HomeMy WebLinkAboutNo. 2201 establishing an intent to reimburse certain preliminary costs from proceeds of bonds.t4.
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RESOLUTION NO. 2201
RESOLUTION OF THE SOUTH .BEND REDEVELOPMENT COMMISSION
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY COSTS
FROM THE PROCEEDS OF BONDS
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the
governing body of the South Bend Redevelopment District (the "District ");
WHEREAS, there has been proposed to the Commission by Anchor Acquisitions,
Ltd. (the "Developer ") a project involving the construction of a significant commercial and retail
center at or about the southwest corner of the intersection of Ireland and Michigan Streets (the
"Project ") in the Area (as defined herein); and
WHEREAS, the Commission has determined that it may be necessary to issue
revenue bonds of the District (the "Bonds ") payable from tax increment revenues expected to be
received from Allocation Area No. 2 of the South Side Development Area (the "Area ") for the
purpose of financing all or any portion of the expenses of the redevelopment of the Area, including
certain local public improvements consisting of certain roadway and related infrastructure
improvements at or near the intersection of Ireland and Michigan Streets, which improvements shall
include, without limitation, (i) acquisition of Michigan Street and Ireland Road right -of -way and
road improvements, which include five (5) lane expansion of Ireland Road as far west as Lafayette,
and four (4) lanes to the western terminus and adjacent to the Project, (ii) signalization, including
signals along Ireland Road at the two Ireland Road entrances to the Project, and (iii) a double-left-
turn-lane from Michigan Street onto Ireland Road (the "Improvements "); and
WHEREAS, certain preliminary costs associated with the Improvements have been
or will be incurred by or on behalf of the Commission prior to the issuance of the Bonds; and
0 WHEREAS, the Commission reasonably expects to reimburse such costs of the
Improvements with proceeds of the Bonds when and if issued; and
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0 WHEREAS, the Commission expects that any Bonds that may be issued will not
exceed an aggregate principal amount of Two Million Eight Hundred Thousand and 00/100 Dollars
($2,800,000.00); and
WHEREAS, Commission desires to declare its official intent, pursuant to
I.C. 5-1-14-6(b) and §1.1.50-2 of the Treasury Regulations promulgated by the Internal Revenue
Service (the "Treasury Regulations"), that said preliminary costs be reimbursed from the proceeds
of the Bonds when and if issued;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
The Commission hereby declares its official intent, pursuant to I.C. 5-1-14-6(b) and
§1.150-2 of the Treasury Regulations, that costs incurred by or on behalf of the Commission in
financing the Improvements be reimbursed from the proceeds of the Bonds when and if issued.
0 2. This resolution shall be in full force and effect from and after its adoption
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by the Commission.
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ADOPTED at a meeting of the South Bend Redevelopment Commission held on
December - 16 , 2005, at 1308 County-City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
ATTE
Karl G. King, Vice-President
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