HomeMy WebLinkAboutNo. 3133 continuing funds and accounts in connection with Nov 1, 1993 Lease Century Center 2008 ProjectRESOLUTION NO. 3133
RESOLUTION OF THE
SOUTH BEND REDEVELOPMENT COMMISSION
CONTINUING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF NOVEMBER 1, 1993, AS AMENDED,
BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION
AND THE SOUTH BEND REDEVELOPMENT AUTHORITY
FOR THE CENTURY CENTER 2008 PROJECT
AND REGARDING RELATED MATTERS
WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has
been created pursuant to IC 36 -7 -14.5 as a separate body, corporate and politic, and as an
instrumentality of the City of South Bend, Indiana, to finance local public improvements for
lease to the South Bend Redevelopment Commission (the "Commission "); and
WHEREAS, the Authority intends to issue its lease rental revenue refunding
bonds in an aggregate principal amount expected not to exceed Five Million One Hundred
Thousand and 00 /100 Dollars ($5,100,000.00) pursuant to IC 36 -7- 14.5 -19 and IC 5 -1 -5
(collectively, the "Act ") to be known as the "South Bend Redevelopment Authority Lease Rental
Revenue Refunding Bonds, Series 2013 (Century Center Project)" (the "Bonds "), the proceeds of
which will be used to advance refund the South Bend Redevelopment Authority Lease Rental
Revenue Bonds of 2008 (Century Center Project) (the "2008 Bonds "), and to pay the costs of
issuance of the Bonds; and
WHEREAS, the Authority previously entered into a lease between the Authority
and the Commission dated as of November 1, 1993, which lease was amended by the Addendum
to Lease dated as of June 3, 1994, and further amended by the Second Addendum to Lease dated
as of June 1, 2008, and which Second Addendum to Lease was amended by an Addendum to
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Lease dated as of November 12, 2008 (collectively, the "Lease "), which Lease was heretofore
approved by this Commission, and pursuant to which the Authority leases to the Commission
certain local public improvements, including the Century Center and related improvements; and
WHEREAS, the St. Joseph County Hotel -Motel Tax Board of Managers (the
"Board of Mangers ") adopted a resolution on June 4, 2008, pledging a portion of the Hotel-
Motel Tax Revenues (the "Hotel Motel Tax Revenues ") distributed to the Board of Managers
annually by the County Treasurer pursuant to Indiana Code 6 -9 -1 -6 to the payment of the rentals
due under the Lease; and
WHEREAS, the Board of Managers will continue to make distributions of the
Hotel -Motel Tax Revenues to be used to pay the rentals due under the Lease; and
WHEREAS, the Commission desires to confirm certain funds and accounts for
the payments of the rentals owed by the Commission pursuant to the Lease; and
WHEREAS, the Commission, by Resolution No. 2525 adopted at a meeting on
November 7, 2008, established certain funds and accounts for the payment of the rentals owed
by the Commission pursuant to the Lease (the "Pledge Resolution "); and
WHEREAS, the Commission anticipates it will be necessary to enter into an
addendum to the Lease following the sale of the Bonds to reflect changed rental payments due
under the Lease and to make certain other changes to the Lease; and
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Commission as follows:
Section 1. The -Commission hereby authorizes, approves and ratifies the
issuance, sale and delivery of the Bonds by the Authority in a maximum aggregate principal
amount not to exceed Five Million One Hundred Thousand and 00 /100 Dollars ($5,100,000.00)
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at a maximum interest rate not to exceed five percent (5.0 %). The issuance of the Bonds will
provide a savings to the Authority and the Commission.
Section 2. The Commission hereby covenants and agrees to keep and
maintain those funds and accounts created by the Pledge Resolution, such funds and accounts
consisting of a Century Center 2008 Lease Principal and Interest Account (the "Lease Account "),
and such other accounts as the Commission may from time to time establish to pay the rentals
owed by the Commission pursuant to the Lease as the same may be amended. The Commission
will deposit into the Lease Account the Hotel -Motel Tax Revenues received by the Commission
from the Board of Managers. The Hotel -Motel Tax Revenues deposited into the Lease Account
shall be used solely by the Commission solely for the payment of the rentals due under the
Lease.
Section 3. Following the sale of the Bonds, the President or Vice - President
and Secretary of the Commission are hereby authorized to execute and attest, respectively, an
addendum to the Lease to reflect the reduced rental payments due under the Lease and make any
other changes necessary to reflect the issuance of the Bonds upon the advice of counsel to the
Commission.
Section 4. This Resolution shall be in full force and effect after its adoption
by the Commission.
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ADOPTED at a meeting of the South Bend Redevelopment Commission held on
March 28, 2013, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana, 46601.
SOUTH BEND
REDEVELOPMENT COMMISSION
Marcia I. Jones, P ident
ATTEST:
arner, Vice - President
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