No. 2153 authorizing issuance of bonds of the SB redevelopment district for purpose of raising money for certain local public improvements in downtown medical services district allocation area

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WHEREAS, pursuant to the terms of the Amending Resolution, the allocation provision for the Allocation Area shall expire on December 31, 2015; and WHEREAS, the Commission and Memorial Hospital and Health Systems ( "Memorial ") have entered into a development agreement (the "Agreement ") whereby the Commission has agreed to undertake certain public improvements to provide for the continued expansion of Memorial's hospital and medical facilities located near the southwest corner of the intersection of Bartlett and Michigan Streets in the City to meet the increasing medical and health needs of the citizens in and around the City; and WHEREAS, pursuant to the Agreement, the Commission desires to issue bonds of the Redevelopment District (the "Bonds ") payable from tax increment financing revenues produced within the Allocation Area and any other revenues available to the Commission and pledged for such purpose to procure funds to finance certain local public improvements consisting of the relocation of Bartlett Street beginning from Michigan Street and continuing west to Lafayette Boulevard to a location beginning just south of the current intersection of Michigan Street and Park Lane and continuing southwest to a location just north of the current intersection of Lafayette Boulevard and Bartlett Street, which includes the construction, installation and equipping of a new intersection involving Bartlett Street and Park Lane, and the relocation, equipping and expansion of the intersections of Bartlett Street and Michigan Street and of Bartlett Street and Lafayette Boulevard, and other related infrastructure improvements (collectively, the "Project ") pursuant to the Act, subject to and dependent upon the terms and conditions hereinafter set forth; and WHEREAS, with regard to taxes levied on real property in the Allocation Area, property tax proceeds in excess of those attributable to (i) the proceeds of taxes attributable to property that is assessed as residential property under the rules of the Department of Local Government Finance for those areas added to the Area after June 30, 1995, and (ii) the lesser of: (a) The assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (b) The base assessed value as defined in the Act; shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund, and may be used by the Commission only to do one or more of the following: (a) pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of the Allocation Area; (b) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in the Allocation Area; -2- BDDBOI 40102160