Determination of the So Bend Redevelopment Commission to Levy a Special Tax to Make Lease Payments Dated Nov. 4, 1993

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for the payment of lease rentals and further determining to levy a special tax on all taxable property within the City of South Bend Redevelopment District in an amount sufficient to pay the lease rental payments due to the Authority in connection with the Lease; and NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: 1. The Common Council acknowledges that it previously found that the lease rental payments payable under the Lease, as approved by the Commission, are fair and reasonable, and further found that the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents. 2. The Common Council hereby acknowledges the determination of the Commission to levy a special tax on all taxable property within the City of South Bend Redevelopment District in an amount sufficient to pay lease rentals owed to the Authority in connection with the Lease, all pursuant to the Pledge Resolution. 3. The Common Council acknowledges that such special levy must be included within the budget of the City and further acknowledges that it will take such action as may be necessary to include the same within the budget of the City. 4. The Common Council, in hopes of reducing the property tax rate in future years, hereby urges the City of South Bend to seek additional sources of bond repayment by working with other area organizations and bodies such as the Hotel/Motel Board, the Indiana State Legislature and the St. Joseph County Council to procure additional monies through the use of alternative user fees and taxes generated by tourism and convention business. 5. This Resolution shall be in full force and effect from and after passage by the Common Council and approval by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of the Common Coun it PRESENTED —7-7,�k-00 6" t A'�"J Not APPROVED ADOPTED ((c -r ::0DMA\PCD0CS\SBD0CS1 \66406\2 -2- Filed it Clark's 3fbi06 JU! 2' ' 2000^ L03SETTd s. CF.lIw CITY CimF%' ro. OEHO.S' .