No. 1898 preliminary bond authorizing the issuance of bonds of the SB Redevelopment District for purpose of raising money for Redevelopment/Economic Development in the SEDA

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a RESOLUTION NO. 1898 A PRELIMINARY BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN THE SAMPLE -EWING DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the governing body of the South Bend Redevelopment District (the "District "); and WHEREAS, the Commission has previously designated and declared an area in the City known as the Sample -Ewing Development Area to be a redevelopment area and an allocation area (the "Area ") for purposes of tax increment financing and established an allocation fund for said Area (the "Allocation Fund "); and WHEREAS, the Commission and the City of South Bend, Indiana (the "City), has entered into a "Contract for Sale of Land for Private Redevelopment" (the "Contract ") with AJW South Bend Realty Corporation and The TJX Companies (collectively, "TJX ") to provide for the location of a warehousing and distribution center (the "TJX Project ") in the general vicinity of Sample and Olive Streets in the City (the "TJX Site "); and WHEREAS, the TJX Project will ultimately result in the creation of approximately 850 jobs with an estimated annual payroll of Thirty Million and 00 /100 Dollars ($30,000,000.00); and WHEREAS, the Commission has agreed in the Contract to undertake certain local public improvements to accommodate the location of the TJX Project in the Area, such local public improvements including without limitation property acquisition, demolition and removal of existing buildings and environmental remediation and related redevelopment and economic development activities at and around the TJX Site (collectively, the "Project "); and WHEREAS, the Commission finds that in order to provide funds for the payment of the cost of the Project, it is necessary and in the best interest of the District and the property and inhabitants thereof to issue bonds of the District in an aggregate principal amount not to exceed Nine Million and 00 /100 Dollars ($9,000,000.00), the principal of and interest on which shall be payable from revenues available to the Commission and, in the event such revenues are not sufficient, from a special tax levied upon all of the taxable property of the District (the "Special Tax "); and WHEREAS, the Commission anticipates that it will not be required to levy the Special Tax because the Commission expects that there will be sufficient funds to pay the principal of and interest on such bonds from taxes on real property located in the Area and taxes on the depreciable personal property of TJX or a related party, to be identified as a "designated SB[MAN 1 \128675_2.DOC