Approving Issuance Tax Increment Finance Revenue Bonds (Airport Economic Development Area Project) $16,000,000.00

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RESOLUTION NO. 32--70-03 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE ISSUANCE OF TAX INCREMENT FINANCE REVENUE BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT (AIRPORT ECONOMIC DEVELOPMENT AREA PROJECT) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED SIXTEEN MILLION AND 00 /100 DOLLARS ($16,000,000.00) 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), and the Common Council, in accordance with the Act, adopted Resolution No. 3190 -03 entitled "A Resolution of the Common Council of the City of South Bend, Indiana, Approving the Issuance of Tax Increment Financing Revenue Bonds of the South Bend 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 SBIMANI 164757vl