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WHEREAS, a petition has been filed under the provisions of IC <br />6- 1.1 -20 -3 by more than fifty (50) owners of real property subject to <br />AW <br />taxation in the Redevelopment District to authorize and issue bonds <br />of the Redevelopment District payable from a special tax levied upon <br />all of the taxable property in the Redevelopment District in one or <br />more series or issues, in an aggregate principal amount not to exceed <br />Four Million Nine Hundred Thousand Dollars ($4,900,000), for the <br />purpose of procuring funds to pay for the cost of property <br />acquisition and redevelopment in the Area, together with a sum <br />sufficient to pay the estimated cost of all expenses reasonably <br />incurred in connection with the acquisition and redevelopment of the <br />Area, including the total cost of all land, rights of way and other <br />property to be acquired and redeveloped, all reasonable and necessary <br />architectural, engineering, legal, financing, accounting, <br />advertising, bond discount and supervisory expenses, capitalized <br />interest and expenses the Commission may be required to pay as <br />"relocation assistance" under IC 8 -13 -18.5, together with the <br />expenses in connection with or on account of the issuance of bonds <br />therefor; and <br />WHEREAS, the Commission finds that in order to provide funds for <br />payment of the cost of property acquisition and redevelopment in the <br />Area, it will be necessary and in the best interest of the <br />Redevelopment District and the property and inhabitants thereof to <br />issue bonds of the Redevelopment District which shall be payable from <br />a special tax levied upon all of the taxable property in the <br />-3- <br />