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HomeMy WebLinkAbout1990-OR-58 ORD'rN~CE NO. ~ · ,N ORD~Ni%NCE OF THE CITY OF ,,~EFFERSONV'rLLE~ ~ND?~%N~,~ ~,pPROV~'NG ~, LE~,,SE FOR ~E R~DE ~N~ DE~P~ PR~ECT BE~EN THE ~EFFE~O~IL~ ~DE~P~ ~UTHOR~TY ~ T~ ~EFF~O~r.~.~ ~P~ WHEREAS, the Jeffersonville Redevelopment Authority (the "Authority") at a meeting on November 27, 1990, adopted Resolution No. 90-2, which, among other between the Authority and Commission (the -Commission") things, approved a proposed Lease the Jeffersonville Redevelopment for the lease of the construction of a seawall to be situated along the Ohio River, the construction and relocation of Riverside Drive and other public rights-of-way, the construction of public parking under Interstate 65, and all landscaping relating to the above construction, together with all related improvements to all of the above (the "Project") and directed the Secretary-Treasurer of the Authority to file a copy of said Lease, as approved, with the Commission; and WHEREAS, on November 27, 1990, a public hearing was held regarding the lease and all interested parties were provided the opportunity to be heard at the hearing; and WHEREAS, the Commission, at a meeting on November 27, 1990, adopted Resolution No. ~_~fi~ding, pursuant to IC 36-7-14.5-14, that the rental .payments to be paid by the Commission to the Authority pursuant t6~the Lease, at a rate not to exceed One Million Three Hundred Thousand Dollars ($1,300,000) per year in annual installments beginning on the day the Project is completed and ready for use, or December 27, 1997, whichever is later, and continuing through expiration of the Lease, are fair and reasonable; and finding, pursuant to IC 36-7-14-25.2, that the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents; and WHEREAS, said Resolution No. __ further directed the Secretary of the Commission to file with the Common Council of the City (the "Common Council") an approving ordinance for the purposes of said Common Council's finding, prior to execution of the Lease, that the rental payments are fair and reasonable and that the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents, and for purposes of said Common Council's approving the Lease; and WHEREAS, the Common Council desires to approve said Lease pursuant to IC 36-7-14-25.2, which statute provides that any lease approved by a resolution of the Redevelopment Commission must be approved by an ordinance of the fiscal body of the unit. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE: Section 1. That the Common Council finds that the rental payments under the Lease, as approved by the Commission, are fair and reasonable, and further finds that the use of the Project throughout the term of the Lease will serve the public purpose of the city and is in the best interests of its residents. Section 2. The Common Council hereby approves said Lease, as approved by the Commission, pursuant to IC 36-7-14-25.2. -2- Section 3. If any part of this Ordinance shall be adjudged to be invalid by a Court of proper jurisdiction, it shall be conclusively presumed that the Common Council of the City would have passed the remainder of the Ordinance without such invalid part. Section 4. This Ordinance shall be in full force and effect immediately from and after its passage by the Common Council and approval by the Mayor in the manner provided by law. PASSED by the Common Council of the city of Jeffersonville, Indiana, on the ~_.day of ~Ff. ~, 1990. ~--~R6bert L. Walz, ATTEST:0- C. Richard ~penc~, Jr. Clerk TreasUrer PRESENTED by me a.s Clerk-.Treasurer to the M.a~r of the city of Jeffersonville, Indiana, this .~ day of .~/~, , 1990. C. Richard Sp~ficer, ~r. Clerk-Treasurer Ordinance approved and signed by me, this /~f day of , 1990. Mayor Dale L. rem ~ -3- LE~SE This Lease entered into as of the 1st day of November, 1990 between JEFFERSONVILLE REDEVELOPMENT AUTHORITY, a body corporate and politic organized and existing under Indiana Code 36-7-14.5 (the ,,Authority") and JEFFERSONVILLE REDEVELOPMENT COM}{ISSION, the governing body of the Jeffersonville Department of Redevelopment and the Redevelopment District of Jeffersonville, Indiana (the "Lessee"), acting for and on behalf of the City of Jeffersonville, Indiana. WITNESSETH: Section 1. Definitions. The terms defined in this Section 1 shall for all purposes of this Lease have the meanings herein specified unless the context otherWise requires. "Act" means Indiana Code 36-7-14.5, as the same from time to time may be amended or supplemented. "Authority" means the Jeffersonville Redevelopment Authority, a body corporate and politic organized and existing under the Act, or if said Authority shall be abolished, the authority, board, body, instrumentality or agency succeeding to the principal functions thereof. "Bonds" means Jeffersonville Redevelopment Authority Lease Rental Revenue Bonds (Riverside Landing Development Project). ,,Commission" means the Jeffersonville Redevelopment Commission established under Indiana Code 36-7-14, or if said Commission shall be abolished, the commission, board, body or agency succeeding to the principal functions thereof. "Lease" means this Lease as the same may be amended, modified or supplemented by any amendments or modifications hereof or supplements hereto entered into in accordance with the provisions hereof. "Lessee" means the Jeffersonville Redevelopment Commission, the governing body of the Jeffersonville Department of Redevelopment and the Redevelopment District of Jeffersonville, Indiana, or if said Commission shall be abolished, the commission, board, body or agency succeeding to the principal functions thereof. "Lease Resolution" means passed on the payment of lease rentals. the resolution of the Commission , establishing funds for ,,Permitted Encumbrances" means those items listed in Exhibit A hereto and any future (a) liens for taxes not then delinquent, (b) this Lease and the Trust Agreement, leases, subleases and other agreements permitted pursuant to Section 13 hereof, (c) utility, access and other easements and rights-of-way, restrictions and exceptions that Lessee certifies will not interfere with or impair the Project, (d) any mechanics', laborers', materialmen's, suppliers' or vendors' lien or right in respect thereof if payment is not yet due and payable and (e) such minor defects, irregularities, encumbrances, easements, rights-of-way and clouds on title as normally exist with respect to property similar in character to the Project and as do not, in the opinion of counsel satisfactory to Trustee, materially ~mpair the Authority's title or Lessee's use of the Project. ,'Project" means the real estate in Jeffersonville, Indiana, and improvements to be made thereon by the Authority or its agent according to plans and specifications prepared by , engineers for the Project, all as described in Exhibit B hereto. The above- mentioned plans and specifications may be changed and additional construction work may be performed and improvements may be purchased by the Authority, but only with the approval of the Lessee, and only if such changes or modifications or additional construction work or improvements do not alter the character of the Project or reduce the value thereof. Any such additional construction work or additional improvements shall be part of the property covered by this Lease. The above-mentioned plans and specifications have been filed with and approved by the Lessee. "Redevelopment District Bond Fund" means the Redevelopment District Bond Fund of Lessee authorized by Indiana Code 36-7-14-27 and the Lease Resolution. "Riverside Landing Principal and Interest Account" means the account by that name created in the Redevelopment District Bond Fund by the Lease Resolution. "Trust Agreement" means the Trust Agreement dated as of 1, 1991 between the Authority and the Trustee, securing the Bonds. "Trustee" means ' , Indiana, as Trustee pursuant to the Trust Agreement, and any successor trustee. Any term not defined herein, which is defined in the Lease Resolution or in the Trust Agreement, shall have the meaning as defined in such resolution or agreement. Seotion Z. Lease of Pro~ect. In consideration of the rentals and other terms and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the Project: TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging, unto the Lessee -2- for a term not to exceed twenty-two (22) years, beginning on the date all of the Project is completed and ready for use, and ending on the day prior to such date at most twenty-two (22) years thereafter. However, the term of this Lease shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the lease property, .(ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The date all of the Project is completed and ready for use shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after such completion and such endorsement shall be recorded as an addendum to this Lease. The Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate in fee simple or an insurable interest (such as a license, easement or right-of-way), subject only to Permitted Encumbrances, to the above-described real estate, and the Authority warrants and will defend the same against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. Section 3. Rent~ents. (a) During the term of this Lease, the Lessee agrees to pay rental for said premises at the rate of One Million Three Hundred Thousand Dollars ($1,300,000) per year. Such rental shall be paid from the Riverside Landing Development Principal and Interest Account of the Redevelopment District Bond Fund. Ail rentals payable under the terms of this Lease shall be paid to the Trustee or to such other bank or trust company as may from time to time succeed the Trustee under the Trust Agreement. All payments so made shall be considered as payments to the Authority of the rentals payable hereunder. The Lessee shall receive credit for any Bond maturing within seven (7) days of the date of the lease rental payment, at the face value thereof, which the Lessee acquires and delivers to the Trustee as a part of its lease rental payment; (b) As additional rental the Lessee agrees to pay all fees, charges and reimbursement of expenses of the Trustee under the Trust Agreement and all prudent charges and expenses of the Authority incurred in the performance of its obligations hereunder. Section 4. Rental Payment Dates. The first annual rental installment in the amount of One Million Three Hundred Thousand Dollars ($1,300,000) shall be due on the day that the Project is completed and ready for use, or December 27, 1997, whichever is later. If completion is later than December 27, 1997, the first installment shall be in an amount which provides for rental at the yearly rate specified in Section 3 prorated from the date of completion until the first December 27th following such date of completion. Thereafter such rentals shall be payable in advance in annual installments of One Million Three Hundred Thousand Dollars ($1,300,000) on December 27th of each year. The last -3- annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate specified above prorated from the date such installment is due to the date of the expiration of this Lease (without taking into account any subsequent early termination of this Lease pursuant to Section 2 hereof). After the sale of the Bonds issued by the Authority to pay the cost of the Project, including the acquisition of the property therefor and other expenses incidental thereto, the annual rental shall be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal and interest due in any year ending on a bond maturity date (bond year) on such Bonds plus Four Thousand Dollars ($4,000), payable in equal semiannual installments. Such amount of reduced annual rental shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after the sale of said Bonds, and such endorsement shall be recorded as an addendum to this Lease. The Lessee will not take any action or fail to take any action that would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"), as in effect on the date of delivery of the Bonds, nor will the Lessee act in any manner which would adversely affect such exclusion. The Lessee further covenants that it will not make any investment or do any other act or thing during the period that any Bond is outstanding hereunder which would cause any Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations thereunder as in effect on the date of delivery of the Bonds. All officers, members, employees and agents of the Lessee are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the Lessee as of the date the Bonds are issued and to enter into covenants on behalf of the Lessee evidencing the Lessee's commitments made herein. Section 5. ~batement of Rent. In the event that all or a portion of the Project shall be damaged or destroyed so as to render the damaged or destroyed portion of the Project unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Project as promptly as may be done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and acceptable to the Trustee, (i) that cost of such restoration or reconstruction does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such -4- restoration or reconstruction can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental shall be abated pro rata for the period during which the damage or destroyed portion of the Project is unfit for its intended use. Section 6. Net Lease. It is expressly understood and agreed that this Lease shall be what is known as a net lease (i.e., the rent being absolutely net to the Authority and that all other expenses in connection with the Project of any nature whatsoever shall be those of the Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses without reimbursement from the Authority all costs of taxes and assessments, if any, and maintenance, operation and use in connection with or relating to the Project, including but not limited to all costs and expenses of all services, repair or replacement of all parts of the Project or improvements of the Project. Section 7. Nonliabilit¥ of ~uthorit¥. The Authority shall not be liable for damage caused by hidden defects or failure to keep the Project in repair. The Authority shall not be liable for any injury to the Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the Project howsoever arising. The Authority shall not be liable for damage to the Lessee's property or to the property of any sublessee of the Lessee or of any other person which may be located in, upon or about the Project. Section 8. Alterations. Lessee shall have the right, without the consent of the Authority, to make all alterations, modifications and additions and to do all improvements it deems necessary or desirable to the Project, which does not reduce the rental value of the Project. Section 9. Insurance. The Lessee, at its own expense, will, during the full term of the Lease, keep the Project insured against physical loss or damage, however caused, with such exceptions as are ordinarily required by insurers of properties of a similar type, in good and responsible insurance companies acceptable to the Authority. Such insurance shall be in an amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred percent (100%) of the full replacement cost of such Project as certified by a registered architect, a registered engineer, or professional appraisal engineer, selected by the Authority with the approval of the Trustee, on the effective date of this Lease and on or before the first day of April of each year thereafter; provided that such certification shall not be required -5- so long as the amount of such insurance shall be in an amount at least equal to the option to purchase price. Such appraisal may be based upon a recognized index of coverage factors. In no event shall the insurance be in an amount which causes the Lessee to be a co-insurer for the Project. Such insurance may contain a provision for a deductible in an amount not exceeding Ten Thousand Dollars ($10,000). Lessee agrees to pay the deductible amount of any loss to the Authority. A blanket public institutional property insurance form may used if: (a) the insurance on the Project is not less than the amount required by this Section, (b) the Lessee subordinates its claim for damage or destruction to other buildings or improvements to claims for damage or destruction of the Project, and (c) the insurance proceeds related to damage to or destruction of the Project is payable to the Trustee. During the full term of this Lease, the Lessee will also, at its own expense, maintain rental or rental value insurance in an amount at least equal to the full rental specified in Section 3 for a period of two (2) years against physical loss or damage of the type insured against pursuant to the preceding requirements of this Section. Such policies shall be for the benefit of and shall be made payable to the Trustee. Section 10. Use of Insurance and Condemnation Proceeds. Proceeds of insurance against damage to or destruction of the Project or proceeds of any condemnation of the Project shall be paid to and held by the Trustee and used to pay for reconstruction or replacement of the Project in accordance with plans approved by the Authority and the Lessee, unless the Lessee elects to exercise its option to purchase. Section 11. Liabillt¥ Insurance. The Lessee shall, at all times during the full term of this Lease, keep in effect public liability and property damage insurance, insuring the Lessee, the Authority and the Trustee in amounts customarily carried for similar properties. Section 12. General Insurance Provisions. All insurance policies required by Sections 9 and 11 shall be with good and responsible insurance companies acceptable to the Authority and the Trustee, and shall be countersigned by an agent of the insurer who is a resident of the State of Indiana, and such policies, or copies thereof, together with a certificate of the insurance commissioner certifying that the persons countersigning such policies are duly qualified in the State of Indiana as resident agents of the insurers on whose behalf they may have signed, and -6- the certificate of the architect or engineer referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the Lessee fails to maintain insurance in accordance with Sections 9 and il, such insurance may be obtained by the Authority, or may be obtained by the Trustee, and the amount paid for such insurance shall be added to the amount of rental payable by the Lessee under this Lease; provided, however, that neither the Authority nor the Trustee shall be under any obligation to obtain such insurance, and any action or non-action of the Authority or Trustee in this regard shall not relieve the Lessee of any consequences of a default in failing to obtain such insurance. Section 13. General Covenants. The Lessee shall not assign this Lease or sublet any part of the Project herein described without the prior written consent of the Authority; provided, however, that the Lessee shall in no event assign this Lease or sublet any part of the Project if such assignment or sublease will result in the loss of the exclusion from gross income for federal tax purposes of interest on any obligation issued by the Authority to finance the Project. The Lessee covenants that, except for Permitted Encumbrances, it will not encumber the Project, or permit any encumbrance to exist thereon, and that it shall use and maintain the Project in accordance with the laws and ordinances of the United States of America, the State of Indiana, and all other proper governmental authorities. The Authority agrees that it will, at the request of the Lessee, execute and deliver to or upon the order of the Lessee such instrument or instruments as may be reasonably required by the Lessee in order to subject the Project, or the Authority's interest therein, to such encumbrances as shall be specified in such request and as shall be permitted by the provisions of this Section 13 or otherwise by the definition of ,,Permitted Encumbrances." Section 14. option to Purchase. Authority hereby grants Lessee the right and option, on any rental payment date, upon thirty days' written notice to the Authority, to purchase all of the Project at a price equal to the amount required to enable the Authority to provide for the redemption of all outstanding Bonds, all premiums payable on the redemption thereof, and accrued and unpaid interest, and to pay the cost of redeeming the Bonds and liquidating the Authority if it is to be liquidated. Upon request of the Lessee, the Authority agrees to furnish an itemized statement setting forth the amounts required to be paid by the Lessee on the next rental payment date in order to purchase the Project in accordance with the preceding paragraph. If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee that portion of the purchase price which is required to provide for the payment of all the Bonds, including -7- all premiums payable on the redemption thereof, accrued and unpaid interest thereon and the cost of redemption thereof. Such payment shall not be made until the Trustee gives to the Lessee a written statement that such amount will be sufficient to retire all Bonds including all premiums payable on the redemption thereof and accrued and unpaid interest. The remainder of such purchase price, if any, shall be paid by the Lessee to the Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under any obligation to purchase the Project, or under any obligation in respect to any creditors or bondholders of the Authority. If the Lessee has not exercised its option to purchase the Project at the expiration of the term of the Lease and upon the full discharge and performance by the Lessee of its obligations under this Lease, the Authority shall execute a deed of the Project to the Lessee conveying good and merchantable title thereto, subject only to Permitted Encumbrances. Section 15. Defaults. If the Lessee shall (a) default in the payment of any rentals or other sums payable to the Authority hereunder, or in the payment of any other sum herein required to be paid for the Authority, (b) fail to comply with the terms set forth in the Lease Resolution, or (c) default in the observance of any other covenant, agreement or condition hereof, and such default under (c) shall continue for ninety (90) days after written notice to correct the same, then, in any of such events, the Authority may proceed to protect and enforce its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for specific performance of any covenant or agreement contained herein or for the enforcement of any other appropriate legal or equitable remedy. Section 16. Notices. Whenever either party shall be required to give notice to the other under this Lease, it shall be sufficient service of such notice to deposit the same in the United States mail, in any envelope duly stamped, registered and addressed to the other party at its last known place of business. A copy of any notice shall be mailed by first-class mail to the Trustee at its last known place of business. Section 17. Construction of Covenants. All provisions contained herein shall be construed in accordance with the provisions of the Act and to the extent of inconsistencies, if any, between the covenants and agreements in this Lease and the provisions of the Act, the provisions of said Act shall be deemed to be controlling and binding upon the parties. -8- Section 18. Successors or Asslqns. Ail covenants of this Lease, whether by the Authority or the Lessee, shall be binding upon the successors and assigns of the respective parties hereto. IN WITNESS WHEREOF, the parties hereto have caused this Lease to be executed for and on behalf of each of them, respectively, as of the day and year first herelnabove written. JEFFERSONVILLE REDEVELOPMENT AUTHORITY By President CITY OF JEFFERSONVILLE, DEPARTMENT OF REDEVELOPMENT By Donal sident Jeffer.sonv. ill~ R~development Commission ATTEST: Eliza~geth A.. Armstrong, Secre ~ry Jeffersonvllle Redevelopment ~ Commission -9- EXHIBIT PERMITTED ENCUMBRANCES NO permitted encumbrances at this time. EXHIBIT B The Project consists of the construction of a seawall to be situated along the Ohio River, the construction and relocation of Riverside Drive and other public rights-of-way, the construction of public parking under Interstate 65, and all landscaping relating to the above construction, together with all related improvements to all of the above, which construction will be on the following property: TBACT I Being a part of The city of Jeffersonville, Clark County, Indiana and being further described as follows: Beginning at the intersection of the line dividing the State of Indiana and the Commonwealth of Kentucky, with the eastern Right-of-Way line of U.S. Highway #31 (The George Rogers Clark Memorial Bridge); Thence northwardly, along said Right-of-Way line, 200 feet; Thence S.85°E. 165 feet; Thence N.5°E., 20 feet; Thence S.85°E. 20 feet; Thence S.5°W., 50 feet; Thence S.85°E. 105 feet; Thence N.5°E., 20 feet; Thence S.85°E. 20 feet; Thence S.5°W., 50 feet; Thence S.85°E. 105 feet; Thence N.5°E., 40 feet; Thence S.85°E. 290 feet; Thence 435.29 feet along the arc of a nontangent curve, (radius=145 feet) concave northwardly, having a central angle of 172°; Thence S.85°E., 50 feet; Thence S.5°W., 160 feet, more or less, to the waters edge of the Ohio River at normal pool stage; Thence easterly (upstream) along said waters edge, 430 feet, more or less, to the western Right-of-Way line of Interstate Highway #65; Thence southeastwardly, along said western Right-of-Way line, 100 feet, more or less, to said dividing line; Thence downstream in a westerly direction along said dividing line, 1540 feet; more or less, to THE PLACE OF BEGINNING. TRACT II Being a part of The City of Jeffersonville, Clark County, Indiana and being further described as follows: Beginning at the intersection of the north Right-of-Way line of West Riverside Drive (formerly First Street) and the western Right-of-Way line of Interstate Highway #65; Thence northwardly along said western line, 418 feetr more or less, to the south Right-of-Way line of West Market Street; Thence eastwardly, along said south line 360 feet, more or less, to the western Right-of-Way line of Fort Street; Thence S.7°27'E., along said Fort Street, 165 feet, more or less, to the north Right-of-Way line of the Jeffersonville Flood Control District; Thence S.82°38'W., along said north Right-of-Way line, 100 feet, more or less, to the eastern Right-of-Way line of said Interstate Highway #65; Thence southeastwardly, along said eastern Right-of-Way line, 250 feet, more or less, to the north Right-of-Way line of said Riverside Drive; Thence westwardly along said north Right-of-Way line, 210 feet, more or less, to THE PLACE OF BEGINNING. TRACT III Being a part of The City of Jeffersonville, Clark County, Indiana and being further described as follows: Beginning at the intersection of the south Right-of-Way line of West Riverside Drive (formerly First Street) and the western Right-of-Way line of Interstate Highway #65; Thence eastwardly along said south Right-of-Way line, 210 feet, more or less, to the eastern Right-of-Way line of said Interstate Highway #65; Thence southeastwardly along said eastern Right-of-Way line, 270 feet, more or less, to the line dividing the State of Indiana and the Commonwealth of Kentucky; Thence westwardly along said dividing line, 210 feet, more or less, to said western Right-of-Way line of Interstate Highway ~65; Thence northwestwardly along said western Right-of-Way line, 274 feet, more or less to THE PLACE OF BEGINNING. -2- Also: The right to use as a utility easement the following described existing public Right-of-Ways in the city of Jeffersonville, Clark County, Indiana: (1) 60 foot wide West Market Street (formerly Second Street) from the western Right-of-Way line of Interstate Highway #65 to the eastern Right-of-Way line of U.S. Highway ~31; (2) 60 foot wide West Riverside Drive (formerly First Street) from the Eastern Right-of-Way line of Interstate Highway ~65 to the west Right-of-Way line of Illinois Avenue; (3) 60 foot wide Indiana Avenue from the north line of West Riverside Drive (formerly First Street) to the south line of West Market Street (formerly Second Street); (4) 60 foot wide Illinois Avenue from the north line of West Riverside Drive (formerly First Street) to the south line of West Market Street (formerly Second Street); -3-