05-12-03 Council Meeting Minutes

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REGULAR MEETING MAY 12, 2003 BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT (AIRPORT ECONOMIC DEVELOPMENT AREA PROJECT) WHEREAS, the Common Council of the City of South Bend, Indiana (the "Common Council "), is the legislative body of the City of South Bend, Indiana (the "City "); and WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the governing body of the South Bend Redevelopment District (the "District "); and WHEREAS, the Commission has previously designated an area in the City known as the Airport Economic Development Area (the "Area ") to be an economic development area and tax increment finance allocation area within the meaning of Indiana Code 36 -7 -14 (the "Act "); and WHEREAS, the Commission has determined to undertake certain local public improvements in the Area, such local public improvements including without limitation road improvements to Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz Parkway, Bendix Drive /Lincolnway intersection, Bendix Drive Relocation and related right of way property acquisition and engineering costs and improvements at the Bosch site (collectively, the "Project "); and WHEREAS, the Commission has previously determined to issue revenue bonds of the District in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00) (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 completed its proceedings to provide for the issuance of the Bonds; and WHEREAS, as a result of action by the Indiana General Assembly in its most recent session, an amendment to Section 25.1 of the Act has been included in House Enrolled Act 1001 which would now require that the Common Council approve of the issuance of bonds by the Commission to the extent that the principal amount of such bonds exceeds Three Million and 00 /100 Dollars ($3,000,000.00); and WHEREAS, to permit the Commission to proceed with the issuance of the Bonds, the Common Council desires to approve of said issuance in accordance with the amendment to Section 25.1; 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, as set forth in the Act, shall be and hereby is approved. 2. This Resolution shall be in full force and effect from and after passage by the Common Council and approval by the Mayor.