No. 1170 determining to appropriate money from the SBCAA (No. 1A) special fund

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Three Hundred Fifty -six Thousand, Six Hundred Fifty -five Dollars ($356,655.00) from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund; and WHEREAS, the Commission entered into an agreement on June 5, 1992, (the "Palais Royale Lease "), to lease the Palais Royale building from the South Bend Redevelopment Authority (the "Authority "), which Lease requires semiannual lease rental payments by the Commission to the Authority; and WHEREAS, under Commission Resolution No. 1067, adopted June 5, 1992, the Commission must levy a special tax payable in 1994 upon all the taxable property in the Redevelopment District if the balance in the Palais Royale Acquisition Project Principal and Interest Account of the Redevelopment District Bond Fund as of August 1, 1993, is insufficient to pay all lease rental payments under the Palais Royale Lease in the 12 -month period beginning July 1, 1994; and WHEREAS, the Commission desires to appropriate an amount equalling One Hundred Ninety -seven Thousand Dollars ($197,000), which amount equals the amount required to make such lease rental payments, from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the Palais Royale Acquisition Project Principal and Interest Account of the Redevelopment District Bond Fund; and WHEREAS, the use of money in the Allocation Fund for the purpose of making payments of these Leases is permitted under IC 36- 7 -14 -39 (b) (2) (F) . NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, as follows: 1. The Commission hereby approves the use of funds in the Allocation Fund in the amount of Three Hundred Ninety -one Thousand, Six Hundred Fifty -five Dollars ($391,655.00) for purposes of making lease payments to the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund. 2. The Commission hereby approves the use of funds in the Allocation Fund in the amount of Three Hundred Fifty -six Thousand, Six Hundred Fifty -five Dollars ($356,655.00) for purposes of making lease payments to the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund. 3. The Commission hereby approves the use of funds in the Allocation Fund in the amount of One Hundred Ninety -seven Thousand Dollars ($197,000.00) for purposes of making lease payments to the Palais Royale Acquisition Project Principal and Interest Account of the Redevelopment District Bond fund. 4. The Secretary of the Commission is hereby authorized and directed to take all necessary steps to obtain the approval of the expenditure of such funds pursuant to IC 6- 1.1 -18 -5, including the publication in accordance with IC 5 -3 -1 of notice of a hearing on the appropriation of such funds to be held at 10:00 a.m., on July 16, 1993 at Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. If any part, section, subsection, sentence, clause or phrase of this Resolution is for any reason declared to be invalid or otherwise disapproved by any person or body authorized to take action with respect to this same, such decision shall not affect