No. 2087 pledging certain tax increment revenues to the payment of the COSB taxable economic development revenue bonds, Series 2004 (Erskine Commons Project)

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RESOLUTION NO. 2087 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF THE CITY OF SOUTH BEND, INDIANA, TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2004 (ERSKINE COMMONS PROJECT) 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, exists and operates under the provisions of Ind. Code § 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously (i) designated and declared an area in the City of South Bend, Indiana (the "City "), known as the South Side Development Area to be a blighted area within the meaning of Ind. Code § 36 -7 -14; (ii) established Allocation Area No. 2 (the "Area "), a portion of the South Side Development Area, to be an allocation area for the purpose of separately accounting for the tax increment revenues derived from the Area; and IL (iii) created an allocation fund for the Area (the "Allocation Fund ") for purpose of tax increment financing; and WHEREAS, on July 27, 2004, the Commission adopted Resolution No. 2074 (the "Senior Resolution "), authorizing the issuance of tax increment revenue bonds of the District (the "Senior Bonds ") payable solely from the tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of real property and improvements thereon located in the Area and from the proceeds from the sale or leasing of property in the Area, under Ind. Code § 36- 7 -14 -22 and deposited into the Allocation Fund, as required by Ind. Code § 36- 7 -14 -26 as a result of the Project (as defined herein) (the "Project Tax Increment Revenues "); and WHEREAS, the City intends to issue its taxable economic development revenue bonds pursuant to Ind. Code § 36 -7 -11.9 and 12 to be known as the "City of South Bend, Indiana, Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Commons Project)" (the 'Bonds "), the proceeds of which are to be used to finance a portion of the costs of (i) the relocation of power lines, petroleum pipelines and other utility structures, (ii) the demolition of existing structures, (iii) the filling and compaction of fill on the site, and (iv) such other improvements (collectively, the "Improvements ") that will facilitate the development and construction of a retail and commercial center (the "Project "), by Anchor South Bend, LLC (the 'Borrower "), at or near the southwest corner of the intersection of Ireland and Michigan Streets in the City; and SBIMANI 189256v1