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HomeMy Public PortalAbout046-1978 - Amendment to Lease Agreement with Hoffco, IncORDINANCE NO. 46-1978 ORDINANCE OF THE CITY OF RICHMOND CONCERNING FIRST AMENDMENT TO LEASE AGREEMENT WITH HOFFCO, INC., AND FIRST SUPPLEMENTAL MORTGAGE AND INDEN- TURE OF TRUST WITH THE SECOND NATIONAL BANK OF RICHMOND, AUTHORIZING THE EXECUTION OF THE SAME, AND OTHER MATTERS RELATING THERETO WHEREAS, pursuant to Ordinance No. 2999-1975, adopted by the Common Council of the City of Richmond on May 5, 1975, the City has heretofore entered into a Lease Agreement dated May 14, 1975, relative to the acquisition of land and construction of a building which has been leased to Hoffco, Inc. (herein- after sometimes called "Lessee"), and the City has also here- tofore entered into a Mortgage and Indenture of Trust dated May 14, 1975, with The Second National Bank of Richmond, as Trustee, pursuant to which bonds of the City have been issued and are now outstanding designated "Economic Development First Mortgage Revenue Bonds (Hoffco, Inc.)"; and WHEREAS, said land has been acquired and the building con- structed, and the proceeds of the bonds expended to pay the cost thereof; and WHEREAS, the parties to the Lease Agreement and the Mortgage and Indenture of Trust and the holders of the above described bonds deem it desirable to sell the real estate described in Ex- hibit 1, made a part of the First Amendment to Lease Agreement and First Supplemental Mortgage and Indenture of Trust, to Uni- versal Electric Co., Inc., to enable such purchaser to construct thereon a commercial building, and to sell the real estate de- scribed in Exhibit 2, made a part of the First Amendment to Lease Agreement and First Supplemental rortgage and Indenture of Trust, to City West Realty Company, to enable such purchaser to construct thereon and on adjoining real estate additional building facili- ties and lease the same to Hoffco, Inc.; and WHEREAS, the Richmond Development Commission has adopted a resolution approving proposed forms of First Amendment to Lease Agreement, First Supplemental Mortgage and Indenture of Trust, and Consents of Bondholders, and related documents; and WHEREAS, said resolution was presented to the City Clerk for presentation to the Common Council of the City of Richmond and was so presented; now therefore, BE IT ORDAINED by the Common Council of the City of Rich- mond, Indiana: Section 1. It is hereby .found advisable to sell the real estate described in Exhibit 1 and Exhibit 2 in the First Amend- ment to Lease Agreement and First Supplemental Mortgage and Indenture of Trust. Section 2. It is hereby found that the utilization of such real estate .for expanded new commercial facilities and expanded industrial purposes will promote employment in the City of Richmond and environs and thereby serve the public pur- pose originally intended and will be of benefit to the health - 2 - and welfare of the City of Richmond. Section 3. The forms of First Amendment to Lease Agree- ment, First Supplemental Mortgage and Indenture of Trust, and Consents of Bondholders, approved by the Richmond Development Commission, are hereby approved and all of such documents col- lectively shall be considered the "Financing Agreement" re- ferred to in IC 18-6-4.5. Such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the City Clerk. Section 4. The Mayor and City Clerk are authorized to exe- cute the documents approved herein on behalf of the City of Rich- mond and any other documents which may be necessary or desirable to complete the transaction. Section 5. The Mayor and City Clerk, acting upon the ad- vice of the City Attorney, are authorized to make any revisions in the documents herein approved which may be deemed necessary or desirable to more fully accomplish the purposes of the trans- action and to execute such documents as revised without further submission of such revised documents to the Common Council. Section 6. This ordinance shall be in full force and ef- fect from and after its passage and signing by the Mayor. Adopted by the Common Council of the City of Richmond, Indiana, on the day of 1978. r idYng Of i.cer Attes t� CC -City Clerk - 3 - Presented by me to the Mayor of the City of Richmond, Indiana, on this day of 1978. --City Clerk Approved and signed by me on this l day of 1978. Attest: City Clerk Mayor - 4 - STATE OF INDIANA ) SS: COUNTY OF WAYNE ) City Clerk of the City of Richmond,/,hereby certify that attached hereto is a full, true, correct and complete copy of Ordinance Na passed and adopted by the Common Co u it on 1978, and signed by the Mayor on 1978. I further certify that said ordinance appears of record in the ordinance records of which I am custodian and that said ordinance has not been repealed or amended. IN WITNESS WHEREOF, I have hereunto set my hand and af- fixed the corpor e seal of the City of Richmond on this, the c1 day of 1978. l c- C k�_ Diu City Clerk (Seal)