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WHEREAS, the Commission finds that the construction of <br />r <br />the College Football Hall of Fame on land currently owned by the <br />Commission and which will be located within the South Bend Central <br />l <br />Development Area (the "Project ") will accomplish significant <br />redevelopment in the South Bend Central Development Area; and <br />WHEREAS, the Commission desires to provide funds for <br />i <br />certain costs that will be incurred in connection with the Project <br />prior to the financing of the Project anticipated to occur in July, <br />1993 (the "Project Expenses "); and <br />WHEREAS, the Commission finds that in order to provide <br />funds for payment of the Project Expenses, it will be necessary <br />and in the best interest of the Redevelopment District and the <br />property and inhabitants thereof to issue bonds of the <br />Redevelopment District which shall be payable solely from taxes on <br />real property located in the Allocation Area allocated and <br />deposited in the Allocation Fund pursuant to the provisions of IC <br />36- 7 -14 -39 and proceeds from the sale or leasing of property in the <br />Allocation Area under IC 36- 7 -14 -22 deposited in the Allocation <br />Fund as required by IC 36- 7 -14 -26 pursuant to the Act, in an <br />aggregate principal amount not to exceed Three Million Dollars <br />($3,000,000.00); <br />NOW, THEREFORE BE IT RESOLVED, by the South Bend <br />Redevelopment Commission as follows: <br />1. For the purpose of procuring funds to pay for the <br />Project Costs, together with a sum sufficient to pay the estimated <br />cost of all expenses reasonably incurred in connection with such <br />3 <br />