No. 2074 authorizing the issuance of COSB redevelopment district adjustable rate demand tax increment revenue bonds (series 2004)(Erskine Commons Project) and other related matters

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RESOLUTION NO. 2074 (WI RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT ADJUSTABLE RATE DEMAND TAX INCREMENT REVENUE BONDS (SERIES 2004) (ERSKINE COMMONS PROJECT) AND OTHER RELATED MATTERS 14 WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend, Indiana, Redevelopment District (the 'District ") and the City of South Bend, Indiana, Department of Redevelopment (the 'Department "), exists and operates under the provisions of Ind. Code § 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission 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 Section 14 of the Act, approving a Redevelopment Plan for the Area (the 'Plan "), and creating Allocation Area No. 1 for the purpose of tax increment financing, all pursuant to the Act; and WHEREAS, the Declaratory Resolution was confirmed by the Commission on December 20, 2002; and WHEREAS, there has been proposed to the Commission by Anchor Acquisitions, Ltd. (the 'Developer ") 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 (the "Project ") in the Area; and WHEREAS, the Commission desires to undertake certain local public improvements consisting of certain roadway and related infrastructure improvements at or near the intersection of Ireland and Michigan Streets, which improvements shall include, without limitation, (i) acquisition of Michigan Street and Ireland Road right -of -way and road improvements, as outlined by American Consulting, Inc., which include five (5) lane expansion of Ireland Road as far west as Lafayette, and four (4) lanes to the western terminus and adjacent to the Project, (ii) signalization, including signals along Ireland Road at the two Ireland Road entrances to the Project, and (iii) a double -left- turn -lane from Michigan Street onto Ireland Road (the "Improvements "), in order to accommodate the construction and operation of the Project in the Area; and WHEREAS, the Commission did, on July 27, 2004, adopt a resolution amending the Plan to allow for the Improvements and creating a separate allocation area within the Area (the "Allocation Area ") for the purpose of accounting for the Project Tax Increment Revenues (as defined herein) of the Allocation Area separately for such purposes; and SBIMANI 188429v4