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REGULAR MEETING DECEMBER 13, 1999 <br />O'BRIEN SCHOOL FOR USE AS A RECREATION <br />CENTER AND PARK DEPARTMENT <br />ADMINISTRATIVE OFFICE SPACE AND REGARDING <br />CERTAIN RELATED MATTERS <br />WHEREAS, the Common Council previously determined that a need exists for the <br />renovation and equipping of the former O'Brien School for use as a recreation center and for Park <br />Department administrative office spaces (the "Project ") and that the funds needed therefor exceeded <br />the funds presently available to the City; and <br />WHEREAS, the Common Council previously approved of the sale and issuance by the City <br />of South Bend Building Corporation (the `Building Corporation ") of its lease rental revenue bonds <br />in one or more series in an aggregate principal amount not to exceed $600,000; and <br />WHEREAS, the Building Corporation has previously submitted to the City, and the City has <br />previously approved and executed after a public hearing, a lease between the Building Corporation <br />and the City (the "Lease ") upon the Project; and <br />WHEREAS, the Building Corporation expects to sell its First Mortgage Bonds, Series 1999C <br />(the "Bonds ") in an aggregate principal amount of $570,000.00 to LaSalle Bank National <br />Association at a net interest cost of approximately 5.53 %, which interest rate is lower than the <br />interest rate used to calculate the maximum lease rental under the Lease; and <br />WHEREAS, the Common Council is desirous of amending the Lease to reduce the semi- <br />annual lease rentals to correspond to the actual debt service as established pursuant to the terms of <br />the bond sale; and <br />WHEREAS, the Common Council is desirous of further amending the Lease to enlarge the <br />Project, as the same is defined in the Lease, to include additional work which may be financed as <br />the result of favorable bids. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />1. The Common Council hereby agrees to the reduction of the lease rental payments to the <br />amount set forth in the Addendum to Lease with the Building Corporation dated December 13, 1999, <br />presented to this meeting (the "Addendum "). <br />2. The Common Council hereby approved the Addendum in the form submitted to this <br />meeting and authorizes the Mayor and City Clerk to execute and attest, respectively, the Addendum <br />on behalf of the City, with such changes as may be necessary on the advise of counsel with the <br />execution and attestation thereof to be evidence of such approval. <br />3. This Resolution shall be in full force and effect from and after its passage by the Common <br />Council and approval by the Mayor. <br />COMMON COUNCIL OF THE CITY <br />SOUTH BEND, INDIANA <br />By: s /Sean Coleman <br />Member of the Common Council <br />Mr. Phillip L. St. Clair, Superintendent of Parks, Parks & Recreation Department, 301 South St. <br />Louis Boulevard, South Bend, Indiana, made the presentation for this Resolution. <br />Mr. St. Clair informed the Council that this Resolution amends the current Lease with the City of <br />South Bend Building Corporation and the LaSalle Bank of Chicago. This is a five hundred seventy <br />thousand dollar ($570,000.00) lease that the City originally estimated it would be borrowing at a <br />