No. 2097 pledging certain tax increment revenues to the payment of the COSB, taxable economic development revenue bonds, Series 2004 (Erskine Village Project)

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RESOLUTION NO. 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 VILLAGE 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. 3 (the "Area "), a portion of the South Side Development Area, to be an allocation area for IL the purpose of separately accounting for the tax increment revenues derived from the Area; and (iii) created an allocation fund for the Area (the "Allocation Fund ") for purpose of tax increment financing; and WHEREAS, the City intends to issue its taxable economic development revenue bonds in one (1) or more series 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 Village Project)" (the 'Bonds "), the proceeds of which are to be used to finance a portion of the costs of any of the following: (i) the demolition of the former Scottsdale Mall site, (ii) the construction of a new discount store, (iii) the construction of additional retail establishments, and (iv) the construction, acquisition and renovation of such other improvements, including but not limited to utility relocation and site preparation, (collectively, the "Improvements ") that will facilitate the development and construction of a 400,000 - 500,000 square foot retail power center having a village concept (the "Project ") by KSK- Scottsdale Mall, L.P. (the 'Borrower ") at or near the southeast corner of the intersection of Ireland Road and Miami Street in the City; and WHEREAS, the Commission anticipates that the City will loan the proceeds of the Bonds to the Borrower pursuant to a loan agreement to be entered into by and between the City and the Borrower; and WHEREAS, the Commission desires to pledge 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 SBIIVIANI 192467v1