No. 2162 approving execution of continuing disclosure undertaking agreement and other related documents concerning the erskine village project located in the SSDA

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or RESOLUTION NO. 2162 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA REDEVELOPMENT COMMISSION APPROVING THE EXECUTION OF CONTINUING DISCLOSURE UNDERTAKING AGREEMENT AND OTHER RELATED DOCUMENTS CONCERNING THE ERSKINE VILLAGE PROJECT LOCATED IN THE SOUTH SIDE DEVELOPMENT AREA WHEREAS, pursuant to the powers granted under Ind. Code § 36- 7 -14 -1, et seq., the South Bend Redevelopment Commission ( "Commission ") has previously acted to create a redevelopment area known as the "South Side Development Area" ( "Development Area ") and has also acted to created a Tax Increment Financing Area ( "TIF Area ") within the Development Area; and WHEREAS, the Commission has determined that the redevelopment of property that is located within the TIF Area and within the Development Area heretofore known as "Scottsdale Mall" ( "Property") is in the best interest of the health, safety, and welfare of the City and its residents and complies with the public purposes and provisions of applicable federal, state and local laws; and WHEREAS, Commission and KSK Scottsdale Mall, L.P. have entered into Amended and Restated Agreement related to the redevelopment of the Property as a retail development to be known as "Erskine Village" (`Erskine Village Project"); and WHEREAS, in accordance with the Amended and Restated Agreement, the Commission has expressed its intent to pledge certain TIF funds generated by the Erskine Village Project; and WHEREAS, the consistent with the terms and conditions of the Amended and Restated Agreement, the Commission desires to execute and deliver those documents necessary and incidental to the issuance and sale of certain bonds related to the Erskine Village Project; and WHEREAS, the Commission meets in regular sessions on a semi-monthly basis and completion of the paperwork related to the transaction may require immediate action from the Commission, including the execution of certain documents; and WHEREAS, the Commission believes that it is in the best interest ofthe public that the transaction be closed, all necessary approvals and actions taken in a timely manner. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION, AS FOLLOWS: 1. The Commission hereby approves the form of Certificate of the South Bend Redevelopment Commission Regarding the Transcript and Application of Tax Increment Revenues and the Continuing Disclosure Undertaking presented to the Commission at this meeting and authorizes the President of the Commission to execute and the Vice President or Secretary to attest said agreement in the form presented at this meeting with such changes as may be suggested by legal counsel and approved by the President and Vice President or Secretary with such approval evidenced by the C:IDOCUMENTS AND SETTINGS\PPALUSZE`LOCAL SETTINGS\ TEMP \RE51EXECU I'IONOFDOCUMENTS_050414.DOC