No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)

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(j) Pay expenses incurred by the Commission for local public improvements that are in the Allocation Area or serving the Allocation Area (including buildings, parking facilities and other items described in Section 25.1(a) of the Act); or (k) Reimburse public and private entities for expenses incurred in training employees of industrial facilities that qualify under the Act; provided, however, that if further uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendment to the Act, including Indiana Code 36-7-14-39, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund; and WHEREAS, the Act authorizes the issuance of bonds of the Redevelopment District payable solely from allocated tax proceeds; and WHEREAS, the Commission now further determines that the issuance of tax increment revenue bonds in an aggregate principal amount not to exceed One Million Three Hundred Thousand and 00/100 Dollars ($1,300,000.00) is necessary in order to provide funds for the payment of all or a portion of the cost of property acquisition, redevelopment and economic development in or serving the Allocation Area pursuant to the Act and subject to and dependent upon the terms and conditions hereinafter forth; and WHEREAS, the Act authorizes the issuance of bonds of the Redevelopment District payable solely from allocated tax proceeds; and WHEREAS, the Commission finds that, in order to provide funds for the payment of the cost of redevelopment and economic development in the Area, it will be necessary and in the best interest of the Redevelopment District and the property and inhabitants thereof to issue bonds of the Redevelopment District which shall be payable from taxes on real property located in the Area allocated and deposited in the Allocation Fund pursuant to Section 39 of the Act and proceeds from the sale or leasing of property in the Area under Section 22 of the Act deposited in the Allocation Fund as required by Section 26 of the Act (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), in an aggregate principal amount not to exceed One Million Three Hundred Thousand and 00/100 Dollars ($1,300,000.00) (the "Bonds") and which amount does not exceed 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 BDDB01 4912282v3 - 3 -