11-24-03 Council Meeting Minutes

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REGULAR MEETING NOVEMBER 24, 2003 Redevelopment District (Airport Economic Development Area Project)" approving the issuance of such bonds by the Commission; and WHEREAS, the Commission has since determined that additional funds are necessary to pay for the Project and has determined to increase the amount of the bonds to be issued by not to exceed Three Million and 00 /100 Dollars, and thus the Commission has determined to issue revenue bonds of the District in an aggregate principal amount not to exceed Sixteen Million and 00 /100 Dollars ($16,000,000.00) (the "Bonds "), the principal of and interest on which shall be payable solely from taxes on real property located in the Area allocated and deposited into the Allocation Fund previously established by the Commission for the Area pursuant to Section 39 of the Act (the "Tax Increment "); and WHEREAS, to permit the Commission to proceed with the issuance of the Bonds in the increased aggregate principal amount, the Common Council desires to approve of said issuance in accordance with the Act; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS; 1. The issuance of the Bonds of the District payable from Tax Increment generated in the Area to finance the costs of the Project in the increased aggregate principal amount not to exceed Sixteen Million and 00 /100 Dollars ($16,000,000.00), as set forth in the Act, is hereby approved. 2. The Resolution shall be in full force and effect from and after passage by the Common Council and approval by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Karen L. White Member of the Common Council Councilmember King, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. Don Inks, Director, Economic Development, 12th Floor, County -City Building, South Bend, Indiana, made the presentation for this bill. Mr. Inks advised that this Resolution is for the Airport Economic Development area and authorizes a Redevelopment Bond in an amount not to exceed sixteen million dollars ($16,000,000.00). It covers a variety of road projects as well as fulfills the City's's commitment to Bosch for site improvements covered under a Development Agreement. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember King made a motion to adopt this Resolution. Councilmember Coleman seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. RESOLUTION NO. 3271 -03 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING THE ORDER OF THE AREA PLAN COMMISSION OF ST. JOSEPH COUNTY, INDIANA DETERMINING THAT SOUTH BEND REDEVELOPMENT COMMISSION -24-