HomeMy WebLinkAboutNo. 2454 approving a proposed Lease with the South Bend Redevelopment Authorityfor certain land and public improvements, approving preliminary plans, specifications and cost estimates, setting a public hearing on the proposed Lease (Century Center)RESOLUTION N0.2454
SOUTH BEND REDEVELOPMENT
RESOLUTION OF THE
COMMISSION APPROVING A PROPOSED LEASE BETWEEN THE
SOUTH BEND REDEVELOPMENT AUTHORITY, AS LESSOR, AND
THE REDEVELOPMENT COMMISSION, AS LESSEE, FOR CERTAIN
LAND AND PUBLIC IMPROVEMENTS, APPROVING PRELIMINARY
PLANS, SPECIFICATIONS AND COST ESTIMATES, SETTING A
PUBLIC HEARING ON THE PROPOSED LEASE PURSUANT TO
INDIANA CODE 36-7-14-25.2, AND AUTHORIZING PUBLICATION OF
NOTICE OF THE PUBLIC HEARING AND RELATED MATTERS
WHEREAS, the South Bend Redevelopment Commission (the "Commission"),
governing body of the South Bend Department of Redevelopment and the South Bend
Redevelopment District (the "Redevelopment District"), exists and operates under the provisions
of Indiana Code 36-7-14, as amended from time to time (the "Act"); and
WHEREAS, the Commission has adopted various resolutions (i) declaring
certain real estate in the Redevelopment District, known as the South Bend Central Development
Area (the "Area"), to be a redevelopment area within the meaning of the Act, determining that it
would be of public utility and benefit to redevelop the Area pursuant to a development plan, as
amended, and (ii) designating the Area as an allocation area having boundaries as described in
Declaratory Resolution No. 137, as amended; and
WHEREAS, the Common Council of the City (the "Common Council")
previously adopted an ordinance creating the South Bend Redevelopment Authority (the
"Authority") pursuant to Indiana Code 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 Commission; and
WHEREAS, the Authority previously entered into a lease by and between the
Authority and the Commission dated as of November 1, 1993, as amended by an Addendum to
Lease dated as of June 3, 1994 (collectively, the "Lease"), which Lease was heretofore approved
by the Commission, and pursuant to which the Authority leases to the Commission certain real
estate and local public improvements at the Century Center; and
WHEREAS, the Commission desires to undertake certain additional local public
improvements located in the Area including, without limitation, the following improvements to
the Century Center: the addition of skylight safety film, the replacement of boilers and chillers,
repairs on Island Park, the replacement of the fire alarm and security systems, the renovation of
seven (7) restrooms, the renovation of C Hall, the replacement of the roofs, site lighting
additions, exterior masonry work, and additional enhancements to the building, grounds and
streetscape including, but not limited to, street level and river level interior and exterior signage,
13DDB01 5233022v I
enhancement to the upper level offices, and enhancement to the front of building and viewing
park and related improvements (collectively, the "2008 Project"); and
WHEREAS, there has been presented to the Commission at this meeting a form
of proposed second addendum to the Lease with the Authority for lease of the 2008 Project; and
WHEREAS, the preliminary plans, specifications and cost estimates for the 2008
Project have been filed with the Commission; and
WHEREAS, the Commission desires to approve the proposed second addendum
to the Lease and publish notice of public hearing and conduct a public hearing on the proposed
second addendum to the Lease pursuant to Section 25.2 of the Act; and
WHEREAS, after the public hearing, the Commission may adopt a reSOlutlOn
pursuant to Section 25.2 of the Act authorizing the execution of the proposed second addendum
to the Lease on behalf of the City of South Bend, Indiana (the "City"), if it finds that the service
to be provided throughout the term of the proposed lease will serve the public purpose of the
City and is in the best interests of its residents and the lease rental provided for is fair and
reasonable;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby approves the preliminary plans, specifications
and cost estimates which have been filed with the Commission and the form of second
addendum to the Lease filed with the Commission and attached hereto as Exhibit A.
2. The Commission hereby determines that the 2008 Project is not a
"controlled project" as such term is defined by Indiana Code 6-1.1-20-1.1 because the
Commission reasonably expects to pay the lease payments from funds other than property taxes
that are exempt from the levy limitations of Indiana Code 6-1.1-18.5, such other funds being tax
increment and other revenues made available to the Commission for such purpose.
3. The Commission hereby schedules the public hearing on the second
addendum to the Lease to be held at the special meeting of the Commission scheduled for June
13, 2008, at 10:00 a.m. (local time).
4. The Commission hereby authorizes the publication of a notice of public
hearing on the second addendum to the Lease pursuant to Indiana Code 5-3-1.
5. The Secretary of the Commission is hereby directed to transmit to the
Common Council a copy of this resolution and to file with said Common Council an approving
ordinance for the purpose of said Common Council's finding, prior to execution of the proposed
second addendum to the Lease, that the rental payments under the proposed second addendum to
the Lease are fair and reasonable and approving the proposed second addendum to the Lease.
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6. 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
May ~ (•; , 2008, at the County-City Building, Room 1308, 227 West Jefferson Boulevard, South
Bend, Indiana.
SOUTH BEND REDEVELOPMENT
COMMISSION
By:
President i~arcia ones
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SECOND ADDENDUM TO THE LEASE
DATED AS OF NOVEMBER 1, 1993
Between
SOUTH BEND REDEVELOPMENT AUTHORITY
and
TH BEND REDEVELOPMENT COMMISSION
SOU
DATED AS OF JUNE 1, 2008
(Century Center 2008 Project)
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INDEX
Page
Section 1. Definitions ...................................................................... ...............................................1
Section 2. Lease of 2008 Project ..................................................... ...............................................2
Section 3. Rental Payments ............................................................. ...............................................2
Section 4. Rental Payment Dates and Amounts .............................. ...............................................2
Section 5. Abatement of Rent .......................................................... ............................................... 3
Section 6. Net Lease ........................................................................ ............................................... 4
Section 7. Nonliability of Authority ............................................... ................................................ 4
Section 8. Alterations ..................................................................... ................................................4
Section 9. Insurance ........................................................................ ................................................4
Section 10. Use of Insurance and Condemnation Proceeds ........... ................................................5
Section 11. Liability Insurance ....................................................... ................................................ S
Section 12. General Insurance Provisions ...................................... ................................................ 5
Section 13. General Covenants ....................................................... ................................................5
Section 14. Option to Purchase ...................................................... .................................................6
Section 15. Defaults ....................................................................... .................................................6
Section 16. Notices ........................................................................ ................................................. 6
Section 17. Construction of Covenants ......................................... .................................................7
Section 18. Successors or Assigns ................................................. .................................................7
Exhibit A 2008 Project Description
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• LEASE
This Second Addendum to Lease entered into as of the 1St day of June, 2008,
between the SOUTH BEND REDEVELOPMENT AUTHORITY, a body corporate and politic
organized and existing under Indiana Code 36-7-14.5 (the "Authority") and the SOUTH BEND
REDEVELOPMENT COMMISSION, the governing body of the City of South Bend
Department of Redevelopment and the Redevelopment District of the City of South Bend,
Indiana (the "Lessee"), acting for and on behalf of the City of South Bend, Indiana.
WITNESSETH:
Section 1. Definitions. The terms defined in this Section 1 shall for all purposes
of this Lease have the meanings herein specified unless the context otherwise requires and shall
supplement the definitions contained in the Lease.
"2008 Bonds" means South Bend Redevelopment Authority Lease Rental
Revenue Bonds (Century Center 2008 Project).
"2008 Century Center Principal and Interest Account" means the account
by that name created in the Redevelopment District Bond Fund by the 2008 Lease
Resolution.
"2008 Lease Resolution" means the resolution of the Commission passed
on , 2008, establishing funds for the payment of lease rentals.
al estate includin all ri ht-of-way easements
"2008 Project" means the re ( g g
contained therein) in St. Joseph County, Indiana, and the local public improvements to be
completed thereon by the Authority or its agent according to the plans and specifications
prepared by its consultants, all as described in Exhibit A hereto. The above mentioned
plans and specifications may be changed and additional construction work may be
performed and improvements may be purchased by the Authority, but only with the
approval of the Lessee, and only if such changes or modifications or additional
construction work or improvements do not alter the character of the 2008 Project or
reduce the value thereof. Any such additional construction work or additional
improvements shall be part of the property covered by this Lease. The above-mentioned
plans and specifications have been filed with and approved by the Lessee.
"Trust Agreement" means the Trust Agreement dated as of ,
2008, between the Authority and the Trustee, securing the 2008 Bonds.
"Trustee" means the financial institution selected to serve as trustee
pursuant to the Trust Agreement, and any successor trustee.
Any term not defined herein, which is defined in the 2008 Lease Resolution or in
the Trust Agreement, shall have the meaning as defined in such resolution or agreement.
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Section 2. Lease of 2008 Project. In consideration of the rentals and other terms
i and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the
2008 Project: TO HAVE AND TO HOLD the same with all rights, privileges, easements and
appurtenances thereunto belonging, unto the Lessee for a term not to exceed (___)
years, beginning on the date the 2008 Project is acquired and ready for use and ending on the day
prior to such date at most (~ years thereafter. However, the term of this Lease
shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment
of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to
finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such
refunding obligations. The date the 2008 Project is complete and ready for use shall be endorsed
on this Lease at the end hereof by the parties hereto as soon as the same can be done after such
completion date and such endorsement shall be recorded as an addendum to this Lease. The
Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate
in fee simple or an insurable right-of-way easement subject only to Permitted Encumbrances, to
the above-described real estate, and the Authority warrants and will defend the same against all
claims whatsoever not suffered or caused by the acts or omissions of the Lessee.
Section 3. Rental Payments.
(a) During the term of this Lease, the Lessee agrees to pay rental for
said premises as set forth in Section 4 hereof. Such rental shall be paid from the 2008
Century Center Principal and Interest Account of the Redevelopment District Bond Fund.
All rentals payable under the terms of this Lease shall be paid to the Trustee or to such
other bank or trust company as may from time to time succeed the Trustee under the
Trust Agreement. All payments so made shall be considered as payments to the
Authority of the rentals payable hereunder. The Lessee shall receive credit for any Bond
maturing within seven (7) days of the date of the lease rental payment, at the face value
thereof, which the Lessee acquires and delivers to the Trustee as a part of its lease rental
payment; and
(b) As additional rental the Lessee agrees to pay all fees, charges and
reimbursement of expenses of the Trustee under the Trust Agreement and all prudent
charges and expenses of the Authority incurred in the performance of its obligations
hereunder.
Section 4. Rental Payment Dates and Amounts. The first semiannual rental
installment in the amount of and 00/100 Dollars
($ .00) shall be due on the day that the 2008 Project is acquired and ready
for use or , 20 ,whichever is later. If acquisition is later than ,
20 ,the first installment shall be in an amount which provides for rental at the rate of
$ .00 for the semiannual period in which the 2008 Project is acquired and ready for
use, prorated from the date of completion until the first or following
such date of completion. Thereafter such rentals shall be payable in advance in semiannual
installments of $ .00 on and of each year.
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The last semiannual rental payment due before the expiration of this Lease shall
be adjusted to provide for rental at the amount specified above for the applicable semiannual
period prorated from the date such installment is due to the date of the expiration of this Lease
(without taking into account any subsequent early termination of this Lease pursuant to Section 2
hereof).
After the sale of the 2008 Bonds issued by the Authority to pay the cost of the
2008 Project and other expenses incidental thereto, the sum of the first and second semiannual
rental installments and the sum of the third and fourth semiannual rental installments, and so on,
shall be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000.00) next
highest to the highest sum of principal and interest due in any year ending on a Bond maturity
date on such 2008 Bonds plus Three Thousand Dollars ($3,000), payable in equal semiannual
installments, assuming for such purposes that the semiannual rental installment payable
following acquisition of the 2008 Project is due on 20_. Such amount of
reduced annual rental shall be endorsed on this Lease at the end hereof by the parties hereto as
soon as the same can be done after the sale of said 2008 Bonds, and such endorsement shall be
recorded as an addendum to this Lease.
The Lessee will not take any action or fail to take any action that would result in
the loss of the exclusion from gross income for federal tax purposes of interest on the 2008
Bonds pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the
Code ), as in effect on the date of delivery of the 2008 Bonds, nor will the Lessee act in any
manner which would adversely affect such exclusion. The Lessee further covenants that it will
• not make any investment or do any other act or thing during the period that any Bond is
outstanding hereunder which would cause any Bond to be an "arbitrage bond" within the
meaning of Section 148 of the Code and the regulations thereunder as in effect on the date of
delivery of the 2008 Bonds. All officers, members, employees and agents of the Lessee are
authorized and directed to provide certifications of facts and estimates that are material to the
reasonable expectations of the Lessee as of the date the 2008 Bonds are issued and to enter into
covenants on behalf of the Lessee evidencing the Lessee's commitments made herein.
Section 5. Abatement of Rent. In the event that all or a portion of the 2008
Project shall be damaged or destroyed so as to render the damaged or destroyed portion of the
2008 Project unfit for its intended use, it shall then be the obligation of the Authority to restore
and reconstruct the damaged or destroyed portion of the 2008 Project as promptly as may be
done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in
the opinion of an independent registered architect, registered engineer, construction manager or
contractor selected by the Lessee and acceptable to the Trustee, (i) the cost of such restoration or
reconstruction does not exceed the amount of the proceeds received by the Authority from the
insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such
restoration or reconstruction can be completed within the period of time covered by the rental
value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the
proceeds received from the insurance provided for in Section 9 hereof shall be applied to the
option to purchase price provided for in Section 14 hereof. The rental shall be abated pro rata for
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the period during which the damaged or destroyed portion of the 2008 Project is unfit for its
intended use.
Section 6. Net Lease. It is expressly understood and agreed that this Lease shall
be what is known as a net lease (i.e., the rent being absolutely net to the Authority and that all
other expenses in connection with the 2008 Project of any nature whatsoever shall be those of the
Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses
without reimbursement from the Authority all costs of taxes and assessments, if any, and
maintenance, operation and use in connection with or relating to the 2008 Project, including but
not limited to all costs and expenses of all services, repair or replacement of all parts of the 2008
Project or improvements of the 2008 Project.
Section 7. Nonliability of Authority. The Authority shall not be liable for
damage caused by hidden defects or failure to keep the 2008 Project in repair and shall not be
liable for any damage done or occasioned by or from plumbing, gas, water, or other pipes or the
bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for
damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the
Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the
2008 Project howsoever arising. The Authority shall not be liable for damage to the Lessee's
property or to the property of any sublessee of the Lessee or of any other person which may be
located in, upon or about the 2008 Project.
Section 8. Alterations. Lessee shall have the right, without the consent of the
Authority, to make all alterations, modifications and additions and to do all improvements it
deems necessary or desirable to the 2008 Project, which do not reduce the rental value of the
2008 Project.
Section 9. Insurance. The Lessee, at its own expense, will, during the full term of
the Lease, keep the 2008 Project insured against physical loss or damage, however caused, with
such exceptions as are ordinarily required by insurers of properties of a similar type, in good and
responsible insurance companies acceptable to the Authority. Such insurance shall be in an
amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred percent
(100%) of the full replacement cost of such 2008 Project as certified by a registered architect, a
registered engineer, or professional appraisal engineer, selected by the Authority with the
approval of the Trustee, on the effective date of this Lease and on or before the first day of April
of each year thereafter; provided that such certification shall not be required so long as the
amount of such insurance shall be in an amount at least equal to the option to purchase price.
Such appraisal may be based upon a recognized index of conversion factors. In no event shall
the insurance be in an amount which causes the Lessee to be a co-insurer for the 2008 Project.
Such insurance may contain a provision for a deductible in an amount not exceeding $25,000.
Lessee agrees to pay the deductible amount of any loss to the Authority. A blanket public
institutional property insurance form may be used if:
(a) the insurance on the 2008 Project is not less than the amount
required by this Section,
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BDDBOI 5233044v1 - 4
(b) the Lessee subordinates its claim for damage or destruction to
other buildings or improvements to claims for damage or destruction of the 2008 Project,
and
(c) the insurance proceeds related to damage to or destruction of the
2008 Project are payable to the Trustee.
During the full term of this Lease, the Lessee will also, at its own expense, maintain rental or
rental value insurance in an amount at least equal to the full rental specified in Section 4 for a
period of two (2) years against physical loss or damage of the type insured against pursuant to
the preceding requirements of this Section. Such policies shall be for the benefit of and shall be
made payable to the Trustee.
Section 10. Use of Insurance and Condemnation Proceeds. Proceeds of insurance
against damage to or destruction of the 2008 Project or proceeds of any condemnation of the
2008 Project shall be paid to and held by the Trustee and used to pay for reconstruction or
replacement of the 2008 Project in accordance with plans approved by the Authority and the
Lessee, unless the Lessee elects to exercise its option to purchase.
Section 11. Liabilit~Insurance. The Lessee shall, at all times during the full term
of this Lease, keep in effect, public liability and property damage insurance, insuring the Lessee,
the Authority and the Trustee in amounts customarily carried for similar properties. Such
insurance may be provided under the public liability self-insurance program of the City of South
• Bend.
Section 12. General Insurance Provisions. All insurance policies required by
Sections 9 and 11, shall be with insurance companies rated B+ or better by A.M. Best Company
(or a comparable rating service if A.M. Best company ceases to exist or rate insurance
companies), and shall be countersigned by an agent of the insurer who is a resident of the State
of Indiana, and such policies, or copies thereof, and the certificate of the architect or engineer
referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the
Lessee fails to maintain insurance in accordance with Sections 9 and 11, such insurance may be
obtained by the Authority, or may be obtained by the Trustee, and the amount paid for such
insurance shall be added to the amount of rental payable by the Lessee under this Lease;
provided, however, that neither the Authority nor the Trustee shall be under any obligation to
obtain such insurance, and any action or non-action of the Authority or Trustee in this regard
shall not relieve the Lessee of any consequences of a default in failing to obtain such insurance.
Section 13. General Covenants. The Lessee shall not assign this Lease. The
Lessee covenants that, except for Permitted Encumbrances, it will not encumber the 2008
Project, or permit any encumbrance to exist thereon, and that it shall use and maintain the 2008
Project in accordance with the laws and ordinances of the United States of America, the State of
Indiana, and all other proper governmental authorities. The Authority agrees that it will, at the
request of the Lessee, execute and deliver to or upon the order of the Lessee such instrument or
instruments as may be reasonably required by the Lessee in order to subject the 2008 Project, or
the Authority's interest therein, to such encumbrances as shall be specified in such request and as
BDDBOI 5233044v1 - 5
shall be permitted by the provisions of this Section 13 or otherwise by the definition of
"Permitted Encumbrances".
Section 14. Option to Purchase. The Authority hereby grants Lessee the right
and option, on any rental payment date, upon thirty days' written notice to the Authority, to
purchase the 2008 Project at a price equal to the amount required to enable the Authority to
provide for the redemption of all outstanding 2008 Bonds, all premiums payable on the
redemption thereof, and accrued and unpaid interest, and to pay the cost of redeeming the 2008
Bonds and liquidating the Authority if it is to be liquidated.
Upon request of the Lessee, the Authority agrees to furnish an itemized statement
setting forth the amounts required to be paid by the Lessee on the next rental payment date in
order to purchase the 2008 Project in accordance with the preceding paragraph.
If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee
that portion of the purchase price which is required to provide for the payment of all the 2008
Bonds, including all premiums payable on the redemption thereof, accrued and unpaid interest
thereon and the costs of redemption thereof. Such payment shall not be made until the Trustee
gives to the Lessee a written statement that such amount will be sufficient to retire all 2008
Bonds including all premiums payable on the redemption thereof and accrued and unpaid
interest.
The remainder of such purchase price, if any, shall be paid by the Lessee to the
Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under
any obligation to purchase the 2008 Project, or under any obligation in respect to any creditors or
bondholders of the Authority.
If the Lessee has not exercised its option to purchase the 2008 Project at the
expiration of the term of the Lease and upon the full discharge and performance by the Lessee of
its obligations under this Lease, the Authority shall execute a deed of the 2008 Project to the
Lessee conveying good and merchantable title thereto, subject only to Permitted Encumbrances.
Section 15. Defaults. If the Lessee shall (a) default in the payment of any rentals
or other sums payable to the Authority hereunder, or in the payment of any other sum herein
required to be paid for the Authority, (b) fail to comply with the terms set forth in the 2008 Lease
Resolution, or (c) default in the observance of any other covenant, agreement or condition
hereof, and such default under (c) shall continue for ninety (90) days after written notice to
correct the same, then, in any of such events, the Authority may proceed to protect and enforce
its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for
specific performance of any covenant or agreement contained herein or for the enforcement of
any other appropriate legal or equitable remedy.
Section 16. Notices. Whenever either party shall be required to give notice to the
other under this Lease, it shall be sufficient service of such notice to deposit the same in the
United States mail, in an envelope duly stamped, registered and addressed to the other party at its
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last known place of business. A copy of any notice shall be mailed by first-class mail to the
Trustee at its last known place of business.
Section 17. Construction of Covenants. All provisions contained herein shall be
construed in accordance with the provisions of the Act and to the extent of inconsistencies, if
any, between the covenants and agreements in this Lease and the provisions of the Act, the
provisions of said Act shall be deemed to be controlling and binding upon the parties.
Section 18. Successors or Assigns. All covenants of this Lease, whether by the
Authority or the Lessee, shall be binding upon the successors and assigns of the respective
parties hereto.
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IN WITNESS WHEREOF, the parties hereto have caused this Second Addendum
. to Lease to be executed for and on their behalf as of the day and year first hereinabove written.
By:
ATTEST:
Secretary-Treasurer
SOUTH BEND REDEVELOPMENT
AUTHORITY
President
SOUTH BEND REDEVELOPMENT
COMMISSION
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By:
President
ATTEST:
Secretary
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BDDBOI 5233044v1 - g -
STATE OF INDIANA )
SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
and ,personally known by me to be
the President and Secretary-Treasurer, respectively, of the South Bend Redevelopment Authority, and
acknowledged the execution of the foregoing Second Addendum to Lease for and on behalf of said
Authority.
WITNESS my hand and Notarial Seal this day of , 200_.
(SEAL) (Written Signature)
(Printed Signature)
My commission expires:
Resident of St. Joseph County, Indiana
STATE OF INDIANA )
SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
and ,personally known by me to be
the President and Secretary, respectively, of the South Bend Redevelopment Commission, and
acknowledged the execution of the foregoing Second Addendum to Lease for and on behalf of said
Commission.
WITNESS my hand and Notarial Seal this day of , 200_.
(SEAL) (Written Signature)
(Printed Signature)
My commission expires:
Resident of St. Joseph County, Indiana
"I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security
number in this document unless required by law."
This instrument was prepared by Randolph R. Rompola, BAKER & DANIELS LLP, 202 South Michigan
Street, Suite 1400, South Bend, Indiana 46601.
BDDBOI 5233044v1 - 9 -
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EXHIBIT A
2008 PROJECT DESCRIPTION
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The 2008 Project consists of certain local public improvements including, without limitation, the
following improvements to the Century Center: the addition of skylight safety film, the
replacement of boilers and chillers, repairs on Island Park, the replacement of the fire alarm and
security systems, the renovation of seven (7) restrooms, the renovation of C Hall, the
replacement of the roofs, site lighting additions, exterior masonry work, and additional
enhancements to the building, grounds and streetscape including, but not limited to, street level
and river level interior and exterior signage, enhancement to the upper level offices, and
enhancement to the front of building and viewing park and related improvements.
BDDB01 5233044v 1
B-1