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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WHEREAS, the City proposes to use the proceeds from the Loans in order to fund certain rehabilitative improvements to the Property in accordance with the Agreement (the "Improvements "); and WHEREAS, the Loans will be secured by mortgages on the Property in favor of the BDC, IRF and IDLF, respectively, as well as the revenues payable by Bosch to the City pursuant to the terms of the Agreement (the 'Bosch Funds "); and WHEREAS, the Improvements constitute "local public improvements" as such term is defined in the Act; and WHEREAS, the Commission desires to adopt this resolution to evidence its agreement to consider the use of tax increment revenues ( "TIF Revenues ") which may be generated from within the Area to repay the Loans in the event that the Bosch Funds are insufficient for such purpose and provided that the Commission has sufficient TIF Revenues which are not otherwise needed to fund permitted uses of TIF Revenues; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Commission ofthe City of South Bend, Indiana, as follows: 1. The Commission hereby agrees to consider the use of available TIF Revenues generated from within the Area to the repayment of the Loans in the event the Bosch Funds are insufficient for such purpose. "Available TIF Revenues," as used herein, shall mean those revenues remaining and available for use by the Commission on an annual basis after sufficient TIF Revenues have been set aside, reserved or otherwise identified for any use otherwise permitted by the Act. This Resolution shall not constitute a pledge or an encumbrance of the TIF Revenues and shall be subject to further action by the Commission in order to appropriate the TIF Revenues for purposes of repaying the Loans. 2. The President and the Secretary are hereby authorized to execute such documents as may be necessary with respect to the matters contained herein. The Commission further recommends and approves of action by the Common Council of the City to authorize the issuance of revenue bonds of the City. The Mayor is authorized to execute and the Clerk of the City is authorized to attest, if necessary, such documents as may be necessary with respect to the matters contained herein. 3. This Resolution shall be in full force and effect after its adoption by the Commission. ::0DMA\MH0DMA\SBIMAN1;103812;1 -2-