2008-02-06 Resolution 163 - Laserfiche WebLink

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RESOLUTION NO. f • RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS OF 2008 (EDDY STREET COMMONS PROJECT) AND REGARDING OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created pursuant to Indiana Code 36-7-14.5 (the "Act") as a separate body, corporate and politic, and as an instrumentality of the City of South Bend, Indiana (the "City"), to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and WHEREAS, the Commission has adopted various resolutions (i) declaring certain real estate in the Redevelopment District of the City of South Bend, Indiana, known as the Northeast Neighborhood Development Area (the "Area"), to be a redevelopment area within the meaning of the Act, determining that it would be of public utility and benefit to redevelop the Area pursuant to a development plan, as amended, and (ii) designating the entire Area as an allocation area ("Allocation Area No. 1 ") having boundaries as described in Declaratory . Resolution No. 2016, as amended; and WHEREAS, the Commission has amended this designation so that a portion of the Area and Allocation Area No. 1 are deemed a housing program named the "Northeast Neighborhood Development Area Housing Program" and a housing allocation area named the "Northeast Neighborhood Development Area, Allocation Area #2" ("Allocation Area No. 2"); and WHEREAS, Kite Realty Group, L.P. has proposed a mixed use development commonly known as the Eddy Street Commons development encompassing approximately twenty-three (23) acres located in the City of South Bend adjacent to the University of Notre Dame campus and which mixed use development is proposed to include the following: retail shops, apartment homes, office space, one full service hotel with conference facilities and three floors of condominiums, one limited service hotel, condominium homes in four different product types, open space and a parking garage structure (collectively, the "Development"); and WHEREAS, the Authority intends to issue bonds in an aggregate principal amount not to exceed Thirty-six Million and 00/100 Dollars ($36,000,000.00) or such lesser principal amount as permitted hereby pursuant to Section 19 of the Act to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2008 (Eddy Street Commons Project)" (the "Bonds"), the proceeds of which are to be used to finance certain local public improvements in support of the Development in or serving the Area including, without limitation: (i) a parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary BDDBOI 5085738v1