HomeMy WebLinkAboutNo. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he•
RESOLUTION NO. ~..~ ~ ~
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
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 IC 36-
7-14-25.2, AND AUTHORIZING PUBLICATION OF NOTICE
OF THE PUBLIC HEARING
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 Northeast Neighborhood
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 entire Area as an allocation area
("Allocation Area No. 1 ") having boundaries as described in Declaratory Resolution No. 2016,
as amended; and
WHEREAS, the Commission has amended this designation so that a portion of
the Area and Allocation Area No. 1 are deemed a housing program named the "Northeast
Neighborhood Development Area Housing Program" and a housing allocation area named the
"Northeast Neighborhood Development Area, Allocation Area #2" ("Allocation Area No. 2");
and
WHEREAS, Kite Realty Group, L.P. has proposed a mixed use development
commonly known as the Eddy Street Commons development encompassing approximately
twenty-three (23) acres located in the City of South Bend adjacent to the University of Notre
Dame campus and which mixed use development is proposed to include the following: retail
shops, apartment homes, office space, one full service hotel with conference facilities and three
floors of condominiums, one limited service hotel, condominium homes in four different product
types, open space and a parking garage structure (collectively, the "Development"); and
WHEREAS, the Commission desires to undertake certain local public
improvements in support of the Development in or serving the Area including, without
~ooBOi a9os~s2~i
• limitation: a parking garage structure; the reconstruction and/or the extension of Eddy, Burns,
Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary
and storm sewers and site preparation; the extension and upgrading of electrical, telephone and
high speed Internet services; other related services including, without limitation, engineering and
geotechnical testing; and related improvements (collectively, the "Project"); and
WHEREAS, the Common Council of the City has 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, there has been presented to the Commission at this meeting a form
of proposed lease with the Authority for lease of the Project ;and
WHEREAS, the preliminary plans, specifications and cost estimates for the
Project have been filed with the Commission; and
WHEREAS, the Commission desires to approve the proposed lease and publish
notice of public hearing and conduct a public hearing on the proposed lease pursuant to Section
25.2 of the Act; and
WHEREAS, after the public hearing, the Commission may adopt a resolution
pursuant to Section 25.2 of the Act authorizing the execution of the proposed 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 tiled with the Commission and the form of lease filed with
the Commission and attached hereto as Exhibit A.
2. The Commission hereby determines that the Project is not a "controlled
project" as such term is defined by IC 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 IC 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 lease to be
held at the regular meeting of the Commission scheduled for November 2, 2007, at 10:00 a.m.
(local time).
•
BDDBOI 4905182v1 - 2 -
4. The Commission hereby authorizes the publication of a notice of public
hearing on the lease pursuant to IC 5-3-1.
5. This resolution shall be in full force and effect after its adoption by the
Commission.
•
•
*****
[3DDB01 4905182v1 - 3 -
Adopted at a meeting oI~ the South Bend Redevelopment Commission held on
October ~(, 2007, at the County-City Building, Room 1308, 227 West Jefferson Boulevard,
South Bend, Indiana.
SOUTH BEND REDEVELOPMENT
COMMISSION
By:
President Mar ' a I . Jones
ATTEST:
ret , Gregory S . D es
•
[3DDB01 490~182v1 ' 4
•
Resolution No, 2387
Exhibit A
Form of Lease
C]
•
LEASE
Between
SOUTH BEND REDEVELOPMENT AUTHORITY
and
SOUTH BEND REDEVELOPMENT COMMISSION
DATED AS OF OCTOBER 15, 2007
(Eddy Street Commons Project)
•
BDDBOI 4905105v1
S INDEX
Page
Section 1. Definitions ..................................................................................................................... 1
Section 2. Lease of Project ............................................................................................................. 2
Section 3. Rental Payments ............................................................................................................ 3
Section 4. Rental Payment Dates and Amounts ............................................................................. 3
Section 5. Abatement of Rent ......................................................................................................... 4
Section 6. Net Lease ....................................................................................................................... 4
Section 7. Nonliability of Authority ............................................................................................... 4
Section 8. Alterations ..................................................................................................................... 5
Section 9. Insurance ........................................................................................................................ 5
Section 10. Use of Insurance and Condemnation Proceeds ........................................................... 5
Section 11. Liability h>surance ....................................................................................................... 5
Section 12. General Insurance Provisions ...................................................................................... 6
Section 13. General Covenants ....................................................................................................... 6
Section 14. Option to Purchase ....................................................................................................... 6
Section 15. Defaults ....................................................................................................................... .7
Section 16. Notices ........................................................................................................................ . 7
Section 17. Construction of Covenants ......................................................................................... .7
Section 18. Successors or Assigns ................................................................................................. .7
Exhibit A Permitted Encumbrances
Exhibit B Project Description
BDDBOI 4905105v1
LEASE
This Lease entered into as of the 15~h day of October, 2007, 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.
"Act" means Indiana Code 36-7-14.5, as the same from time to time may
be amended or supplemented.
"Authority" means the South Bend Redevelopment Authority, a body
corporate and politic organized and existing under the Act, or if said Authority shall be
abolished, the authority, board, body, instrumentality or agency succeeding to the
principal functions thereof.
"Bonds" means South Bend Redevelopment Authority Lease Rental
Revenue Bonds (Eddy Street Commons Pmject).
"Eddy Street Commons Principal and Interest Account" means the
account by that name created in the Redevelopment District Bond Fund by the Lease
Resolution.
"Lease" means this Lease as the same may be amended, modified or
supplemented by any amendments or modifications hereof or supplements hereto entered
into in accordance with the provisions hereof.
"Lessee" means 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, or if said Commission shall
be abolished, the commission, board, body or agency succeeding to the principal
functions thereof.
"Lease Resolution" means the resolution of the Commission passed on
2007, establishing funds for the payment of lease rentals.
"Permitted Encumbrances" means those items listed in Exhibit A hereto
and any future (a) liens for taxes not then delinquent, (b) this Lease and the Trust
Agreement, leases, subleases and other agreements permitted pursuant to Section 13
hereof, (c) utility, access and other easements and rights-of--way, restrictions and
exceptions that Lessee certifies will not interfere with or impair the Project, (d) any
mechanics', laborers', materialmen's, suppliers' or vendors' lien or right in respect thereof
BDDBO l 4905105v l
if payment is not yet due and payable and (e) such minor defects, irregularities,
encumbrances, easements, rights-of--way and clouds on title as do not, in the opinion of
the Trustee, materially impair the Authority's title or Lessee's use of the Project.
"Project" means the real estate (including all right-of--way easements
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 B 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 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.
"Redevelopment District Bond Fund" means the Redevelopment District
Bond Fund of Lessee authorized by Indiana Code 36-7-14-27 and the Lease Resolution.
"Trust Agreement" means the Trust Agreement dated as of ,
2007, between the Authority and the Trustee, securing the 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 Lease Resolution or in the
Trust Agreement, shall have the meaning as defined in such resolution or agreement.
Section 2. Lease of Project. In consideration of the rentals and other terms and
conditions herein specified the Authority does hereby lease, demise and let to the Lessee the
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 Twenty-five (25)
years, beginning on the date the Project is complete and ready for use and ending on the day
prior to such date at most Twenty-five (25) 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 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.
BDDBOI 4905105v1 - 2 -
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 Eddy
Street Commons 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 One Million Eight Hundred Fifty-eight Thousand Five Hundred and
00/100 Dollars ($1,858,500.00) shall be due on the day that the Project is complete and ready for
use or February 1, 2011, whichever is later. If completion is later than February 1, 2011, the
first installment shall be in an amount which provides for rental at the rate of $1,858,500.00 for
. the semiannual period in which the Project is complete and ready for use, prorated from the date
of completion until the first February 1 or August 1 following such date of completion.
Thereafter such rentals shall be payable in advance in semiannual installments of $1,858,500.00
on February 1 and August 1 of each year until the rental is increased as set forth herein.
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 Bonds issued by the Authority to pay the cost of the 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 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 Project is due on February 1, 2011. 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 Bonds, and such endorsement shall be recorded as an addendum to this
Lease.
~J
BDDBOI 4905105v1 - 3 -
• 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 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 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 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 Bonds are issued and to enter into covenants on behalf of the Lessee evidencing
the Lessee's commitments made herein.
Section S. Abatement of Rent. In the event that all or a portion of the Project
shall be damaged or destroyed so as to render the damaged or destroyed portion of the 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 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 the
period during which the damaged or destroyed portion of the 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 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 Project, including but not
limited to all costs and expenses of all services, repair or replacement of all parts of the Project
or improvements of the Project.
Section 7. Nonliability of Authority. The Authority shall not be liable for
damage caused by hidden defects or failure to keep the 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
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 Project.
BDDBOI 490~1O5v1 ' 4 -
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 Project, which do not reduce the rental value of the Project.
Section 9. Insurance. The Lessee, at its own expense, will, during the full term of
the Lease, keep the 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 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 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 Project is not less than the amount required by
this Section,
(b) the Lessee subordinates its claim for damage or destruction to
other buildings or improvements to claims for damage or destruction of the Project, and
(c) the insurance proceeds related to damage to or destruction of the
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 Project or proceeds of any condemnation of the Project
shall be paid to and held by the Trustee and used to pay for reconstruction or replacement of the
Project in accordance with plans approved by the Authority and the Lessee, unless the Lessee
elects to exercise its option to purchase.
Section 11. Liability 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.
BDDBOI 4905105v1 S '
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 Project, or
permit any encumbrance to exist thereon, and that it shall use and maintain the 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 Project, or the Authority's
interest therein, to such encumbrances as shall be specified in such request and as 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 Project at a price equal to the amount required to enable the Authority to provide
for the redemption of all outstanding Bonds, all premiums payable on the redemption thereof,
and accrued and unpaid interest, and to pay the cost of redeeming the 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 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 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 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 Project, or under any obligation in respect to any creditors or
• bondholders of the Authority.
BDDBOI 4905105v1 - 6
. If the Lessee has not exercised its option to purchase the 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 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 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
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 Assi;;ns. 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.
*****
BDDBOI 4905105v1 ' 7
• IN WITNESS WHEREOF, the parties hereto have caused this 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
L~
By:
President
ATTEST:
Secretary
C7
BDDBOI 4905105v1 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 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 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, 205 West Jefferson
Boulevard, Suite 250, South Bend, Indiana 46601.
•
BDDB01 4905105v1 - 9 -
•
EXHIBIT A
PERMITTED ENCUMBRANCES
•
•
The encumbrances and exceptions to the title set forth on the Policy of Title Insurance covering
the real estate and improvements thereon which are subject to the Lease to be provided at the
time the Bonds are delivered.
BDDBOI 4905105v1
A-1
•
EXHIBIT B
PROJECT DESCRIPTION
•
•
The Project consists of certain local public improvements including, without limitation: a
parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana,
Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary and storm
sewers and site preparation; the extension and upgrading of electrical, telephone and high speed
Internet services; other related services including, without limitation, engineering and
geotechnical testing; and related improvements in an area known as the Eddy Street Commons
development in the City and to be located generally within an area bounded on the north by
Edison Road, on the west by Eddy Street, on the south by State Road 23 and on the east by the
eastern boundary of the Northeast Neighborhood Development Area, Allocation Area #2.
BDDBOI 4905105v1
B-1