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RESOLUTION NO. <br /> A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br /> INDIANA, APPROVING AND AUTHORIZING THE ISSUANCE OF BONDS OF <br /> THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT AND RELATED <br /> MATTERS <br /> WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the <br /> governing body of the South Bend Department of Redevelopment and the Redevelopment <br /> District of the City of South Bend, Indiana (the "District"), exists and operates under the <br /> provisions of Indiana Code 36-7-14, as amended from time to time(the"Act"); and <br /> WHEREAS, with the approval of the Common Council (the "Common Council") of the <br /> City of South Bend, Indiana (the "City"), the Commission has previously created, amended and <br /> expanded an economic development area within the City currently designated as the River West <br /> Development Area (the "Area"), designated the Area as an allocation area (the "Allocation <br /> Area") under the Act and adopted an Economic Development Plan (as amended from time to <br /> time,the"Plan"),which sets forth various economic development projects for the Area; and <br /> WHEREAS, the Act authorizes the Commission to approve of the issuance of bonds of <br /> the District, in the name of the City, in anticipation of revenues of the District and to use the <br /> proceeds of such bonds to finance local public improvements located in or serving the Area, all <br /> subject to approval of the Common Council pursuant to Section 25.1 of the Act; and <br /> WHEREAS, the Commission has adopted Resolution No. 3415 at a meeting held on <br /> October 12, 2017, contemplating the issuance of bonds of the District in one (1)'or more series <br /> and in an aggregate principal amount not to exceed Twelve Million Two Hundred Thousand <br /> Dollars ($12,200,000) (the "Bonds") for the purpose of financing the cost of certain local public <br /> improvements in or serving the Area, including without limitation (i) renovations and upgrades <br /> at Pulaski, Leeper and Seitz Parks and improvements to the mixed use riverfront trail; (ii) other <br /> infrastructure improvements to park and recreation areas in or serving the Area, all of which will <br /> enhance the cultural attractiveness of the Area and the City; and (iii) any and all improvements <br /> related to any of the improvements described in clauses (i) or (ii) (clauses (i) through and <br /> including (iii), collectively, the "Projects") and to pay related and incidental expenses to be <br /> incurred in connection therewith and on account of the issuance of the Bonds; and <br /> WHEREAS,the Commission has determined that sufficient funds will be available to the <br /> Commission to make the payments of the principal of and interest on the Bonds with such funds <br /> being derived from tax increment revenues collected in the Allocation Area (the "TIF <br /> Revenues"); however, if such funds, including the TIF Revenues, are insufficient for such <br /> purpose,the Commission will levy a special tax upon the taxable property of the District, which <br /> is coterminous with the boundaries of the City, pursuant to Section 27 of the Act (the "Special <br /> Tax"); and <br /> WHEREAS, Section 25.1 of the Act requires the approval of the legislative body of the <br /> City before the Bonds may be issued and the Common Council as the legislative body of the City <br /> now desires to approve of the issuance of the Bonds; <br />