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REGULAR MEETING FEBRUARY 09, 2015
<br />WHEREAS, the Commission has been considering the need to provide for the
<br />issuance of bonds to finance the acquisition, construction and installation of certain local public
<br />improvements as part of the City's Smart Streets initiative and Westside Main Streets
<br />Revitalization Plan which local public improvements shall consist of all or any portion of the
<br />acquisition, construction and installation of the following: pavement, streetscape, and sidewalk
<br />improvements, bulb -out installation, street signage and markings, installation of bicycle facilities,
<br />road widening, intersection and traffic signal interconnection improvements, utility relocation,
<br />utility and sidewalk improvements, and installation of lighting and right -of -way improvements, all
<br />of which local public improvements are to be located along the following stretches of road: (i)
<br />Bartlett Street between Lafayette Blvd and Riverside Drive; (ii) Michigan Street between
<br />Riverside Drive and Barbie Street; (iii) Main Street between Park Lane and Barbie Street; (iv) St.
<br />Joseph Street between LaSalle Avenue and Western Avenue; (v) Lafayette Blvd between Park
<br />Lane and Indiana Avenue; (vi) Western Avenue between Michigan Street and Mayflower Road;
<br />(vii) Lincolnway West between West LaSalle Avenue and the City limits (Woodland Avenue);
<br />(viii) Marion and Madison Streets between Michigan Street and Linconlway West; and (ix) any
<br />cross streets related to the foregoing stretches and various expenses related thereto (collectively,
<br />the "Project "); and
<br />WHEREAS, on January 15, 2015, the Commission adopted Resolution 3267
<br />approving the form of a lease to be dated as of February 1, 2015, with the Authority (the "Lease "),
<br />scheduling a public hearing on the Lease to be held on January 29, 2015, authorizing the
<br />publication of a notice of public hearing on said lease pursuant to Indiana Code § 5 -3 -1; and
<br />WHEREAS, a notice of public hearing on the Lease was published on January 16,
<br />2015, pursuant to Indiana Code 5 -3 -1 (the "Notice "); and
<br />WHEREAS, on January 29, 2015, the Commission conducted said public hearing
<br />and all interested parties were provided the opportunity to be heard at the hearing; and
<br />WHEREAS, the Commission, at its meeting on January 29, 2015, adopted
<br />Resolution No. 3273, finding, pursuant to the Act, that pursuant to the Lease, a copy of which is
<br />attached hereto as Exhibit A, the rental payments to be paid by the Commission to the Authority
<br />pursuant to said Lease, at a rate not to exceed One Million Nine Hundred Ninety Thousand and
<br />00 /100 Dollars ($1,990,000.00) per year, subject to reduction as set forth in the Lease, in
<br />semiannual installments beginning on the day the Project is complete and ready for use, or July 15,
<br />2017 (or such later date as may be set forth in the Lease), whichever is later, are fair and reasonable,
<br />and finding, pursuant to Section 25.2 of the Act, that the use of the Project throughout the term of
<br />the Lease, which term shall not exceed twenty -two (22 years) and is subject to reduction as set
<br />forth in the Lease, will serve the public purpose of the City, and is in the best interests of its
<br />residents; and
<br />WHEREAS, said Resolution No. 3273 further authorized the Secretary of the
<br />Commission to file with the Common Council of the City (the "Common Council ") an approving
<br />resolution for the purposes of said Common Council's finding, prior to the Commission's execution
<br />of said Lease, that the rental payments are fair and reasonable and that the use of the Project
<br />throughout the term of said Lease will serve the public purpose of the City and is in the best
<br />interests of its residents, and for purposes of approving the Lease; and
<br />WHEREAS, the Authority, at a meeting held on January 21, 2015, adopted
<br />Resolution No. 191, which, among other things, approved the form of the Lease, authorized the
<br />President and the Secretary- Treasurer of the Authority to execute the Lease and acknowledged
<br />that the rentals paid by the Commission pursuant to such Lease will be used by the Authority to
<br />pay the principal of and interest on lease rental revenue bonds (the "Bonds ") proposed to be issued
<br />by the Authority to finance the costs related to the Project and the Bonds; and
<br />WHEREAS, the Common Council desires to approve said Lease, pursuant to 25.2
<br />of the Act, which provides that any lease approved by a resolution of the Commission must be
<br />approved by a resolution of the Common Council of the City, and the issuance of Bonds by the
<br />Authority, pursuant to Indiana Code 36 -7- 14.5 -19 and Section 25.1 of the Act; and
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