lease will serve the public purpose of the City of South Bend and is in the best interests of its residents. The Common Council approved said lease, pursuant to IC 36-7-14-25.2, with the adoption of Ordinance No. 8437-93 on November 29, 1993. Subsequent to the adoption of Ordinance No. 8437-93, the State Board of Tax Commissioners issued its order dated November 24, 1993, approving of the execution of said lease, upon which the Authority and Commission executed said lease. Notice of execution of the lease was published pursuant to IC 36-7-14-25.2 and IC 5- 1-3 on December 3, 1993. No objecting petition was filed with the County Auditor following such publication within thirty (30) days as permitted by IC 36-7-14-25.2. The Commission has adopted a resolution approving of the issuance of lease rental revenue bonds (the "Bonds") by the Authority to complete the Project and recommending to the Common Council that the Common Council adopt an ordinance approving of the issuance of such Bonds. The Common Council now desires to approve of the issuance of the Bonds by the Authority to finance the Project. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: 1. The Common Council approves of the issuance of the Bonds by the Authority to complete the Project. 2. This Ordinance shall be in full force and effect from and after passage by the Common Council and approval by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA Me . : of the Co ;;4' i Council Filed In Clerk's Office rrrompola\sthbend\hallofam\ordinanc.bon;2-5-94 a-► 4- FEB 0 9 1994 PL E .3//9 /?V MEM GAMMON .; rr r::;.;rw 3/, 5/ /9 V -2- CITY CLERK SO.SEND,01. T ; D PASSED 3/, 5`�9$e • *''SOUTH�B` r /1',/ �' .-. U 4 \� � Z \�., .. s � d -..� PEACE ; City of South Bend ,, :;;,t))' Joseph E. Kernan. Mayor rt 1865 Department of Administration and Finance Kevin C. Horton February 8, 1994 Mrs. Ann Puzzello, President South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Re: An Ordinance of the Common Council of the City of South Bend, Indiana, Approving the Issuance. of Lease Rental Revenue. Bonds by the South Bend Redevelopment Authority Dear Mrs. Puzzello: I am pleased to present for filing an Ordinance of the Common Council of the City of South Bend, Indiana, approving the issuance of Lease Rental Revenue Bonds_ by the South Bend Redevelopment Authority. You will recall, and as set forth in the Statement of Purpose and Intent of this ordinance_, the South Bend Common Council, in November of 1993, approved the execution of a lease between the South Bend Redevelopment Authority and South Bend Redevelopment Commiss.ien concerning the. College Football Ha..11. of Fame and Century Center acquisition and improvement project. At the time of its approval of the lease, the Common Council reserved. the right to approve the issuance of bonds by the South. Bend Redevelopment Authority to finance this project. The ordinance I hereby present for filing expresses the approval of the Common Council to the. Redevelopment. Authority's issuance of those bonds. You will note that this ordinance indicates that the South Bend Redevelopment_ Commission has. adopted_ a resolution approving the issuance of bonds by the Authority. The Commission has not, as of this date, considered nor taken action on such a resolution. The matter will be presented to the Redevelopment County-City Building • South Bend, Indiana 46601 • 219/235-9216 Fax 219/235-9928 Catherine A.Hubbard Jeffrey A.Rinard Isabel Gonzalez Ronalda Minnis Gatha Vaughn Director Human Resources Finance Director Safety&Risk Manager Benefits Manager Barrett Law Ms. Ann Puzzello Page Two February 8, 1994 Commission, however, prior to such time as the Common Council will be asked to conduct its public hearing on the above- referenced ordinance. Your favorable consideration is respectfully requested. Please do not hesitate to contact me if you have any questions. Sincerely, C41/1 "--- Kevin C. Horton City Controller KCH/jl Attachment PUZZ.LTR • Utummtttrp &rpnrt In the &mou n (IIounril of the MitiJ of Ooutll Ernd: Your Committee of the Whole to whom was referred BILL NO. 14-94 SECOND READING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING OF THE ISSUANCE OF LEASE RENTAL REVENUE BONDS BY THE SOUTH BEND REDEVELOPMENT AUTHORITY. Respectfully report that they have examined the matter and that in their opinion This bill has been recommended to the Council favorable. Roland Kelly Chairman