HomeMy WebLinkAbout1988-04-14 Resolution 3l
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RESOLUTION NO. 3
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
ACCEPTING ASSIGNMENT OF AN OPTION TO PURCHASE THE STANLEY
COVELESKI REGIONAL STADIUM AND APPROVING'A PROPOSED LEASE
FOR THE STADIUM BETWEEN.THE SOUTH BEND REDEVELOPMENT
AUTHORITY AND THE SOUTH BEND REDEVELOPMENT'COMMISSION
WHEREAS,. the South Bend Redevelopment Authority (the "Authority")
at a meeting on March 10,_ 1988, adopted Resolution No. 1, which,
among other things, indicated ,its intent to issue its Redevelopment
Authority revenue bonds, for purposes 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, Indiana (the "Park Board") adopted a resolu-
tion on April 12, 1988, assigning its option to purchase Security
Pacific National Bank's. ("Security .Pacific") right, title and inte-
rest in-and to the Stadium pursuant to Section 8.01(b) of the AGREE-
• MENT 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 l5, 1986 and March 2, 1988 (the "Lease, as amended"), to
the Authority;. and
WHEREAS, the Authority desires to enter into and adopt a proposed
Lease to be dated as of June 1, 1988, with the. South Bend Redevelop-
ment Commission (the''"Commission") in the form presented at this
meeting for the purposes of paying the principal and interest on its
Redevelopment Authority revenue bonds issued to exercise said option
to purchase pursuant to I.C. 36-7-14.5-19.
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NOW, THEREFORE,-BE IT RESOLVED-BY THE SOUTH BEND REDEVELOPMENT
• AUTHORITY AS FOLLOWS:
1. The Authority hereby accepts assignment of the option to
purchase all of Security Pacific's right, title and interest in and
to the Stadium .pursuant to Section 8.01 (b) of the Lease, as"amended.
2. The Authority hereby approves the proposed Lease between the
Authority and the Commission. to be dated as of June 1, 1988, in the
form presented at this meeting.
3. The Secretary of the Authority is hereby directed to file a
copy of the proposed Lease, as approved, with the Commission.
4. This resolution shall be in .full force and effect after its
adoption by the Authority.
ADOPTED at a meeting of the South Bend Redevelopment Authority
held on April 14,.1988, at the office of the Authority, 1200 County-
• City Building, 227 West Jefferson Boulevard, South Bend, Indiana.
:CITY OF SOUTH BEND REDEVELOPMENT
AUTHORITY
By: ~~.~~
Thomas V ga, President
ATTEST:
Chris Davey, Se retary
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