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HomeMy WebLinkAboutNo. 2018 appropriating the addt'l proceeds (including investment earnings) of SB redevelopment district tax increment redevelopment commission, to be applied to cost of property acquisition, redevelopment and economic development in or serving the AEDAe r� RESOLUTION NO. 2018 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING THE ADDITIONAL PROCEEDS (INCLUDING INVESTMENT EARNINGS THEREON) OF THE SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS, SERIES 2003, AUTHORIZED BY THE REDEVELOPMENT COMMISSION, 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. 1965 entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE 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 way property acquisition and engineering costs and improvements at the Bosch site (collectively, SBIMANI 165700vI 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 has previously adopted Resolution No. 2004 entitled "A Resolution of the South Bend Redevelopment Commission Amending Resolution No. 1965 entitled 'A Bond Resolution of the South Bend Redevelopment Commission Authorizing the Issuance of Tax Increment Revenue Bonds, Series 2003, of the South Bend Redevelopment District "' amending the Bond Resolution; and WHEREAS, the Commission has previously adopted Resolution No. 2017 entitled "A Resolution of the South Bend Redevelopment Commission Amending Resolution No. 1965 entitled 'A Bond Resolution of the South Bend Redevelopment Commission Authorizing the Issuance of Tax Increment Revenue Bonds, Series 2003, of the South Bend Redevelopment District' as Previously Amended by Resolution No. 2004" ( "Resolution No. 2017 "), which served to amend the Bond Resolution by increasing the not -to- exceed aggregate principal amount of Bonds which may be issued by the Commission for purposes of financing the Project from $13,000,000 to $16,000,000; and WHEREAS, said Resolution No. 2017 also authorized the publication of a notice of public hearing to provide for the appropriation of the additional principal amount of the Bonds SBIMANI 165700vI - 2 - authorized by said Resolution No. 2017 and scheduled said hearing to occur at a special meeting of the Commission at 10:00 a.m. on November 17, 2003; 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 November 17, 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; 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 redevelopment and economic 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 Commission desires to appropriate the additional proceeds of the Bonds authorized by Resolution No. 2017; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby ratifies its prior action to appropriate the proceeds derived from the sale of the Bonds heretofore authorized to be issued in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00) and all investment earnings thereon in the approximate amount of $200,000.00. The proceeds derived from the sale of the increased amount of the Bonds authorized to be issued pursuant to Resolution No. 2017 in the aggregate principal amount not exceed Three Million and 00 /100 SBIMANI 165700v] - 3 - Dollars ($3,000,000.00) 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. SB IMAN 1 165700v 1 -4- IM ADOPTED at a meeting of the South Bend Redevelopment Commission held on the 171h day of November, 2003, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT COMMISSION President ATTEST: Secretary SB IMAN 1 165700v 1 -5-