No. 1960 preliminary bond resolution of the SBRC authorizing the issuance of the SB Redevelopment District TIF revenue bonds

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s J A RESOLUTION NO. 1960 A PRELIMINARY BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS 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 Airport Economic Development Area to be an economic development 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 has determined to undertake certain local public improvements in the Area, such local public improvements including without limitation road improvements to Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz Parkway, Bendix Drive /Lincolnway intersection, Bendix Drive Relocation and related right of way property acquisition and engineering costs and improvements at the Bosch 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 revenue bonds of the District in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00), the principal and interest on which shall be payable from taxes on real property located in the Area, allocated and deposited in the Allocation Fund pursuant to IC 36- 7- 14 -39, proceeds from the sale or leasing of property in the Area, under IC 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36- 7 -14 -26 pursuant to the Act (the "Tax Increment "); and WHEREAS, the Commission desires to hold a public hearing regarding the appropriation of the proceeds of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. For the purpose of raising money to pay the cost of the redevelopment and economic development in or serving the Allocation Area, including without limitation the Project, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in or serving the Allocation Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses, capitalized interest and a debt service reserve for the Bonds (to the extent that the Commission SBIMAN 1 145202v I