No. 0988 assigning its interests in certain contracts relating to the AEDA public improvement project to the SBRA

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y - -..r RESOLUTION NO.9s_ RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ASSIGNING ITS INTERESTS IN CERTAIN CONTRACTS RELATING TO THE AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT TO THE SOUTH BEND REDEVELOPMENT AUTHORITY WHEREAS, the Redevelopment District of the City of South Bend, Indiana, previously issued its Nine Hundred Fifty Thousand Dollars ($950,000) aggregate principal amount of City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1990, originally dated September 1, 1990, the proceeds of which have been and are being used by the South Bend Redevelopment Commission (the "Commission ") for engineering expenses relating to the Airport Economic Development Area Public Improvement Project (the "Engineering Expenses "); and WHEREAS, the South Bend Redevelopment Authority (the "Authority ") recently issued its Four Million Two Hundred Thousand Dollars ($4,200,000) aggregate principal amount of South Bend Taxable Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project), originally dated January 1, 1991 and its Two Million Three Hundred Fifty -Five Thousand Dollars ($2,355,000) aggregate principal amount of South Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project), originally dated March 1, 1991, the proceeds of which are to be used to reimburse the Commission for Engineering Expenses incurred and to pay for remaining Engineering Expenses as well as to complete other public improvements for the Airport Economic Development Area Public Improvement Project; and WHEREAS, in order for the Authority to reimburse the Commission for Engineering Expenses incurred and to pay for the remaining Engineering Expenses, the Commission must assign its interests in the engineering contracts previously entered into by the Commission to the Authority. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby assigns all of its rights, interests and obligations to and under the contracts between the Commission and Cole Associates, Inc. to the Authority, such contracts attached hereto as Exhibit A. 2. This Resolution shall be in full force and effect after its adoption by the Commission.