1999-07-12 Resolution 133 - Laserfiche WebLink

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~~ RESOLUTION NO. 133 • RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY APPROVING A MODIFICATION TO AND REDUCING THE ANNUAL RENTALS ON THE LEASE FOR THE DOWNTOWN PROPERTY ACQUISITION PROJECT AND APPROVING THE EXECUTION OF AN ADDENDUM TO THE LEASE AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority") at a meeting on March 1, 1999, adopted Resolution No. 132, authorizing the issuance of the "South Bend Redevelopment Authority Lease Rental Revenue Note (Downtown Property Acquisition Project)" (the "Note") through the Department of Housing and Urban Development's Section 108 Loan Guaranty Program in an aggregate amount of One Million Eight Hundred Thousand and 00/100 Dollars ($1,800,000) to finance the acquisition of certain property and the demolition of • improvements located thereon (the "Project"); and WHEREAS, the South Bend Redevelopment Authority previously entered into a Lease between the Authority and the South Bend Redevelopment Commission (the "Commission") dated as of March 1, 1999 (the "Lease"), pursuant to which the Authority will lease the Project to the Commission; and WHEREAS, Section Three of the Lease provides that the annual rental shall be reduced following the issuance of the Note to an amount equal to the sum of principal and interest due in any year; and WHEREAS, the sale of the Note will permit a reduction in the annual rental payments on the Lease for the Project pursuant to Section 3 of the Lease as modified; and ::ODMA\PCDOCS\SBDOCS 1\38669\1