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RESOLUTION NO. 2988 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE REIMBURSEMENT OF COSTS INCURRED BY THE CITY OF SOUTH BEND (CHASE TOWER PARKING GARAGE) WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend, Indiana, Redevelopment District (the "District ") and the City of South Bend, Indiana, Department of Redevelopment, exists and operates under the provisions of Ind. Code §36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously (i) designated and declared an area in the City of South Bend, Indiana (the "City "), known as the South Bend Central Development Area (the "Area ") to be a redevelopment area within the meaning of Ind. Code §36 -7 -14; (ii) established the Area as the South Bend Central Development Area Allocation Area (the "Allocation Area ") to be an allocation area for the purpose of separately accounting for the tax increment revenues derived from the Area; and (iii) created an allocation fund for the Area (the "Allocation Fund ") for purpose of tax increment financing; and WHEREAS, the Chase Tower is located at 211 -213 West Washington Street, South Bend, Indiana (the "Chase Tower ") in the heart of downtown South Bend, located within the Area and is the tallest building in South Bend; and WHEREAS, Chase Tower is a landmark South Bend building including offices, a bank, hotel, restaurants and a parking garage; and WHEREAS, it is in the best interests of the citizens of the City to prevent the further deterioration of the Chase Tower, maintain the presence of the tenants in the Chase Tower, establish or maintain a reputable branded hotel in the Chase Tower, encourage the undertaking of improvements, as such improvements will provide for additional economic development of the downtown area of the City, including increasing the assessed value of the Chase Tower; and WHEREAS, the City intends to acquire a real estate interest in the parking garage located in the Chase Tower (the "Garage "), for an amount not exceeding $5,700,000.00 (the "Garage Acquisition Costs "); and WHEREAS, the City will appropriate the Garage Acquisition Costs from the South Bend Rainy Day Fund (Fund # 102); and WHEREAS, the Garage Acquisition Costs will be used to finance the acquisition