HomeMy WebLinkAboutNo. 1966 appropriating the proceeds (including investment earnings) of the SB redevelopment district tax increment revenue bonds, series 2003, to be applied to cost of property acquisition, redevelopment and econ dev in/or serving the AEDAC, RESOLUTION NO. 1966
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING
INVESTMENT EARNINGS THEREON) OF THE SOUTH BEND
REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE
BONDS, SERIES 2003, TO BE APPLIED TO THE COST OF
PROPERTY ACQUISITION, REDEVELOPMENT AND ECONOMIC
DEVELOPMENT IN OR SERVING THE AIRPORT ECONOMIC
DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission "),
on March 21, 2003, adopted its Resolution No. J entitled "A BOND RESOLUTION OF
THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE
IL OF TAX INCREMENT REVENUE
BONDS, SERIES 2003,
OF THE
SOUTH BEND
REDEVELOPMENT DISTRICT (the
Bond Resolution"), the
provisions
of which Bond
Resolution are hereby included herein by this reference thereto, determined to issue special
taxing district bonds of the South Bend Redevelopment District (the "District ") payable from
taxes on real property located in the Airport Economic Development Area (the "Area ") and
proceeds from the sale or leasing of property in the Area, under IC 36- 7 -14 -22 deposited in the
Airport Economic Development Allocation Fund (the "Allocation Fund ") as required by IC 36-
7 -14 -26 (the "Tax Increment "), for the purpose of procuring funds to pay for the cost of
redevelopment and economic development in the Area 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
ILway property acquisition and engineering costs and improvements at the Bosch site (collectively,
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SBIMAN 1 147402v 1
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 the 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 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 (including investment
earnings thereon in an estimated amount of Two Hundred Thousand and 00 /100 Dollars
($200,000.00) of said bonds of the District in the regular budget for the year 2003; and
WHEREAS, there are insufficient funds available or provided in the existing
ILbudget and tax levy which may be applied to the cost of the redevelopment and economic
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development in the Area, including, without limitation, the Project, 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
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 21, 2003, at 10:00 a.m.
(local time) at 1308 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;
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C 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 all investment earnings thereon in the approximate amount of $200,000.00 shall
be, and are, hereby appropriated by the Commission for the purpose of providing funds to be
applied to the cost of the redevelopment and economic development in the Area, including,
without limitation, together with a sum sufficient to pay the estimated cost of all expenses
reasonably incurred in connection with the redevelopment and economic development in the
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 a reserve is
reasonably required, together with expenses 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
earnings thereon) shall be credited to the proper fund as provided by law.
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.
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ADOPTED at a meeting of the South Bend Redevelopment Commission held on
the 21" day of March, 2003, at 1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana.
ATTEST:
SBIMAN 1 147402v 1
arm
SOUTH BEND REDEVELOPMENT
COMMISSION
President
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