Conduct Remediation Activites at the Frederickson Park Site to Pledge a Portion of the City's County Option Income Tax Revenues

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RESOLUTION NO. 3127 -02 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA MAKING A PRELIMINARY DETERMINATION TO CONDUCT REMEDIATION ACTIVITIES AT THE FREDRICKS ON PARK SITE IN THE CITY OF SOUTH BEND, TO ISSUE BONDS TO PROVIDE THE COST THEREOF, TO PLEDGE A PORTION OF THE CITY'S COUNTY OPTION INCOME TAX REVENUES TO SECURE SUCH BONDS, AND OTHER MATTERS CONNECTED THEREWITH WHEREAS, the City of South Bend, Indiana (the "City ") owns certain Brownfield property near South Bend Avenue and Howard Street in the northeast portion of the City, commonly known as Fredrickson Park, and more particularly described on Exhibit "A" hereto (the "Property "); and WHEREAS, the City has previously investigated the environmental condition of the Property and has determined to conduct non -time critical removal activities and other general environmental remediation activities on the Property in order to make the property suitable for future redevelopment (the "Project "); and WHEREAS, pursuant to South Bend Common Council Resolution No. 3106 -02, the City, in July 2002, made application (the "Application ") to the Indiana Development Finance Authority ( "IDFA ") for a loan from the Indiana Department of Environmental Management ( "IDEM ") Brownfrelds Cleanup Revolving Loan Fund (the "Loan "), in an amount not to exceed $1 million, to provide funds to finance the Project, and IDFA has informed the City that the Application meets the criteria for the Loan and has requested confirmation of the availability of funding to repay the Loan; and WHEREAS, the general remediation of the Property and the redevelopment of the Property will be a public benefit to the health, safety, and general welfare of the City and its citizens; and it would appear that the financing of the Project would be a public benefit to the health, safety, and general welfare of the City and its citizens; and