No. 2096 approving an amendment to the SSDA of the COSB and related matters

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RESOLUTION NO. a0 `l6 +:11Nt "IK s3 U. F 49/15/2004 09:07:07AM TERRI J. RETHLAKE ST. JOSEPH COUNTY RECORDER REC FEE: $15.00 PAGES: 4 N�'Wlg RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING OF AN AMENDMENT TO THE SOUTH SIDE DEVELOPMENT AREA OF THE CITY OF SOUTH BEND, INDIANA, AND RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend, Indiana, Redevelopment District and the City of South Bend, Indiana, Department of Redevelopment, 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. V) for purposes of tax increment financing ( "TIF ") pursuant to the Act and which is described as set forth in the Declaratory Resolution; and WHEREAS, the Commission did, on July 27, 2004, adopt Resolution No. 2073 amending the Declaratory Resolution to create a separate allocation area within the Area known as Allocation Area No. 2 and to amend the Plan to provide for certain local public improvements on Ireland Road and Michigan Street, all in accordance with the Act; and WHEREAS, there has been proposed to the Commission by KSK- Scottsdale Mall. L.P. a project involving the development and construction of a 400,000 - 500,000 square foot retail power center having a village concept at or about the southeast corner of the intersection of Ireland Road and Miami Street in the Area (the "Project "); and 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, Section 39 of the Act has been enacted to permit the creation of allocation areas within a redevelopment area to provide for the allocation and distribution, as provided in the Act, of the proceeds of taxes levied on property situated in an allocation area, and the Commission desires to create a separate allocation area within the Area described at Exhibit A attached hereto and incorporated herein (the "Allocation Area No. 3 ") for the purpose of accounting for the TIF revenues produced as a result of the Project in the Area separately (the "Project Tax Increment Revenues ") and to amend the Plan accordingly to include certain local ILpublic improvements to facilitate the Project; and SBIMANI 192249v1