Laserfiche WebLink
2 <br />(b)incentivizing the construction of the Project in the Area will increase the level and <br />diversity of the tax base and enhance the Commission's efforts for revitalization of the Area, <br />creating a vibrant and active residential and business community, all of which are of public utility <br />and benefit to the citizens of the Area and the City; and <br />(c)bringing residents to the Area will assist in stabilizing existing businesses in the <br />Area, promote new investment in the Area and improve the overall quality of the Area and the <br />City. <br />Section 2. The Commission hereby finds that authorizing the use of TIF Revenues, on <br />hand or to be on hand, junior and subordinate to any currently outstanding bonds, payable from <br />TIF Revenues, and any bonds issued in the future on a parity with any currently outstanding bonds, <br />in the maximum amount not to exceed $3,300,000 evidenced by the Series 2023 Note, will help <br />accomplish the Plan for the Area and will promote redevelopment and economic development of <br />the Allocation Area, the Area and the City. <br />Section 3. The Commission hereby irrevocably authorizes the use of TIF Revenues to <br />fund the Loan in an amount not to exceed $3,300,000. <br />Section 4. The Commission hereby approves the substantially final form of the First <br />Amendment to Development Agreement presented to this meeting and attached hereto as Exhibit <br />A. The President or Vice President of the Commission is hereby authorized to execute and deliver <br />the same and the Secretary is hereby authorized to attest and deliver the same, and to approve any <br />changes in form or substance to the First Amendment to Development Agreement as determined <br />necessary or appropriate by Corporation Counsel of the City and Ice Miller LLP, as special <br />counsel, such changes to be conclusively evidenced by execution of the Development Agreement. <br />The President, Vice President, or Secretary are further authorized to execute any other instruments <br />as are necessary to carry out the transactions contemplated by this resolution, in such forms as <br />such officer executing the same shall deem proper, to be conclusively evidenced by the execution <br />thereof. <br />Section 5. This resolution shall be effective upon passage.