AN ORDINANCE REGARDING APPROVAL OF A LEASE BETWEEN THE WEST LAFAYETTE REDEVELOPMENT COMMISSION AND THE WEST LAFAYETTE REDEVELOPMENT AUTHORITY

WHEREAS, the West Lafayette Redevelopment Commission ("Commission") did establish the Kalberer/Cumberland/Blackbird Economic Development Area ("Area") in the City of West Lafayette, Indiana ("City") in accordance with Ind. Code 36-7-14;

WHEREAS, the Commission, after a public hearing, will by resolution adopted on March 14, 2002, approve the execution of a lease ("Lease") with the West Lafayette Redevelopment Authority ("Authority") for certain infrastructure project ("Project") in, serving or benefiting the Area;

WHEREAS, the Authority has been created as a body corporate and politic, in and under the authority of Ind. Code 36-7-14, Ind. Code 36-7-14.5 and Ind. Code 36-7-25 for the purpose of financing, constructing, acquiring and leasing local public improvements and economic development and redevelopment projects, including the Project to the Commission;

WHEREAS, the estimated total cost of financing the Project, including capitalized interest and a debt service reserve and issuance expenses, is now estimated not to exceed $6,800,000; and

WHEREAS, rentals due under the Lease shall be payable from tax increment revenues collected in the Area and, if tax increment is not sufficient, from a redevelopment district property tax levy on taxable property in the West Lafayette Economic Development District which is coterminous with the City;

NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF WEST LAFAYETTE, INDIANA, THAT:

Section 1.
(a) The Common Council hereby finds that the execution of the Lease is necessary and wise and is for Project that will promote economic development of the Area, will provide services that will serve the public purpose of the City and is in the best interests of the City's residents, and further finds that the lease rentals provided for in the Lease are fair and reasonable.

(b) The execution of the Lease between the Commission and the Authority is hereby approved.

(c) Providing for the financing, acquisition and construction of the Project by the Authority and the leasing of the Project to the Commission is in the public interest of the citizens of this City and it is a proper public purpose for which the Common Council agrees to cooperate with the Authority to assist in fulfilling the requirements of all agencies of the Federal, State and City Government.

Section 2. This Ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor.

Office of the Clerk-Treasurer Judy Rhodes