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RESOLUTION NO. 9 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES ON A SUBORDINATE BASIS TO THE PAYMENT OF CERTAIN CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BONDS EXPECTED TO BE ISSUED FOR THE SOUTH BEND CAREER ACADEMY 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 Airport Economic Development Area (the "Area ") to be an economic development area and an allocation area for purposes of tax increment financing and established an allocation fund for said Area (the "Allocation Fund "); and WHEREAS, the Commission has previously authorized pursuant to various resolutions (the "Prior Bond Resolutions ") the issuance of the Commission's (i) City of South Bend, Indiana, Redevelopment District Revenue Bond, Series 2001A (Robert Bosch Corporation Project) (ii) City of South Bend, Indiana, Redevelopment District Special Taxing District Bonds of 2002; and (iii) City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds, Series 2003 (collectively, the "Prior Bonds ") payable from the tax increment revenues allocated to the Commission and resulting from the increase in the assessed value of real property and improvements thereon located in the Area (the "Tax Increment Revenues "); and WHEREAS, the Commission has previously adopted a resolution (the "Prior Lease Resolution" and collectively with the Prior Bond Resolutions, the "Prior Resolutions ") authorizing the execution of a lease with the South Bend Redevelopment Authority (the "Authority ") pursuant to which the Commission makes lease rental payments from the Tax Increment Revenues to the Authority which the Authority uses to pay the principal of and interest its Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project) (the "Prior Lease" and with the Prior Bonds, the "Prior Obligations "); and WHEREAS, the City is considering the issuance of its economic development revenue bonds pursuant to Ind. Code § 36 -7 -11.9 and 12 for the South Bend Career Academy Project (the "EDC Bonds "), the proceeds of which are to be used to finance a portion of the costs of the acquisition, renovation, construction, installation and equipping of an approximately 106,000 square foot charter school located at 3801 Nimtz Drive in the City which is located in the Area (collectively, the "Project "); and BDDB01 6825523v]