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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />Mrs. Kolata stated that Resolution No. <br />1674 sets up the Downtown Property <br />Acquisition Project Principle and Interest <br />account, in which the proceeds from the <br />sale of the notes by HUD will be <br />deposited. The resolution states that the <br />Commission will pledge Tax Increment <br />Financing revenues generated in the South <br />Bend Central Development Area and <br />EDIT revenues, which the Commission <br />receives from the City of South Bend, to <br />make the Lease Rental payments. <br />The bonded indebtedness will be paid first <br />and any TIF remaining after the bond <br />payments are made will be pledged for the <br />lease payments. <br />Upon a motion by Mr. Donoho, seconded <br />by Ms. Schwartz and unanimously carried, <br />the Commission adopted Resolution No. <br />1674 establishing certain funds and <br />accounts in connection with the Lease <br />dated as of March 1, 1999, between the <br />South Bend Redevelopment Commission <br />and the South Bend Redevelopment <br />Authority relating to the acquisition of <br />certain land and removal of improvements <br />thereon and other related matters. <br />HAWPDATATOMMSM031999.MIN -7- <br />COMMISSION ADOPTED RESOLUTION NO. 1674 <br />ESTABLISHING CERTAIN FUNDS AND ACCOUNTS <br />IN CONNECTION WITH THE LEASE DATED AS OF <br />MARCH 1, 1999, BETWEEN THE SOUTH BEND <br />REDEVELOPMENT COMMISSION AND THE SOUTH <br />BEND REDEVELOPMENT AUTHORITY RELATING <br />TO THE ACQUISITION OF CERTAIN LAND AND <br />REMOVAL OF IMPROVEMENTS THEREON AND <br />OTHER RELATED MATTERS <br />