HomeMy WebLinkAbout1994-03-15 Resolution 88. RESOLUTION NO. 88
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
REAFFIRMING ITS INTENT TO ISSUE REDEVELOPMENT AUTHORITY
LEASE RENTAL REVENUE BONDS AND REGARDING OTHER RELATED MATTERS
WHEREAS, the South Bend Redevelopment Authority (the
"Authority") adopted Resolution No. 63 on August 28, 1992,
indicating its intent for purposes of the Treasury Regulations to
reimburse certain preliminary expenditures with respect to the
construction and equipping of the College Football Hall of Fame in
a maximum amount not to exceed Three Million and 00/100 Dollars
($3,000,000.00); and
WHEREAS, the South Bend Redevelopment Authority (the
• "Authority") at a meeting on November 4, 1993, adopted Resolution
No. 84 establishing: (i) its intent to issue its South Bend
Redevelopment Authority Lease Rental Revenue Bonds (the "Bonds")
to finance the construction and equipping of the College Football
Hall of Fame and the acquisition of and construction of
improvements to and expansion of the Century Center (collectively,
the "Project") subject to the approval of the Common Council of the
City of South Bend, Indiana (the "Common Council"), following
completion of the approval process for the Lease described herein
and (ii) its intent that preliminary costs incurred by or on behalf
of the Authority and the Commission in financing the construction
of improvements to and expansion of the Century Center be
reimbursed from proceeds of the Bonds; and
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WHEREAS, the Authority at its meeting on November 4,
1993, also adopted Resolution No. 85 approving a proposed lease
between the Authority and the South Bend Redevelopment Commission
(the "Commission") to be dated as of November 1, 1993 (the
"Lease"), for the Project; and
WHEREAS, the South Bend Redevelopment Commission (the
"Commission") on November 15, 1993, held a public hearing on the
Lease for the Project, at which all interested parties were
provided the opportunity to be heard, after which hearing the
Commission adopted Resolution No. 1199 finding that the rental
payments to be paid by the Commission pursuant to the Lease are
fair and reasonable and that the use of the Project throughout the
term of the Lease will serve the public purpose of the City of
South Bend, Indiana (the "City") and is in the best interests of
its residents; and
WHEREAS, the Common Council at a meeting on November 29,
1993, and after a public hearing, adopted Ordinance No. 8437-93
approving the Lease; and
WHEREAS, the State Board of Tax Commissioners issued its
order dated November 24, 1993, approving of the execution of the
Lease, upon which the Authority and Commission executed and
published notice of execution of the Lease; and
WHEREAS, no objecting petition was filed with the County
Auditor following the publication of such notice of execution of
the Lease within thirty (30) days as permitted by I.C.
36-7-14-25.2; and
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WHEREAS, the Commission adopted Resolution No. 1235 at
a special meeting on March 11, 1994, approving of the issuance of
the Bonds by the Authority and recommending that the Common Council
adopt an ordinance approving of the issuance of the Bonds; and
WHEREAS, the Common Council has adopted an ordinance at
its meeting on March 14, 1993, approving of the issuance of the
Bonds by the Authority; and
WHEREAS, the Authority desires to reaffirm its intent to
issue the Bonds to finance the Project and desires to enter into
an Agency Agreement with the City by and through its Board of
Public Works (the "Board of Works") in the form of the Agency
Agreement presented at this meeting to provide for the construction
of the Project by the Board of Works and other related matters; and
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Authority as follows:
1. The Authority hereby reaffirms its intent to issue
its Bonds pursuant to IC 36-7-14.5 for the purpose of financing the
construction of the Project and ratifies all earlier actions taken
by the Authority to indicate its intent to issue the Bonds and to
reimburse preliminary expenditures incurred in connection with the
Project from proceeds of the Bonds.
2. The Authority hereby approves of the execution of
the Agency Agreement with the City South Bend, Indiana, by and
through its Board of Public Works in the form presented to this
meeting. Further, the Authority ratifies and confirms all actions
taken by the Board of Works prior to the date of this meeting on
behalf of the Authority to complete the Project. The Secretary of
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. the Authority is hereby directed to file a copy of the executed
Agency Agreement with the Board of Public Works.
3. This resolution shall be in full force and effect
from and after its adoption by the Authority.
ADOPTED at a meeting of the South Bend Redevelopment
Authority held on March 15, 1994, at 455 County-City Building, 227
West Jefferson, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT AUTHORITY
By : ~-
S ~~- u> , ~~n~ ~~ cc~'.r~ ~' ,
President
ATTEST:
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