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WHEREAS, the Commission expects to amend the Declaratory Resolution to
<br />designate TJX, as a "designated taxpayer" (the "Designated Taxpayer ") pursuant to Section 39.3
<br />of the Act, making a finding that (i) taxes to be derived from the depreciable personal property of
<br />the Designated Taxpayer, in excess of the taxes attributable to the base assessed value of such
<br />personal property, are necessary to provide revenues to pay the debt service on bonds issued
<br />under Section 25.1 of the Act; and (ii) the property of the Designated Taxpayer in the Area will
<br />consist primarily of manufacturing, warehousing, processing, distribution or transportation -
<br />related projects and not retail, commercial or residential projects; and
<br />WHEREAS, such taxes to be paid by the Designated Taxpayer shall be allocated
<br />in the same manner as real property taxes are allocated, in accordance with Section 39 of the Act;
<br />and
<br />WHEREAS, the Act authorizes the issuance of bonds of the Redevelopment
<br />District payable solely from allocated tax proceeds; and
<br />WHEREAS, the Commission finds that, in order to provide funds for the payment
<br />of the cost of redevelopment and economic development in the Area including, without
<br />limitation, the Project, it will be necessary and in the best interest of the Redevelopment District
<br />and the property and inhabitants thereof to issue bonds of the Redevelopment District which
<br />shall be payable from taxes on real and depreciable personal property located in the Area and
<br />taxes on the depreciable personal property of the Designated Taxpayer, as described herein,
<br />allocated and deposited in the Allocation Fund pursuant to Indiana Code 36- 7- 14 -39, proceeds
<br />from the sale or leasing of property in the Area, under Indiana Code 36- 7 -14 -22 deposited in the
<br />Allocation Fund as required by Indiana Code 36- 7 -14 -26 (the "Tax Increment "), such other
<br />revenues that may be made available to the Commission for such purpose (with such other
<br />revenues being treated for all purposes herein as Tax Increment), and to the extent the Tax
<br />Increment and such other revenues are not sufficient therefor, from the special tax levied upon all
<br />of the taxable property of the District (the "Special Tax ") and deposited in the Redevelopment
<br />District Special Taxing District Bond Fund, in an aggregate principal amount not to exceed Nine
<br />Million and 00 /100 Dollars ($9,000,000.00) and which amount does not exceed the cost of
<br />redevelopment and economic development in the Area, together with a sum sufficient to pay the
<br />estimated cost of all expenses reasonably incurred in connection with the acquisition,
<br />redevelopment and economic development of the Area, including the total cost of all reasonable
<br />and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount
<br />and supervisory expenses, capitalized interest and a debt reserve for the bonds to the extent the
<br />Commission determines that a reserve is reasonably required, together with the expenses in
<br />connection with or on account of the issuance of bonds therefor;
<br />NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
<br />Commission as follows:
<br />SECTION 1. For the purpose of procuring funds to pay for the cost of
<br />redevelopment and economic development in the Area, together with a sum sufficient to pay the
<br />estimated cost of all expenses reasonably incurred in connection with the redevelopment and
<br />economic development of the Area, including the total cost of all reasonable and necessary
<br />architectural, engineering, legal, financing, accounting, advertising, bond discount and
<br />-3-
<br />SBIMANI 1306210
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