No. 2406 appropriating tax increment financing revenues from Allocation Area No. 3 fund for the payment of certain obligations and expenses related to the South Side Developemnt Area Allocation Area No. 3

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RESOLUTION NO. 2406 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA NO. 3 FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THE SOUTH SIDE DEVELOPMENT AREA ALLOCATION AREA NO. 3 WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City") and the City of South Bend, hldiana, Redevelopment District, exists and operates under the provisions of Indiana Code ~ 36-7-14, as amended (the "Act"); and WHEREAS, on November 1, 2002, the Commission adopted Resolution No. 1914 (the "Declaratory Resolution") declaring the South Side Development Area (the "Area") to be an area needing redevelopment within the meaning of the Act and designated the Area as the South Side Development Area Allocation Area No. 1 ("Allocation Area No. 1 ") for purposes of tax increment financing pursuant to the Act; and WHEREAS, on November 19, 2002, the Area Plan Commission of St. Joseph County ("Plan Commission")issued its written order approving the Declaratory Resolution by the adoption of Plan Commission Resolution 142-02, in accordance with Indiana Code ~ 36-7-14-16; and n ouncil of the Cit a roved the order of WHEREAS, on November 25, 2002, the Comoro C y pp the Plan Commission through the adoption of Common Council Resolution No. 3136-02; and WHEREAS, on December 20, 2002, the Commission held a duly noticed public hearing, in accordance with Indiana Code ~ 36-7-14-17 and Indiana Code ~ 53-1; and WHEREAS, following said hearing, the Commission adopted Resolution No. 1928 confirming the Declaratory Resolution; and WHEREAS, on July 27, 2004, the Commission adopted Resolution 2073 amending the Declaratory Resolution to create a separate allocation area ("Allocation Area No. 2") within the Area to allow for certain improvements to occur at the intersection of Ireland and Michigan Streets; and WHEREAS, on September 13, 2004, the Commission adopted Resolution 2096 (i) amending the Declaratory Resohtion to create a separate allocation area ("Allocation Area No. 3") within the Area to allow for a certain redevelopment project located at or about the southeast corner of the intersection of Ireland Road and Miami Street in the Area and (ii) creating a separate allocation area fiord ("Allocation Area No. 3 Fund") for the purpose accounting for the tax increment revenues directly resulting from such improvements ("Project Tax Increment Revenues"); and WHEREAS, on September 13, 2004, the Commission adopted Resolution No. 2097 (the "Pledge Resolution") establishing the KSK-Scottsdale Mall, L.P. Project Principal and Interest