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RESOLUTION NO. I q. � <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION PLEDGING CERTAIN TAX INCREMENT <br />REVENUES TO THE REPAYMENT OF A SECTION 108 LOAN FROM THE U.S. <br />DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT <br />(THE OLIVER PLOW WORKS PROJECT) <br />WHEREAS, the City of South Bend, Indiana (the "City ") has previously submitted <br />an Application for Federal Assistance to the U.S. Department of Housing and Urban Development <br />( "HUD ") requesting federal funding in the form of a Brownfields Economic Development Initiative <br />( "BEDI ") Grant and has received a BEDI Grant in the amount of Eight Hundred Thousand Dollars <br />($800,000.00); and <br />WHEREAS, the City intends to submit an application to HUD requesting a loan <br />co through the Section 108 Loan Guarantee Program ( "Section 108 Loan") in order to finance the <br />acquisition of the former Oliver Plow Works site (the "Site "), demolition of the improvements <br />located thereon and construction of infrastructure to support the redevelopment of the Site (the <br />"Project "); and <br />WHEREAS, the City intends that all or a portion of the BEDI Grant funds will be <br />utilized to fund a debt service reserve fund in connection with the repayment of the Section 108 <br />Loan; and <br />WHEREAS, the City of South Bend Redevelopment Commission (the <br />"Commission ") has previously designated and declared an area in the City known as the Sample - <br />Ewing Development Area (the "Area ") to be a redevelopment area and allocation area for purposes <br />of tax increment financing; and <br />WHEREAS, the Commission anticipates that sufficient funds will be available to <br />the Commission to pay the principal of and interest on the Section 108 Loan with such funds being <br />derived from the tax increment revenues (the "Tax Increment Revenues ") generated in the Area and <br />allocated to the Commission; and <br />WHEREAS, the Commission desires to pledge such Tax Increment Revenues to the <br />City for its use in order to pay the principal of and interest on the Section 108 Loan; and <br />WHEREAS, the Commission shall have no other obligation with respect to the <br />payment of principal of or interest on the Section 108 Loan other than the payment of the Tax <br />Increment Revenues which may be generated in the Area; <br />::ODMA\PCDOCS \SBDOCS 1 \74485 \I <br />