11-30-10 Special Council Meeting Agenda & Packet

Home Browse Search

ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING OF THE ISSUANCE OF REDEVELOPMENT DISTRICT REVENUE BONDS EXPECTED TO BE ISSUED FOR AND ON BEHALF OF THE CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT AND PLEDGING CERTAIN REVENUES FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS (STANLEY COVELESKI STADIUM) STATEMENT OF PURPOSE OF INTENT The South Bend Redevelopment District (the "District ") has been established by the City of South Bend, Indiana (the "City "), which District is a special taxing district having the same boundaries as the City and governed by the South Bend Redevelopment Commission (the "Commission ") under the provisions of the Redevelopment of Cities and Towns Act of 1953 which has been codified in I.C. 36 -7 -14 et seq., as amended from time to time (the "Redevelopment Act "). The Commission has previously designated and declared an area in the City known as the Central Development Area to be a redevelopment area and an allocation area pursuant to the Act for purposes of tax increment finance which area has been amended from time to time (the "Area "), and the Commission has previously adopted a redevelopment plan for the Area which has been amended from time to time. The City has also previously designated a Professional Sports and Convention Development Area pursuant to I.C. 36 -7 -31.3 et seq., as amended from time to time (the "PSCDA Act "), in an area of the City to include that portion of the City where Coveleski Stadium (the "Stadium ") is located for the purpose of capturing "covered taxes" as such term is defined by Section 4 of the PSCDA Act (the "PSCDA Revenues "). The Commission is considering undertaking certain local public improvements in the Area, such local public improvements to include certain improvements to the Stadium, which is owned by the City by and through its Parks Department (collectively, the "Project "). In order to pay for a portion of the Project, the Commission is further considering the issuance of special revenue bonds of the District pursuant to Section 25.1 of the Redevelopment Act in an aggregate principal amount not to exceed Four Million Nine Hundred Eighty Thousand and 001100 Dollars ($4,980,000.00) (the "Bonds "). The Commission has adopted a preliminary bond resolution at its meeting on November 2, 2010, authorizing the issuance of the Bonds. The Bonds, if and when issued, would be payable from the PSCDA Revenues and, to the extent that such revenues are ever insufficient to pay the principal of and interest on the Bonds, from County Option Income Tax Revenues ( "COIT Revenues ") received by the City to the extent pledged for such purpose by the Common Council of the City ( "Common Council ") pursuant to this Ordinance. 8DDB0I 64019680