No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district

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(ISO, RESOLUTION NO. 1 q !o S A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS, SERIES 2003, OF THE SOUTH BEND REDEVELOPMENT DISTRICT 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 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 did, on February 21, 2003, adopt a preliminary bond resolution authorizing the issuance of bonds of the District in an amount not to exceed $13,000,000.00 plus investment earnings in accordance with the terms to be set out in the Final Bond Resolution of the Commission. WHEREAS, the Act authorizes the issuance of bonds of the Redevelopment District payable solely from allocated tax proceeds; and WHEREAS, the Commission finds that, in order to provide funds for the payment of the cost of redevelopment and economic development in the Area, it will be necessary and in the best interest of the Redevelopment District and the property and inhabitants thereof to issue bonds of the Redevelopment District which shall be payable solely from taxes on real property located in the Area allocated and deposited in the Allocation Fund pursuant to Section 39 of the Act and proceeds from the sale or leasing of property in the Area under Section 22 of the Act deposited in the Allocation Fund as required by Section 26 of the Act (the "Tax Increment ") pursuant to the Act, in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00) (the "Bonds ") and which amount does not exceed the cost of redevelopment and economic development in the Area, including, without limiation, 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 "), together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the acquisition, redevelopment and economic development of the Area including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest SBIMAN 1 145795v2