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HomeMy WebLinkAboutNo. 2431 continuing certain funds and accounts in connection with the Lease dates as of May 1, 1997 as amended by an Addendum to Lease dated January 15, 1998 with the Redevelopment Authority for the Morris Performing Arts Center project• RESOLUTION NO. 2431 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION CONTINUING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF MAY 1, 1997, AS AMENDED BY AN ADDENDUM TO LEASE DATED JANUARY 15, 1998, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY FOR THE MORRIS PERFORMING ARTS CENTER PROJECT 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 to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); WHEREAS, the Authority intends to issue bonds in an aggregate principal amount not to exceed Eight Million and 00/100 Dollars ($8,000,000.00) pursuant to IC 36-7-14.5-19 and IC 5-1-5 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2008 (Morris Performing Arts Center Project)" (the "Bonds"), the proceeds of which are to be used to currently refund the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Morris Performing Arts Center Project) issued by the Authority in 1998, and to pay the costs of issuance of the Bonds; WHEREAS, the Authority previously entered into a lease between the Authority and the Commission dated as of May 1, 1997, which lease was amended by the Addendum to Lease entered into between the Authority and the Commission and dated as of January 15, 1998 (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, [3DD1301 ~093~49v2 namely the Morris Performing Arts Center, which includes the Morris Civic Center and certain portions of the Palais Royale facility in South Bend, Indiana, and related improvements; WHEREAS, the Commission anticipates it will consider for approval an addendum to the Lease (the "Addendum") following the sale of the Bonds to reflect lower rental payments under the Lease; and WHEREAS, the Commission, by Resolution No. 1572 adopted at a meeting on January 16, 1998, established certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease (the "Pledge Resolution"); NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Commission as follows: Section 1. 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 Morris Civic Center Project Principal and Interest Account (the "Morris Civic Center Principal and Interest 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 by the Addendum. Section 2. The Commission hereby acknowledges and restates its obligation pursuant to the Pledge Resolution to levy in each calendar year a special tax upon all of the taxable property in the City of South Bend Redevelopment District in a total amount sufficient, together with all other funds in the Morris Civic Center Project Principal and Interest Account deposited into such account from any other sources (other than such special taxes) during the previous 12 calendar months prior to August 1 of such calendar year, to pay all lease rental payments payable in the 12-month period beginning on July 1 of the following calendar year BDDBOI ~093549v2 - 2 - • pursuant to Section 4 of the Lease (the "Three Payment Test"). Such taxes shall be deposited in the Morris Civic Center Project Principal and Interest Account and such taxes and any other funds in the Morris Civic Center Project Principal and Interest Account shall be irrevocably pledged for the purposes set forth in this Resolution. Section 3. This Resolution shall be in full force and effect after its adoption by the Commission. • ***** I3DDB01 ~093549v2 - 3 - t ADOPTED at a meeting of the South Bend Redevelopment Commission held on January 18, 2008, in Room 1308, County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION By: Marcia Jones, President • • ATTEST: Gre es, etar [3DD[301 5093549v2 -4-