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9524-04 Authorizing to Issue its "Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Common Project)"
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9524-04 Authorizing to Issue its "Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Common Project)"
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Last modified
12/13/2010 9:38:05 AM
Creation date
4/18/2008 10:03:54 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/23/2004
Ord-Res Number
9524-04
Bill Number
48-04
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ORDINANCE NO. ~ ~ ~~ ~ D I <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA, AUTHORIZING THE CITY OF SOUTH <br />BEND, INDIANA, TO ISSUE ITS "TAXABLE ECONOMIC <br />DEVELOPMENT REVENUE BONDS, SERIES 2004 (ERSHINE <br />COMMONS PROJECT)" AND APPROVING AND AUTHORIZING <br />OTHER ACTIONS IN RESPECT THERETO <br />STATEMENT OF PURPOSE AND INTENT: <br />Indiana Code Title 36, Article 7, Chapter 11.9 and 12, as amended (the "Act"), <br />declares that the financing of economic development facilities constitutes a public purpose. The <br />Act provides that an issuer may, pursuant to the Act, issue revenue bonds and lend the proceeds <br />thereof to a corporation, partnership, limited liability company or individual for the purpose of <br />financing costs of acquisition or construction of facilities, including real and personal property, for <br />diversification of economic development and promotion of job opportunities in or near such <br />issuer. The Act further provides that such bonds may be secured by a trust indenture between an <br />issuer and a corporate trustee. <br />Anchor South Bend, LLC, (the "Company") has proposed undertaking the <br />development and construction of a retail and commercial center (the "Project") at or near the <br />southwest corner of the intersection of Ireland and Michigan Streets in the City (the "Site"). In <br />conjunction with the Project, the Company has further proposed that the City of South Bend, <br />Indiana (the "City") issue and sell its taxable economic development revenue bonds under the Act <br />in one (1) or more series in an aggregate principal amount not to exceed Three Million Eight <br />Hundred Thousand and 00/100 Dollars ($3,800,000.00) (the "Bonds"), and that the City lend the <br />proceeds of the Bonds to the Company (the "Loan") under a Loan Agreement by and between the <br />City and the Company (the "Loan Agreement") in a form substantially similar to that presented to <br />the Common Council of the City (the "Common Council") whereby the proceeds of the Bonds will <br />be utilized for any or all of the following: (i) the relocation of power lines, petroleum pipelines and <br />other utility structures, (ii) the demolition of existing structures, (iii) the filling and compaction of <br />fill on the site, and (iv) such other improvements that will facilitate the completion of the Project at <br />the Site (collectively, the "lmprovements"). <br />The principal of, premium, if any, and interest on the Bonds shall be payable solely <br />from tax increment revenues resulting from the increase in the assessed value of real property <br />improvements resulting from the Project in the Area (as defined herein) (the "TIF Revenues") <br />pledged by the Redevelopment Commission of the City (the "Redevelopment Commission"), and <br />to the extent that such revenues are not sufficient or otherwise available, the Bonds will be payable <br />to the extent necessary from payments made by the Company. <br />The Project will be located in Allocation Area No. 2 (the "Area"), an allocation area <br />designated for purpose of tax increment financing within the South Side Development Area, an <br />SB IMANI 188921 v3 <br />
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