No. 1097 establish intent to issue redev district tax inc. rev bonds & authorizing reimbursement of Commission & City for pmts. of certain preliminary expenses incurred prior to issuance of such redev district tax inc. rev bonds out of proceeds of bonds

Home Browse Search

WHEREAS, the Commission by adoption of Resolution No. 737, established the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) (the "Allocation Area "); and WHEREAS, the Commission has from time to time adopted resolutions expanding the South Bend Central Development Area as well as the Allocation Area so that the boundaries of the Allocation Area are conterminous with the South Bend Central Development Area; and WHEREAS, the Commission intends, pursuant to IC 36 -7 -14 -25.1, to issue Redevelopment District tax increment revenue bonds (the "Bonds ") to finance certain costs (the "Project Expenses ") related to the construction of the College Football Hall of Fame (the APIN "Project ") on land currently owned by the Commission which Project is located in the Allocation Area and all expenses reasonably incurred in connection with such Project Expenses, including but not limited to all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, and supervisory expenses together with the expenses in connection with or account of the issuance of the Bonds; and WHEREAS, certain initial costs relating to the Project Expenses are expected to be incurred by the Commission or incurred or advanced on behalf of the Commission by the City of South Bend (the "City ") prior to the issuance and delivery of the Bonds; and WHEREAS, the Commission desires to establish its intent that the Commission and the City be reimbursed for said preliminary costs from the proceeds of the Bonds pursuant to IC 5- 1 -14 -6; 2