No. 2072 authorizing the issuance of COSB redevelopment district tax increment revenue bonds and related matters

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s . Resolution No. 2072 A PRELIMINARY BOND THE RESOLUTION F TH BE O SOU ND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS AND RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), governing body of the City of South Bend, Indiana, Redevelopment District (the "District ") did, on November 1, 2002, adopt Resolution No. 1914 (the "Declaratory Resolution ") declaring the South Side Development Area (the "Area ") to be a blighted area within the meaning of Ind. Code § 36 -7 -14 (the "Act ") and approving a Redevelopment Plan for the Area (the 'Plan ") pursuant to the Act; and WHEREAS, the Declaratory Resolution was confirmed by the Commission on December 20, 2002; and WHEREAS, pursuant to the Declaratory Resolution, the Commission designated an allocation area for purposes of Section 39 of the Act which allocation area is known as Allocation Area No. 1 ( "Allocation Area No. I") and which is described as set forth in the Declaratory Resolution; and C WHEREAS, Section 17.5 of the Act and Section 39.1 of the Act provide the means for approving amendments to the Plan; and WHEREAS, there has been proposed to the Commission by Anchor Acquisitions, Ltd. a project involving the construction of a significant commercial and retail center at or about the southwest corner of the intersection of Ireland and Michigan Streets in the Area (the 'Project "); and WHEREAS, the Commission desires to separately establish an allocation area within the Area ( "Allocation Area No. 2 ") for the purpose of separately accounting for the tax increment revenues within the Area produced as a result of the Project (the 'Project Tax Increment Revenues ") and to amend the Plan accordingly; and WHEREAS, the Commission further desires to issue bonds of the District (the "Bonds ") payable solely from Project Tax Increment Revenues for the purpose of procuring funds to finance certain local public improvements consisting of roadway improvements and related infrastructure improvements (the "Improvements ") pursuant to the Act, subject to and dependent upon the terms and conditions hereinafter set forth; and WHEREAS, the Commission desires to hold a public hearing regarding the appropriation of the proceeds of the Bonds, pursuant to Ind. Code § 6- 1.1 -18 -5, and a public hearing regarding the amendment of the Plan, pursuant to Sections 17.5 and 39.1 of the Act; C- SBNANI 187463v2