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of a real estate interest in the Garage which will facilitate the development and rehabilitation of the Chase Tower in downtown South Bend; and WHEREAS, the Commission desires to pledge tax increment revenues allocated to the Commission and resulting solely from the new increase in the assessed value of the Chase Tower generated by the improvements to be accomplished subsequent to the City's acquisition of the Garage (the "Chase Tower Improvements "), located in the Area, and deposited into the Allocation Fund, as required by Ind. Code §36- 7 -14 -26 (the "Chase Tower Improvements Tax Increment Revenues ") to the City for reimbursement of the Garage Acquisition Costs; and WHEREAS, the Commission shall not have any obligation with respect to the reimbursement of the Garage Acquisition Costs other than the use of the Chase Tower Improvements Tax Increment Revenues toward the payment or reimbursement thereof, NOW THEREFORE, BE IT RESOLVED, by the City of South Bend, Indiana, Redevelopment Commission as follows: 1. The Commission hereby pledges the Chase Tower Improvements Tax Increment Revenues to the reimbursement of Garage Acquisition Costs in an amount not to exceed $5,700,000.00 (collectively, the "Pledge Payments "). Such pledge shall remain in effect until the Garage Acquisition Costs have been reimbursed to the City. 2. Chase Tower Improvements Tax Increment Revenues, received by the Commission, shall be appropriated for the Pledge Payments. Chase Tower Improvements Tax Increment Revenues received in excess of the Garage Acquisition Costs do not remain pledged and may be used by the Commission for any purpose set forth in Section 39 of the Act (IC 36 -7- 14-39); provided however, that the Commission may only use such excess Chase Tower Improvements Tax Increment Revenues to the extent that the Chase Tower Improvements Tax Increment Revenues exceed the amount necessary to reimburse all Garage Acquisition Costs. 3. This Resolution shall be subject to the City acquiring a real estate interest in the Garage and incurring the Garage Acquisition Costs. 4. This Resolution shall be in full force and effect after its adoption by the Commission, shall be subject to completion of all actions necessary to create the obligations referred to herein and shall not be repealed or amended in any manner which would serve to adversely affect the pledge of the Chase Tower Improvements Tax Increment Revenues contained herein. 2