No. 1830 amending Res. No. 1823 entitled "Resolution of the SBRc of the COSB, pledging TIF revenues for pmt, if necessary, of the principal of/interest on a loan from the environmental remediation revolving loan fund administered by IDFA

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RESOLUTION NO. A RESOLUTION OF THE REDEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, AMENDING RESOLUTION 1823 ENTITLED "RESOLUTION OF THE REDEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, PLEDGING TAX INCREMENT FINANCE REVENUES FOR THE PAYMENT, IF NECESSARY, OF THE PRINCIPAL OF AND INTEREST ON A LOAN FROM THE ENVIRONMENTAL REMEDIATION REVOLVING LOAN FUND ADMINISTERED BY THE INDIANA DEVELOPMENT FINANCE AUTHORITY" WHEREAS, the South Bend Redevelopment Commission (the "Commission ") has adopted various resolutions declaring a certain area located within the South Bend Redevelopment District (the "Redevelopment District ") and known as the "Airport Economic Development Area" as an economic development area and designated such area as an allocation area (the "Allocation Area ") within the meaning of Indiana Code 36 -7 -14, as amended (the "Act "), for purposes of tax increment finance which Area now includes certain property (the "Property ") occupied by Robert Bosch Corporation ( "Bosch ") and owned by the City of South Bend, Indiana (the "City ") pursuant to an Agreement for the Use and Rehabilitation of Real Property between Bosch and the City dated as of August 17, 2000 (the "Agreement "); and WHEREAS, the State of Indiana ( "State ") has established the Environmental Remediation Revolving Loan Program (the "Program ") pursuant to Indiana Code 13 -19 -5, as amended (the "Program Act "), for the purpose of providing funding from the Environmental Remediation Loan Fund (the "Fund ") administered by the Indiana Development Finance Authority ( "IDFA ") for the assessment and remediation of "brownfield sites" located throughout the State: and WHEREAS, the pursuant to Section 9 of the Agreement, (i) the City has represented that it is eligible to borrow up to $1,300,000 from IDFA (the "Loan ") through the Program and that r it will use its best efforts to borrow such amount and, in turn, loan it to Bosch for purposes of remediating environmental conditions at, on, under or emanating from the Property, including, but not limited to, demolition, asbestos and lead paint removal, and environmental testing and assessment of the Property (the "Program Improvements ") and (ii) Bosch has agreed to repay such loan in accordance with the repayment schedule set forth in the Agreement subject to certain forgiveness provisions set forth in the Agreement as permitted by the Program Act; and WHEREAS, the Common Council ofthe City (the "Common Council ") will consider an ordinance authorizing the issuance of revenue bonds of the City (the "Bonds ") in the form of the Loan; and :ODMAvPCDOCS \SBDOCS 1 \83274\ 1