Approving Agreement City of South Bend, South Bend Community School Corp and to the Civic Center

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/oT ORDINANCE NO. 5-8 '2 9- -2 AN ORDINANCE APPROVING THE FORM AND TERMS OF A LEASE AGREEMENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND THE SOUTH BEND COMMUNITY SCHOOL CORPORATION AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO THE SOUTH BEND CIVIC CENTER. WHEREAS, the South Bend Civic Center Building Authority has been created under and in pursuance to the provisions of Public Law 220 of the Indiana General Assembly for the year 1975 and all acts amendatory thereof or supplemental thereto (hereinafter referred to as the "Authority ") for the purpose of financing, acquiring, constructing, equipping and leasing to the City of South Bend, Indiana (hereinafter referred to as the "City "), land referred to as the "Civic Center "); and WHEREAS, the City has requested the Authority to construct and equip facilities to be used as a civic center for cultural, governmental, educational, recreational, convention, exhibition, as well as civic purposes and has or intends to enter into a lease with the Authority for such purposes; and WHEREAS, the City and the South Bend Community School Corporation (hereinafter referred to as "School Corporation ") have submitted a Lease Agreement, marked "Exhibit A ", attached hereto and made a part hereof, wherein the City leases to the School Corporation a portion of the Civic Center for a term of Twenty -Five (25) years, beginning January 1, 1978 or as soon thereafter as that portion of the premises is ready for occupancy, for rental in the sum of One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) payable in advance in fifty (50) consecutive, equal installments of Twenty -Five Thousand Dollars ($25,000.00) each payable on the 10th day of January and 10th day of July of each year during the term of this Lease; and WHEREAS, notice of public hearing on the proposed Lease Agreement before this Common Council was duly given by the required legal publication of notice, and said hearing has been held in accordance with said notice and the governing statute. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana that: SECTION I. The form and terms of the Lease Agreement between the City of South Bend and the South Bend Community School Corporation, marked "Exhibit A" and attached hereto are hereby approved. SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Member of t e Common Council 1st READING 75— FILED IN CLERK'S Offlor PUBLIC HEARING S- as --?5- 2nd READING 8 -,Q 5 -'2 5- AUG 6 1975 NOT APPROVED REFERRED PASSED 8 -12 S-'2 S Irene Gammon CITY CLERK, SOUTH BEND, IND.