No. 1171 appropriating money from the SBCAA (No. 1A) special fund

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RESOLUTION NO. 1171 SOUTH BEND REDEVELOPMENT COMMISSION A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA N0. 1A) SPECIAL FUND WHEREAS, the South Bend Redevelopment Commission (The "Commission") entered into an agreement on June 1, 1988 (the "Lease "), to lease a parking garage facility 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. 847, adopted June 17, 1988, the Commission must levy a special tax payable in 1994 upon all the taxable property in the Redevelopment District if the balance in the Parking Garage 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 Lease in the 12 -month period beginning January 1, 1994; and WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of Three Hundred Ninety -one Thousand, Six Hundred Fifty -five Dollars ($391,655.00) from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund; WHEREAS, the South Bend Redevelopment Commission (The "Commission ") entered into an agreement on November 1, 1989 (the "Lease "), to lease certain land and public improvements in the South Bend Central Development Area 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. 915, adopted February 16, 1990, the Commission must levy a special tax payable in 1994 upon all the taxable property in the Redevelopment District if the balance in the South Bend Central Development Area Public Improvement 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 Lease in the 12 -month period beginning July 1, 1994; and WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of 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 South Bend Redevelopment Commission (The "Commission ") entered into an agreement on June 5, 1992 (the "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 fir► 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 Lease in the 12 -month period beginning July 1, 1994; and