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1200 CAUNIY -CITY BUILDING <br />SOUTH BEND, INDw A 46601 -1830 <br />PHONE 574/235 -9371 <br />FAX 574/235 -9021 <br />TDD 574/ 235 -5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />JON R. HUNT <br />May 6, 2003 EXECUTIVE DIRECTOR <br />Ms. Karen L. White, President <br />South Bend Common Council <br />4th Floor, County -City Building <br />South Bend, IN 46601 <br />Re: Resolution of the Common Council ofthe City of South Bend Approving the Issuance of Tax <br />Increment Finance Revenue Bonds of the South Bend Redevelopment District (Airport <br />Economic Development Area Project) <br />Dear President White: <br />I attach for the consideration and approval of the South Bend Common Council the resolution to <br />permit the Commission to proceed with the issuance of the Bonds in accordance with the <br />amendment to Section 25.1. (As a result of action by the Indiana General Assembly in its most <br />recent session, an amendment to Section 25.1 of the Act has been included in House Enrolled <br />Act 1001 which would now require that the Common Council approve of the issuance of bonds <br />by the Commission to the extent that the principal amount of such bonds exceeds Three Million <br />and 00 /100 Dollars ($3,000,000.00).) <br />The South Bend Redevelopment Commission (the "Commission ") had determined to undertake <br />certain local public improvements in the Airport Economic Development Area (the "Area "), such <br />local public improvements including without limitation road improvements to Cleveland Road <br />(from Mayflower to Ralph Jones Drive), Olive Road/Nimtz Parkway, Bendix Drive/Lincolnway <br />intersection, Bendix Drive Relocation and related right of way property acquisition and <br />engineering costs and improvements at the Bosch site (collectively, the "Project'). <br />The Commission has previously determined to issue revenue bonds of the District in an <br />aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00) <br />(the "Bonds "), the principal of and interest on which shall be payable solely from taxes on real <br />property located in the Area allocated and deposited into the Allocation Fund previously <br />established by the Commission for the Area pursuant to Section 39 of the Act (the "Tax <br />Increment'). <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FwA cC SL PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235 -9660 574/235 -9371 ELIZABETH LEONARD <br />FAx: 574/235 -9697 574/235 -9371 <br />