9524-04 Authorizing to Issue its "Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Common Project)"

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area of the City previously designated and declared by the Redevelopment Commission to be a redevelopment area within the meaning of Indiana Code § 36-7-14. An allocation fund (the "Allocation Fund") has been established for the purpose of receiving the tax increment revenues allocated for such purposes pursuant to the Act. The South Bend Economic Development Commission (the "Commission") has rendered its Report of the South Bend Economic Development Commission Concerning the Proposed Financing of a Commercial and Retail Development Project regarding the proposed financing of the costs of the Improvements. After a duly noticed public hearing conducted on August 20, 2004, the Commission adopted a resolution (the "Resolution"), which Resolution has been previously transmitted to the Clerk of the City, finding that the financing of the Improvements, as described in the application submitted by the Company to the Commission, complies with the purposes and provisions of the Act, and will be of benefit to the health and welfare of the City and its citizens, and will not have an adverse competitive impact on other facilities of the same or similar kind already construed or operating in the City. Pursuant to the Resolution, the Commission has approved the proposed financing and has approved in substantially final form, subject to subsequent changes by the Mayor of the City (the "Mayor") and the Clerk of the City (the "Clerk"), the Loan Agreement; a Trust Indenture for the purpose of securing the Bonds (the "Trust Indenture"); the Bond Purchase Agreement for the purpose of providing for the issuance and sale of the Bonds (the "Bond Purchase Agreement"); and the form of the City of South Bend, Indiana, Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Commons Project) (collectively, the "Financing Documents"). Pursuant to and in accordance with the Act, the City desires to procure funds to finance the Improvements by issuing its taxable economic development revenue bonds in one (1) or more series in an aggregate principal amount not to exceed Three Million Eight Hundred Thousand and 00/100 Dollars ($3,800,000.00) (the "Bonds"). No member of the Council has any pecuniary interest in any employment, financing agreement or other contract made under the provisions of Indiana Code § 36-7-11.9 and Indiana Code § 36-7-12 and related to the bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council and no such member has voted on any such matter, all in accordance with the provisions of Indiana Code § 36-7-12-16. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. The Common Council hereby finds and determines that the Project will not have an adverse competitive impact on other facilities of the same or similar kind already constructed or operating in the City. SECTION II. It is hereby found that the financing of the Improvements previously approved by the Commission and presented to this Common Council, the issuance and SBIMANI 188921v3 - 2 -