No. 2814 determining to apply TIF revenues to the payment of the redevelopment district revenue revenue bonds in the event professional sports and convention development area revenues are insufficient

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RESOLUTION NO. 2814 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO APPLY TIF REVENUES TO THE PAYMENT OF THE REDEVELOPMENT DISTRICT REVENUE BONDS IN THE EVENT PROFESSIONAL SPORTS AND CONVENTION DEVELOPMENT AREA REVENUES ARE INSUFFICIENT WHEREAS, the South Bend Redevelopment Commission (the "Commission "), governing body of the Department of Redevelopment (the "Department ") of the City of South Bend, Indiana (the "City ") and the Redevelopment District of the City (the "Redevelopment District "), exists and operates under the provisions of the Redevelopment of Cities and Towns Act of 1953 which has been codified in I.C. 36 -7 -14 et seq., as amended from time to time (the "Act "); and WHEREAS, the Commission has previously designated and declared an area in the City known as the Central Development Area to be a redevelopment area and an allocation area pursuant to the Act for purposes of tax increment finance which area has been amended from time to time (the "Area "), and the Commission has previously adopted a redevelopment plan for the Area which has been amended from time to time; and WHEREAS; the City has previously designated a Professional Sports and Convention Development Area pursuant to I.C. 36 -7 -31.3 in an area of the City to include that portion of the City where Coveleski Stadium is located for the purpose of capturing "covered taxes" as such term is defined by I.C. 36 -7- 31.3 -4 (the " PSCDA Revenues "); and WHEREAS, the Commission has found that in order to undertake certain local public improvements in the Area, such local public improvements to include certain improvements to Coveleski Stadium which is owned by the City (collectively, the "Project "), it will be necessary and in the best interest of the Redevelopment District and the property and inhabitants thereof to issue special revenue bonds of the Redevelopment District (the "Bonds ") in an aggregate principal amount not to exceed Four Million Nine Hundred Eighty Thousand and 00 /100 Dollars ($4,980,000.00) which shall be payable from the PSCDA Revenues and, to the extent that such revenues are ever insufficient to make debt service payments on the Bonds, from County Option Income Tax Revenues ( "COIT Revenues ") expected to be pledged by the Common Council of the City (the "Common Council ") on a parity with other obligations payable from the COIT Revenues; and WHEREAS, the Commission has adopted its preliminary bond resolution on November 2, 2010 and its final bond resolution on November 19, 2010 approving the issuance of the Bonds; BDDB01 6437006v1