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RESOLUTION NO. 1674 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION <br />WITH THE LEASE DATED AS OF MARCH 1, 1999, BETWEEN <br />THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE <br />SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE <br />ACQUISITION OF CERTAIN LAND AND REMOVAL OF IMPROVEMENTS <br />THEREON AND OTHER RELATED MATTERS <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been <br />created pursuant to IC 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality <br />of the City of South Bend to finance local public improvements for lease to the South Bend <br />AW <br />Redevelopment Commission (the "Commission "); and <br />WHEREAS, the Authority intends to issue notes through the Department of Housing <br />and Urban Development's Section 108 Loan Guarantee Program to be known as the "South Bend <br />Redevelopment Authority Lease Rental Revenue Notes (Downtown Property Acquisition Project) <br />(the "Notes "), the proceeds of which are to be used to finance the acquisition of real property <br />generally located at the corner of Main and Jefferson in South Bend, Indiana, and removal of <br />improvements located thereon (the "Main and Jefferson Portion ") and the acquisition of real property <br />generally located at the southeast corner of Monroe and Lafayette in South Bend, Indiana, which has <br />been targeted for the construction of a new Studebaker National Museum (the "Studebaker Lot <br />Portion ") (collectively referred to as the "Project "); and <br />WHEREAS, the Authority intends to lease the Project to the Commission pursuant <br />to a lease dated as of March 1, 1999 (the "Lease "), which Lease was heretofore approved by this <br />Commission; and <br />