No. 1904 authorizing the issuance of bonds of the SB Redevelopment District for the purpose of raising money for Redevelopment and Economic Development in the SEDA (TJX)

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RESOLUTION NO. 110 Lq A 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 "), the governing body of the South Bend Department of Redevelopment (the "Department ") and the South Bend Redevelopment District (the "Redevelopment District "), exists and operates under Indiana Code 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously designated and declared an area in the City of South Bend, Indiana (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 have 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, with regard to taxes levied on real property in the Area, property tax proceeds in excess of those attributable to (i) the proceeds of taxes attributable to property that is assessed as residential property under the rules of the Department of Local Government Finance for those areas added to the Area after June 30, 1995, and (ii) the lesser of: (a) The assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (b) The base assessed value as defined in the Act; SBIMAN l 130621 v 1