No. 2391 appropriating the proceeds (including investment earnings thereon) of the Redevelopment District Tax Increment Revenue Bonds

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RESOLUTION N0.2391 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS THEREON) OF THE REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS WHEREAS, on November 8, 2007, the South Bend Redevelopment Commission (the "Commission") adopted its Resolution (the "Resolution") entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 2007 (DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA PROJECT)," the provisions of which Resolution are hereby included herein by this reference thereto, determining to issue tax increment revenue bonds (the "Bonds") of the Redevelopment District of the City of South Bend, Indiana, payable from taxes on real property located in the Douglas Road Economic Development Allocation Area (the "Allocation Area") allocated and deposited in the Douglas Road Economic Development Allocation Fund (the "Allocation Fund") pursuant to Indiana Code 36-7-14-39 and proceeds from the sale or leasing of property in the Allocation Area under Indiana Code 36-7-14-22 deposited in the Allocation Fund as required by Indiana Code 36-7-14-26 (collectively, the "Tax Increment"), and such other revenues that may be made available to the Commission for such purpose (with such other revenues being treated for all purposes herein as Tax Increment), and to the extent the Tax Increment and such other revenues are not sufficient therefor, from a guarantee of the debt service payments on the bonds provided by Holladay Property Services Midwest, Inc. (the "Guarantee"), in an aggregate principal amount not to exceed One Million Three Hundred Thousand and 00/100 Dollars ($1,300,000.00) for the purpose of raising money to pay for the cost of redevelopment and economic development in or serving the Allocation Area, including, without limitation, the expansion and improvement of Douglas Road from two (2) lanes to four (4) lanes from just west of the State Road 23 and Douglas Road intersection to the Mishawaka City limits and for other related improvements, including but not limited to additional turn lanes near intersections, curbing and other streetscape in the right-of--way along the expanded stretch of Douglas Road and improvements to provide for additional storm water drainage resulting from the expanded road improvements (collectively, the "Project"), together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in or serving the Allocation Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses, capitalized interest and a debt service reserve for the bonds (to the extent that the Commission determines that capitalized interest and/or a reserve is reasonably required), together with the expenses in connection with the issuance of bonds therefor; and WHEREAS, the Commission did not include the proceeds (including investment earnings thereon) of the Bonds in the regular budget for the calendar year 2007; and BDDBOI 4912508v2