No. 2538 setting a public hearing on the appropriation of tax increment financing revenues from allocation area no. 2 for the pmt of certain obligations related to the SSDA allocation area no. 2 and other related matters

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iRESOLUTION NO. 2538 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION SETTING A PUBLIC HEARING ON THE APPROPRIATION OF TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA NO.2 FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS RELATED TO THE SOUTH SIDE DEVELOPMENT AREA ALLOCATION AREA NO.2 AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City ") and the City of South Bend, Indiana, Redevelopment District, exists and operates under the provisions of Indiana Code § 36 -7 -14, as amended (the "Act "); and WHEREAS, on November 1, 2002, the Commission adopted Resolution No. 1914 (the "Declaratory Resolution ") declaring the South Side Development Area (the "Area ") to be an area needing redevelopment within the meaning of the Act and designated the Area as the South Side Development Area Allocation Area No. 1 ( "Allocation Area No. 1 ") for purposes of tax increment financing pursuant to the Act; and WHEREAS, on November 19, 2002, the Area Plan Commission of St. Joseph County ( "Plan •Commission ") issued its written order approving the Declaratory Resolution by the adoption of Plan Commission Resolution 142 -02, in accordance with Indiana Code § 36- 7- 14-16; and WHEREAS, on November 25, 2002, the Common Council of the City approved the order of the Plan Commission through the adoption of Common Council Resolution No. 3136 -02; and WHEREAS, on December 20, 2002, the Commission held a duly noticed public hearing, in accordance with Indiana Code § 36-7 -14-17 and Indiana Code § 5 -3 -1; and WHEREAS, following said hearing, the Commission adopted Resolution No. 1928 confirming the Declaratory Resolution; and WHEREAS, on July 27, 2004, the Commission adopted Resolution 2073 amending the Declaratory Resolution to create a separate allocation area ( "Allocation Area No. 2 ") within the Area to allow for certain improvements to occur at the intersection of Ireland and Michigan Streets and for the purpose accounting for the tax increment revenues directly resulting from such improvements ( "Project Tax Increment Revenues "); and WHEREAS; on July 27, 2004 and January 20, 2006, the Commission adopted Resolution No. 2074 and Resolution No. 2225, respectively (collectively, the "District Bond Resolution ") authorizing the issuance of redevelopment district bonds (the "District Bonds ") in an amount not to exceed Two Million Eight Hundred Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00) payable solely from Project Tax Increment Revenues to provide for certain public improvements to the intersection of Ireland and Michigan Streets, as more particularly described in said resolutions;