No. 2813 determining to proceed with the redemption of the presently outstanding taxable economic development revenue bonds, series 2005 (Erskine Commons Project)

Home Browse Search

_ RESOLUTION NO. 2813 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PROCEED WITH THE REDEMPTION OF THE PRESENTLY OUTSTANDING TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2005 (ERSKINE COMMONS PROJECT) WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend Redevelopment District (the "District ") and the City of South Bend, Indiana, Department of Redevelopment (the "Department "), exists and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission adopted Resolution No. 1914 on November 1, 2002, which resolution was later confirmed by the Commission at a meeting on December 20, 2002, and which resolution declared the Southside Development Area (the "Area ") to be a blighted area within the meaning of the Act and approved a Redevelopment Plan for the Area pursuant to the Act; and WHEREAS, the Commission adopted, after a public hearing, Resolution No. 2073, which resolution amended the Area by creating within the Area a separate allocation area to provide for the allocation distribution of the proceeds of taxes levied on properties situated in such allocation area ( "Allocation Area No. 2 ") to separately account for taxes expected to be generated from a project developed by Anchor Acquisitions Limited which involved the construction of a significant commercial and retail center near the southwest corner of the intersection of Ireland and Michigan Streets in the Area (the "Project "); and WHEREAS, the Common Council of the City of South Bend, Indiana (the "City "), adopted Ordinance No. 9524 -04 on August 23, 2004, which authorized the issuance of the City's Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Commons Project) in the aggregate principal amount of $3,800,000 (the "Bonds "), which Bonds presently remain outstanding, the proceeds of which Bonds were used to pay for the costs of certain local public located in the Area; and WHEREAS, pursuant to Resolution No. 2087 the Commission has pledged the Project tax increment revenues (the "TIF Revenues ") to the payment of the principal of and interest on the Bonds; and WHEREAS, the Project has developed to an extent that it has generated additional TIF Revenues for Allocation Area No. 2 in an amount sufficient to permit redemption of the outstanding Bonds prior to their maturity from.the available TIF Revenues; B DDB01 6427579v 1