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HomeMy WebLinkAboutNo. 2150 appropriating proceeds (including investment earnings thereon) of the City of South Bend, IN, redevelopment district revenue bonds applied to cost of certain local public improvements in/service downtown medical services district allocation area0 RESOLUTION NO. 2150 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS THEREON) OF THE CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT REVENUE BONDS TO BE APPLIED TO THE COST OF CERTAIN LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE DOWNTOWN MEDICAL SERVICES DISTRICT ALLOCATION AREA OF THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission "), on March 18, 2005, adopted its Resolution No. 2153entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF i RAISING MONEY FOR CERTAIN LOCAL PUBLIC IMPROVEMENTS IN THE DOWNTOWN MEDICAL SERVICES DISTRICT ALLOCATION AREA" (the 'Bond Resolution "), the provisions of which Bond Resolution are hereby included herein by this reference thereto, determined to issue tax increment revenues bonds of the City of South Bend, Indiana, Redevelopment District (the "District ") in the aggregate principal amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00) payable from taxes on real property located in the Expansion Area No. 4, commonly known as the Downtown Medical Services District Allocation Area (the "Allocation Area "), of the South Bend Central Development Area and proceeds from the sale or leasing of property in the Allocation Area, under Ind. Code § 36- 7 -14 -22 deposited in the City of South Bend, Department of Redevelopment, South Bend Central Development Area, Downtown Medical Services District ! Allocation Fund (the "Allocation Fund ") as required by Ind. Code § 36- 7- 14 -26, together with BDDB01 4010202v 1 such other revenues that may be made available to the Commission and pledged for such purposes (collectively, the "Tax Increment ") in order to procure funds to pay to finance certain local public improvements consisting of the relocation of Bartlett Street beginning from Michigan Street and continuing west to Lafayette Boulevard to a location beginning just south of the current intersection of Michigan Street and Park Lane and continuing southwest to a location just north of the current intersection of Lafayette Boulevard and Bartlett Street, which includes the construction, installation and equipping of a new intersection involving Bartlett Street and Park Lane, and the relocation, equipping and expansion of the intersections of Bartlett Street and Michigan Street and of Bartlett Street and Lafayette Boulevard, and other related infrastructure improvements (collectively, the "Project "), together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the completion of the Project in 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 or a reserve is reasonably required, together with the expenses in connection with or on account of the issuance of the bonds; and WHEREAS, the Commission did not include the proceeds of said bonds of the District and the earnings thereon in the regular budget for the year 2005; and WHEREAS, there are insufficient funds available or provided in the existing budget and tax levy which may be applied to the cost of the Project in the Allocation Area, and the issuance of said bonds has been authorized to procure the necessary funds and an extraordinary emergency and necessity exists for the making of the additional appropriation set out herein; and 0 -2- BDDB01 40I0202v i 0 WHEREAS, the Secretary of this Commission has caused notice of a hearing on said appropriation to be published as required by law; and WHEREAS, such public hearing was held on March 18, 2005, at 10:00 a.m. (local time) in Room 1308, located at County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, concerning said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The proceeds derived from the sale of the bonds heretofore authorized to be issued and the interest earnings thereon in the estimated amount of Fifty Thousand and 00 /100 Dollars ($50,000.00) shall be, and are, hereby appropriated by the Commission for the purpose of providing funds to be applied to the cost of the Project in the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the completion of the Project in the Allocation Area, including 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 or a reserve is reasonably required, together with expenses incurred in connection with the issuance of bonds not provided for in the existing budget and tax levy. 2. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy and shall continue in effect until the completion of the activities described in Paragraph No. 1 above. Any surplus of such proceeds (including investment 0 earnings thereon) shall be credited to the proper fund as provided by law. -3- BDDBOI 4030202vt 0 11 • 3. The President and Secretary of the Commission shall be, and hereby are, authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the Department of Local Government Finance. ADOPTED at a meeting of the South Bend Redevelopment Commission held on the 18'h day of March, 2005, in Room 1308 located at the County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT COMMISSION President ATTEST: T 7 T- Marcia I. Jones Secretary Greg S. Downes BDDBO I 4010202v1