HomeMy WebLinkAboutNo. 2162 approving execution of continuing disclosure undertaking agreement and other related documents concerning the erskine village project located in the SSDAor
RESOLUTION NO. 2162
A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA
REDEVELOPMENT COMMISSION APPROVING THE EXECUTION OF CONTINUING
DISCLOSURE UNDERTAKING AGREEMENT AND OTHER RELATED DOCUMENTS
CONCERNING THE ERSKINE VILLAGE PROJECT LOCATED IN THE SOUTH SIDE
DEVELOPMENT AREA
WHEREAS, pursuant to the powers granted under Ind. Code § 36- 7 -14 -1, et seq., the South Bend
Redevelopment Commission ( "Commission ") has previously acted to create a redevelopment area known
as the "South Side Development Area" ( "Development Area ") and has also acted to created a Tax
Increment Financing Area ( "TIF Area ") within the Development Area; and
WHEREAS, the Commission has determined that the redevelopment of property that is located
within the TIF Area and within the Development Area heretofore known as "Scottsdale Mall" ( "Property")
is in the best interest of the health, safety, and welfare of the City and its residents and complies with the
public purposes and provisions of applicable federal, state and local laws; and
WHEREAS, Commission and KSK Scottsdale Mall, L.P. have entered into Amended and Restated
Agreement related to the redevelopment of the Property as a retail development to be known as "Erskine
Village" (`Erskine Village Project"); and
WHEREAS, in accordance with the Amended and Restated Agreement, the Commission has
expressed its intent to pledge certain TIF funds generated by the Erskine Village Project; and
WHEREAS, the consistent with the terms and conditions of the Amended and Restated
Agreement, the Commission desires to execute and deliver those documents necessary and incidental to the
issuance and sale of certain bonds related to the Erskine Village Project; and
WHEREAS, the Commission meets in regular sessions on a semi-monthly basis and completion of
the paperwork related to the transaction may require immediate action from the Commission, including the
execution of certain documents; and
WHEREAS, the Commission believes that it is in the best interest ofthe public that the transaction
be closed, all necessary approvals and actions taken in a timely manner.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION, AS FOLLOWS:
1. The Commission hereby approves the form of Certificate of the South Bend Redevelopment
Commission Regarding the Transcript and Application of Tax Increment Revenues and the
Continuing Disclosure Undertaking presented to the Commission at this meeting and authorizes the
President of the Commission to execute and the Vice President or Secretary to attest said agreement
in the form presented at this meeting with such changes as may be suggested by legal counsel and
approved by the President and Vice President or Secretary with such approval evidenced by the
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execution and attestation respectively, thereof
2. The Commission hereby authorizes the President of the Commission to execute and the
Vice President or Secretary to attest any and all other documents relating to the Project and
necessary to effectuate the closing of said Project upon the advice of legal counsel.
3. This Resolution shall be in full force and effect from and after its passage by the
Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission, held on April 15, 2005 at
1308 County-City Building, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
I.
Marcia I. Jon Jon President
ATTEST:
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K2!�TG. ing, lc� ident
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