HomeMy WebLinkAboutNo. 2813 determining to proceed with the redemption of the presently outstanding taxable economic development revenue bonds, series 2005 (Erskine Commons Project)_ RESOLUTION NO. 2813
A RESOLUTION OF THE
SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING TO PROCEED WITH THE
REDEMPTION OF THE PRESENTLY OUTSTANDING TAXABLE
ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2005
(ERSKINE COMMONS PROJECT)
WHEREAS, the South Bend Redevelopment Commission (the "Commission "),
the governing body of the City of South Bend Redevelopment District (the "District ") and the
City of South Bend, Indiana, Department of Redevelopment (the "Department "), exists and
operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the
"Act "); and
WHEREAS, the Commission adopted Resolution No. 1914 on November 1,
2002, which resolution was later confirmed by the Commission at a meeting on December 20,
2002, and which resolution declared the Southside Development Area (the "Area ") to be a
blighted area within the meaning of the Act and approved a Redevelopment Plan for the Area
pursuant to the Act; and
WHEREAS, the Commission adopted, after a public hearing, Resolution No.
2073, which resolution amended the Area by creating within the Area a separate allocation area
to provide for the allocation distribution of the proceeds of taxes levied on properties situated in
such allocation area ( "Allocation Area No. 2 ") to separately account for taxes expected to be
generated from a project developed by Anchor Acquisitions Limited which involved the
construction of a significant commercial and retail center near the southwest corner of the
intersection of Ireland and Michigan Streets in the Area (the "Project "); and
WHEREAS, the Common Council of the City of South Bend, Indiana (the
"City "), adopted Ordinance No. 9524 -04 on August 23, 2004, which authorized the issuance of
the City's Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Commons
Project) in the aggregate principal amount of $3,800,000 (the "Bonds "), which Bonds presently
remain outstanding, the proceeds of which Bonds were used to pay for the costs of certain local
public located in the Area; and
WHEREAS, pursuant to Resolution No. 2087 the Commission has pledged the
Project tax increment revenues (the "TIF Revenues ") to the payment of the principal of and
interest on the Bonds; and
WHEREAS, the Project has developed to an extent that it has generated
additional TIF Revenues for Allocation Area No. 2 in an amount sufficient to permit redemption
of the outstanding Bonds prior to their maturity from.the available TIF Revenues;
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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, as follows:
Section 1. The Commission hereby authorizes and approves of all necessary
actions to provide for the redemption of the outstanding Bonds, including without limitation
providing direction to the Trustee to provide notice of the redemption of the Bonds to the
Bondholders.
Section 2. The Commission hereby directs the Secretary to provide a copy of
this Resolution to the Controller of the City (the "Controller ") to provide for the redemption of
the Bonds. The Controller and each of the President, Vice - President and Secretary are hereby
authorized to enter into any agreement or execute any document on behalf of the Commission to
provide for the redemption of the outstanding Bonds at the earliest opportunity.
Section 3. This resolution shall be in full force and effect after its adoption by
the Commission.
ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment
Commission held on December 3, 2010, at Room 1308, County -City Building, 227 W. Jefferson
Boulevard, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Marcia I. Jones, P e 'dent
ATTEST:
Nancy King, Se etary
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