HomeMy WebLinkAboutNo. 1960 preliminary bond resolution of the SBRC authorizing the issuance of the SB Redevelopment District TIF revenue bondss
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RESOLUTION NO. 1960
A PRELIMINARY BOND RESOLUTION OF THE SOUTH BEND
REDEVELOPMENT COMMISSION AUTHORIZING THE
ISSUANCE OF THE SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is
the governing body of the South Bend Redevelopment District (the "District "); and
WHEREAS, the Commission has previously designated and declared an area in
the City known as the Airport Economic Development Area to be an economic development area
and an allocation area (the "Area ") for purposes of tax increment financing and established an
allocation fund for said Area (the "Allocation Fund "); and
WHEREAS, the Commission has determined to undertake certain local public
improvements in the Area, such local public improvements including without limitation road
improvements to Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz
Parkway, Bendix Drive /Lincolnway intersection, Bendix Drive Relocation and related right of
way property acquisition and engineering costs and improvements at the Bosch site (collectively,
the "Project "); and
WHEREAS, the Commission finds that in order to provide funds for the payment
of the cost of the Project, it is necessary and in the best interest of the District and the property
and inhabitants thereof to issue revenue bonds of the District in an aggregate principal amount
not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00), the principal and interest on
which shall be payable from taxes on real property located in the Area, allocated and deposited
in the Allocation Fund pursuant to IC 36- 7- 14 -39, proceeds from the sale or leasing of property
in the Area, under IC 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36- 7 -14 -26
pursuant to the Act (the "Tax Increment "); and
WHEREAS, the Commission desires to hold a public hearing regarding the
appropriation of the proceeds of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. For the purpose of raising money to pay the cost of the redevelopment and
economic development in or serving the Allocation Area, including without limitation 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 supervisory expenses,
capitalized interest and a debt service reserve for the Bonds (to the extent that the Commission
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determines that capitalized interest and/or a reserve is reasonably required), together with the
expenses in connection with the issuance of Bonds therefor, the City, acting for and on behalf of
the Commission, shall provide for the issuance of Bonds in an amount not to exceed Thirteen
Million and 00 /100 Dollars ($13,000,000.00).
In order to procure funds, the Controller of the City is hereby authorized and
directed to have prepared and to issue and sell the negotiable bonds of the Redevelopment
District, in one or more series or issues, the principal of and interest on which are payable from
the Tax Increment, which bonds shall be issued in the name of the City, for and on behalf of the
Redevelopment District, in an aggregate principal amount not to exceed Thirteen Million and
00 /100 Dollars ($13,000,000.00), with a discount not to exceed the discount set forth in or
determined by the Final Bond Resolution to be adopted by the Commission, together with a sum
sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the
redevelopment, including the total cost of all reasonable and necessary architectural, engineering,
legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized
interest, which estimated cost of the redevelopment and such expenses to be financed from
proceeds of the Bonds shall not exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00),
plus investment earnings thereon in an estimated amount of Two Hundred Thousand and 00 /100
Dollars ($200,000.00).
The Bonds shall not constitute a corporate obligation or indebtedness of the City
but shall constitute an obligation of the Redevelopment District. The Bonds, together with
interest thereon, shall be payable solely out of Tax Increment.
ILThe Bonds shall bear interest at a rate or rates not exceeding eight percent (8.0 %)
and shall mature and be payable no later than twenty (20) years from the date of the principal
payment on the Bonds. The Bonds may be subject to redemption prior to maturity in whole or in
part in accordance with the terms set out in the Final Bond Resolution of the Commission.
2. The Commission hereby approves and ratifies the actions taken by the
Secretary of the Commission in conjunction with counsel to publish notice of a public hearing
regarding the appropriation of the proceeds of the Bonds as required by I.C. 6- 1.1 -18 -5 and I.C.
5 -3 -1, which hearing shall be conducted at the meeting of the Commission scheduled to be held
on March 21, 2003 at 10:00 a.m.
3. The President and Secretary of the Commission shall certify a copy of this
Resolution to the Controller of the City.
Commission.
4. This Resolution shall be in full force and effect after its adoption by the
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Adopted at a meeting of the South Bend Redevelopment Commission held on
February 21, 2003, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
By:
Robert W. Hunt, President
ATTEST:
Philip J. Fa vi'l. ;M F ecretary
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