No. 2012 authorizing issuance of bonds for purpose of providing funds for refunding outstanding bonds and financing redevelopment projects in SBCAA (No. 1A) and paying incidental expenses in connection therewith and on account of issuance of bonds

Home Browse Search

RESOLUTION NO. 2012 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR REFUNDING OUTSTANDING BONDS AND FINANCING REDEVELOPMENT PROJECTS IN THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) AND PAYING INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS WHEREAS, the South Bend Redevelopment Commission (the "Commission ") has adopted various resolutions declaring certain real estate in the South Bend Redevelopment District (the "District "), known as the South Bend Central Development Area (the "Area "), to be an allocation area within the meaning of IC 36 -7 -14 (the "Act "), such allocation area known as the South Bend Central Allocation Area (South Bend Allocation Area No. IA) (the "Allocation Area "); and WHEREAS, the Commission has adopted a redevelopment plan for the Area (the "Plan ") the purpose of which is to benefit the public health and welfare of the citizens of the City of South Bend, Indiana (the "12W') and revitalize the Area (as defined in the Plan); and WHEREAS, the Commission has determined that certain improvements to the Area should commence, which improvements are more particularly described on Exhibit A attached hereto (collectively referred to as the "Project "); and WHEREAS, the Commission has determined that it is advisable to currently refund the outstanding bonds of the South Bend Redevelopment Authority (the "Authority ") issued in 1992 and designated as "South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Refunding)" (the "Refunded Bonds "); and WHEREAS, the Commission deems it advisable to issue the "City of South Bend, Indiana Redevelopment District Tax Increment Revenue Bonds, Series 2003 (South Bend Central Development Area)" (the "2003 Bonds ") in an aggregate principal amount not to exceed Twenty -Two Million Dollars ($22,000,000) (the "Authorized Amount ") for the purpose of financing the Project, refunding of the Refunded Bonds, and paying the costs of issuance of the 2003 Bonds; and WHEREAS, the Project is located in or serves the Area; and WHEREAS, it would be of public utility and benefit and in the best interests of the District and its citizens to pay the costs of the Project, of refunding of the Refunded Bonds, and of the issuance of bonds therefor, which will provide special benefits to property owners in the District; and WHEREAS, the Commission finds that under the governing statutes it is necessary to make an appropriation to pay items to be financed with the 2003 Bonds, and the Commission has determined that said appropriation be made at this time; and