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RESOLUTION N0.2434 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION ESTABLISHING CERTAIN FUNDS ANll ACCOUNTS IN <br />CONNECTION WITH THE LEASE DATED AS OF OCTOBER 15, 2007, <br />BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION <br />AND THE SOUTH BEND REDEVELOPMENT AUTHORITY FOR THE <br />EDDY STREET COMMONS PROJECT <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been <br />created pursuant to IC 36-7-14.5 as a separate body, corporate and politic, and as an <br />instrumentality of the City of South Bend, Indiana (the "City") to finance local public <br />improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and <br />WHEREAS, the Commission has adopted various resolutions (i) declaring certain <br />real estate in the Redevelopment District of the City of South Bend, Indiana, known as the <br />Northeast Neighborhood Development Area (the "Area"), to be a redevelopment area within the <br />meaning of the Act, determining that it would be of public utility and benefit to redevelop the <br />Area pursuant to a development plan, as amended, and (ii) designating the entire Area as an <br />allocation area ("Allocation Area No. 1 ") having boundaries as described in Declaratory <br />Resolution No. 2016, as amended; and <br />WHEREAS, the Commission has amended this designation so that a portion of <br />the Area and Allocation Area No. 1 are deemed a housing program named the "Northeast <br />Neighborhood Development Area Housing Program'' and a housing allocation area named the <br />"Northeast Neighborhood Development Area, Allocation Area #2" ("Allocation Area No. 2"); <br />and <br />[3DDB01 5080477v1 <br />