No. 1140 determining to pay certain expenses incurred for local public improvements in or serving the Studebaker Corridor Development Area from fund 443, the Redevelopment General fund

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RESOLUTION NO. 1140 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PAY CERTAIN EXPENSES INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE STUDEBAKER CORRIDOR DEVELOPMENT AREA FROM FUND 433, THE REDEVELOPMENT GENERAL FUND WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on January 10, 1986, adopted Resolution No. 762 declaring the Studebaker Corridor Development Area to be a blighted area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 762 and the Studebaker Corridor Development Area Plan were confirmed by Resolution No. 764 adopted on February 14, 1986; and WHEREAS, Resolution No. 762 has been amended from time to time pursuant to the provisions of the Act; and WHEREAS, in furtherance of its efforts to redevelop the Studebaker Corridor Development Area, the Commission in 1990, issued bonds in the approximate amount of $4,900,000.00 with the proceeds thereof to be used for property acquisition and redevelopment; and WHEREAS, the Commission desires to pay expenses incurred by it for local public improvements that are in or serving the Studebaker Corridor Development Area with the proceeds from the sale or other disposition of land situated in the Studebaker Corridor Development Area by the Commission, which proceeds are deposited in the Redevelopment General Fund; and WHEREAS, such payments will be used for purposes consistent with the purposes for which the Bonds were issued; and WHEREAS, the expenditures incurred by the Commission proposed to be paid with the proceeds from the sale or other disposition of land in the Studebaker Corridor Development Area deposited in the Redevelopment General Fund are described on the attached Exhibit "All; and WHEREAS, the Commission desires to approve said payments from the Redevelopment General Fund in the total amount as described on Exhibit "A"; and WHEREAS, the proposed payment from the Redevelopment General Fund as provided for herein is not for the operating expenses of the Commission. 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 Redevelopment General Fund in the amount of Forty -eight Thousand Four Hundred Dollars ($48,400.00) for purposes of paying the expenditures as described on Exhibit "A ". 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 March 19, 1993 at Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.