No. 1847 agreeing to consider the use of available TIF revenues for the pmt, if necessary, of principal/interest on certain loans evidenced by the issuance of the revenue bonds of the COSB (Robert Bosch retention project)

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A RESOLUTION NO. ) 16'+'l RESOLUTION OF THE REDEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, AGREEING TO CONSIDER THE USE OF AVAILABLE TAX INCREMENT FINANCE REVENUES FOR THE PAYMENT, IF NECESSARY, OF THE PRINCIPAL OF AND INTEREST ON CERTAIN LOANS TO BE EVIDENCED BY THE ISSUANCE OF THE REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA (ROBERT BOSCH RETENTION PROJECT) 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 "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 City has determined to borrow certain sums from loan programs administered by the Business Development Corporation of South Bend, Mishawaka, St. Joseph County, Indiana ( "BDC "), the Industrial Revolving Fund of South Bend, Indiana and The Industrial Development Fund of the State of Indiana ( "IDLF "), respectively (collectively, the "Loans ") and to issue its revenue bonds to evidence the Loans; and WHEREAS, the BDC loan shall be in the principal amount not to exceed Five Hundred Ten Thousand Dollars ($510,000) for a term of twenty (20) years and shall bear interest at a rate not to exceed four percent (4 %); and WHEREAS, the IRF loan shall be in the principal amount not to exceed Five �'r+� Hundred Ten Thousand Dollars ($510,000) for a term of twenty (20) years and shall bear interest at a rate not to exceed four percent (4 %); and WHEREAS, the IDLF loan shall be in the principal amount not to exceed One Million Dollars ($1,000,000) for a term of fifteen (15) years and shall bear interest at a rate not to exceed three percent (3 %); and :ODMA\M 0DMA\SBIMAN1 ;103812;1