No. 2201 establishing an intent to reimburse certain preliminary costs from proceeds of bonds

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.t4. a U RESOLUTION NO. 2201 RESOLUTION OF THE SOUTH .BEND REDEVELOPMENT COMMISSION ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY COSTS FROM THE PROCEEDS OF BONDS WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the governing body of the South Bend Redevelopment District (the "District "); WHEREAS, there has been proposed to the Commission by Anchor Acquisitions, Ltd. (the "Developer ") a project involving the construction of a significant commercial and retail center at or about the southwest corner of the intersection of Ireland and Michigan Streets (the "Project ") in the Area (as defined herein); and WHEREAS, the Commission has determined that it may be necessary to issue revenue bonds of the District (the "Bonds ") payable from tax increment revenues expected to be received from Allocation Area No. 2 of the South Side Development Area (the "Area ") for the purpose of financing all or any portion of the expenses of the redevelopment of the Area, including certain local public improvements consisting of certain roadway and related infrastructure improvements at or near the intersection of Ireland and Michigan Streets, which improvements shall include, without limitation, (i) acquisition of Michigan Street and Ireland Road right -of -way and road improvements, which include five (5) lane expansion of Ireland Road as far west as Lafayette, and four (4) lanes to the western terminus and adjacent to the Project, (ii) signalization, including signals along Ireland Road at the two Ireland Road entrances to the Project, and (iii) a double-left- turn-lane from Michigan Street onto Ireland Road (the "Improvements "); and WHEREAS, certain preliminary costs associated with the Improvements have been or will be incurred by or on behalf of the Commission prior to the issuance of the Bonds; and 0 WHEREAS, the Commission reasonably expects to reimburse such costs of the Improvements with proceeds of the Bonds when and if issued; and BDDBOI 4253847vl