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HomeMy WebLinkAbout1999-03-01 Resolution 132• RESOLUTION NO. 132 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE NOTES (DOWNTOWN PROPERTY ACQUISITION PROJECT), APPROVING A PROPOSED LEASE FOR CERTAIN LAND TO BE ACQUIRED WITH THE PROCEEDS THEREOF, APPROVING PRELIMINARY PLANS AND COST ESTIMATES AND 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, corporate 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 intends to issue notes in the aggregate amount of One Million Eight Hundred Thousand Dollars ($1,800,000) to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Notes (Downtown Property Acquisition Project)" (the "Notes") through the Department of Housing and Urban Development's Section 108 Loan Guarantee Program, the proceeds of which are to be used to finance the acquisition of real property generally located at the corner of Main and Jefferson in South Bend, Indiana, and removal of improvements located thereon (the "Main and Jefferson Portion") and the acquisition of real property generally located at the southeast corner of Monroe and Lafayette in South Bend, Indiana, which has been targeted for the construction of a new Studebaker National Museum (the "Studebaker Lot Portion") (collectively referred to as the "Project"); and WHEREAS, the preliminary plans and cost estimates for the Project have been filed • with the Authority and the Authority desires to approve them; and • L' WHEREAS, the Authority desires to enter into and adopt a proposed lease to be dated as of March 1, 1999, with the South Bend Redevelopment Commission (the "Commission") in the form presented at this meeting, a copy of which is attached hereto as Exhibit A, for the purpose of paying the principal and interest on its Notes issued to finance the Project, pursuant to IC 36-7-14.5- 19; NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of the Project, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, the Notes in the aggregate principal sum not to exceed One Million Eight Hundred Thousand Dollars ($1,800,000). Section 2. The Notes shall bear interest at a rate or rates not exceeding eight percent (8%) per annum and shall mature serially on August 1 in the-years and in the amounts as follows: Year Amount Year Amount 2003 $200,000 2008 $200,000 2004 200,000 2009 200,000 2005 200,000 2010 200,000 2006 200,000 2011 200,000 2007 200,000 Section 3. The Notes maturing on or after August 1, 2009, may be redeemed prior to maturity, at the option of the Authority, from any moneys made available for that purpose, by • prepaying the principal amount of the Note in accordance with its terms. ::ODMA\PCDOCS\SBDOCSl\32703\2 -2- C7 Section 4. The President, Vice President, and Secretary of this Authority and each of them is hereby authorized to take all such actions and to execute all such instruments as are desirable to carry outthe 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. Section 5. The provisions of this Resolution shall constitute a contract between the Issuer and the holders of the Notes, and, after the issuance of the Notes, this Resolution shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as the Notes or the interest thereon remains unpaid. Section 6. The Authority hereby approves the preliminary plans and cost • estimates for the Project. Section 7. The Authority hereby approves the proposed lease between the Authority and the Commission to be dated as of March 1, 1999, in the form presented at this meeting and as attached hereto as Exhibit A. Section 8. The President is authorized to appoint an escrow agent for the purpose • of receiving semi-annual lease rental payments from the Commission and making principal and interest payments on the Notes to HUD's fiscal agent pursuant to the terms of the Notes. The President and Secretary are hereby authorized to enter an agreement in a form acceptable to said officers upon the advice of counsel for such purpose. :ODMA\PCDOCS\SBDOCSI\32703\2 -3- • ADOPTED at a meeting of the Authority held on March 1, 1999, at 1308 County- City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. ATTEST: ~ ~ ~.__. os Alvarez, Secretary, :7 CITY OF SOUTH BEND REDEVELOPMENT AUTHORITY Carolyn Pfotenh -, Presi ~- -4- ::ODMA\PCDOCS\SBDOCSI\32703\2