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HomeMy WebLinkAboutNo. 2074 authorizing the issuance of COSB redevelopment district adjustable rate demand tax increment revenue bonds (series 2004)(Erskine Commons Project) and other related mattersRESOLUTION NO. 2074 (WI RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT ADJUSTABLE RATE DEMAND TAX INCREMENT REVENUE BONDS (SERIES 2004) (ERSKINE COMMONS PROJECT) AND OTHER RELATED MATTERS 14 WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend, Indiana, Redevelopment District (the 'District ") and the City of South Bend, Indiana, Department of Redevelopment (the 'Department "), exists and operates under the provisions of Ind. Code § 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission did, on November 1, 2002, adopt Resolution No. 1914 (the 'Declaratory Resolution ") declaring the South Side Development Area (the "Area ") to be a blighted area within the meaning of Section 14 of the Act, approving a Redevelopment Plan for the Area (the 'Plan "), and creating Allocation Area No. 1 for the purpose of tax increment financing, all pursuant to the Act; and WHEREAS, the Declaratory Resolution was confirmed by the Commission on December 20, 2002; and WHEREAS, there has been proposed to the Commission by Anchor Acquisitions, Ltd. (the 'Developer ") a project involving the construction of a significant commercial and retail center at or about the southwest corner of the intersection of Ireland and Michigan Streets (the "Project ") in the Area; and WHEREAS, the Commission desires to undertake certain local public improvements consisting of certain roadway and related infrastructure improvements at or near the intersection of Ireland and Michigan Streets, which improvements shall include, without limitation, (i) acquisition of Michigan Street and Ireland Road right -of -way and road improvements, as outlined by American Consulting, Inc., which include five (5) lane expansion of Ireland Road as far west as Lafayette, and four (4) lanes to the western terminus and adjacent to the Project, (ii) signalization, including signals along Ireland Road at the two Ireland Road entrances to the Project, and (iii) a double -left- turn -lane from Michigan Street onto Ireland Road (the "Improvements "), in order to accommodate the construction and operation of the Project in the Area; and WHEREAS, the Commission did, on July 27, 2004, adopt a resolution amending the Plan to allow for the Improvements and creating a separate allocation area within the Area (the "Allocation Area ") for the purpose of accounting for the Project Tax Increment Revenues (as defined herein) of the Allocation Area separately for such purposes; and SBIMANI 188429v4 A WHEREAS, with regard to taxes levied on real property in the Allocation Area, property tax proceeds in excess of those attributable to (i) the proceeds of taxes attributable to property that is assessed as residential property under the rules of the Department of Local Government Finance for those areas added to the Allocation Area after June 30, 1995, and (ii) the lesser of: (a) The assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (b) The base assessed value as defined in the Act; shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund, and may be used by the Commission only to do one or more of the following: (a) pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of the Allocation Area; (b) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (c) pay the principal of and interest on bonds payable from allocated tax proceeds in the Allocation Area and from the special tax levied under Section 27 of the Act; (d) pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving the Allocation Area; (e) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (f) make payments on leases payable from allocated tax proceeds in the Allocation Area under Section 25.2 of the Act; (g) reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) in or serving the Allocation Area; (h) reimburse the City for rentals paid by it for a building or parking facility in or serving the Allocation Area under any lease entered into under Indiana Code 36 -1 -10; (i) pay all or a portion of a property tax replacement credit to taxpayers in the Allocation Area as determined by the Commission, pursuant to Section 39 of the Act; SBMANI 188429v4 - 2 - (j) pay expenses incurred by the Commission for local public improvements that are in the Allocation Area or serving the Allocation Area. Public improvements include buildings, parking facilities, and other items described in Section 25.1(a) of the Act; or (k) reimburse public and private entities for expenses incurred in training employees of industrial facilities that qualify under the Act; provided however, that if further uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendment to the Act, including Indiana Code 36- 7- 14 -39, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund; and WHEREAS, the Act authorizes the issuance of the bonds of the Redevelopment District payable solely from allocated tax proceeds; and WHEREAS, the Commission finds that, in order to procure funds for the payment of the cost of the Improvements in the Allocation Area, it will be necessary and in the best interest of the Redevelopment District and the property and inhabitants thereof to issue bonds of the District ( "the Bonds ") payable solely from taxes on real property located in the Allocation Area and from proceeds from the sale or leasing of property in the Allocation Area, under Ind. Code § 36- 7 -14 -22 deposited in the Allocation Fund, as required by Indiana Code 36- 7 -14 -26 as a result of the Project (collectively, the "Project Tax Increment Revenues "); and IL WHEREAS, the Commission did, on July 16, 2004, adopt a resolution authorizing the issuance of the bonds of the District in an amount not to exceed $2,800,000.00 plus investment earnings in accordance with the terms to be set out in the Final Bond Resolution of the Commission which amount does not exceed the cost of the redevelopment and economic development in the Allocation Area, including the Improvements, together with a sum sufficient to pay the estimated cost of all expenses reasonable incurred in connection with the acquisition, redevelopment and economic development of 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 reserve for the bonds to the extent the Commission determines that a reserve is reasonably required, together with the expenses in connection with or on account of the issuance of bonds therefor; and WHEREAS, the Commission now desires to proceed with the issuance of the Bonds and to adopt this final bond resolution setting forth the terms of said Bonds, in accordance with the Act; and WHEREAS, the Commission desires to issue the Bonds pursuant to a trust indenture and consequently desires to appoint Bank of New York Trust Company, N.A., and its successor and assigns, as trustee of the Bonds (the "Trustee "), and there has been prepared and submitted to the Commission a form of Trust Indenture (the "Trust Indenture ") between the Commission and the Trustee, along with a form of City of South Bend, Indiana, Redevelopment District Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine SBMANI 188429v4 - 3 - Commons) (the 'Bond Form ") attached thereto as an exhibit, and the Commission now desires to approve the form of such Trust Indenture and the Bond Form; and WHEREAS, initially, the Bonds will be further secured by a letter of credit (the "Letter of Credit ") obtained by the Developer to be issued by Fifth Third Bank, and the Commission desires to authorize the President and the Secretary of the Commission to approve of said Letter of Credit and take such other actions as may be necessary to effect the issuance of said Letter of Credit; NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: SECTION 1. For the purpose of procuring funds to pay for the cost of the Improvements in or serving the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the completion of Improvements, 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 as set forth herein, together with the expenses in connection with or on account of the issuance of the Bonds, the City acting for and on behalf of the Redevelopment District, shall issue make a loan in the aggregate principal amount not to exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00). In order to procure funds for said loan, the Controller of the City (the "Controller ") is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the Redevelopment District upon the terms and conditions described in this resolution, the Trust Indenture and the Bonds, which Bonds shall be issued in the name of the City, for and on behalf of the Redevelopment District and which shall be designated "City of South Bend, Indiana, Redevelopment District Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine Commons Project)" in an aggregate principal amount not to exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00), and which amount does not exceed the cost, as estimated by the Commission, of the Improvements in or serving the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development of 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 as provided herein, together with the expenses in connection with or on account of the issuance of the Bonds therefor. 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 from Project Tax Increment Revenues, allocated and deposited, as required by Ind. Code § 36- 7- 14 -26, in the Allocation Fund established hereunder. The Bonds shall be issued in fully registered Bonds in denominations of One Hundred Thousand Dollars ($100,000), or integral multiples of Five Thousand Dollars ($5,000) in excess thereof, not exceeding the aggregate principal amount of Bonds maturing in any one SBIMANI 188429v4 -4 (40� (1) year and shall be numbered consecutively as set forth in the Trust Indenture. The Bonds shall be payable and mature as provided for in the Trust Indenture; but in no event shall the term of the Bonds exceed twenty -five (25) years. The Bonds shall bear interest at a rate not to exceed seven percent (7.0 %) per annum. The Bonds shall be subject to mandatory and optional redemption or tender as provided in the Trust Indenture and the Bonds. The Bonds shall bear an original date which shall be the date upon which the Bonds are to be delivered and each Bond shall also bear the date of its authentication. The principal of, premium, if any, and interest on the Bonds shall be payable at the principal office of the Trustee or at such times and locations as set forth in the Trust Indenture. The Mayor of the City (the "Mayor ") and the Controller are hereby authorized and directed to execute and attest, respectively, and to deliver the Bonds and any other document which may be necessary or desirable to consummate the issuance of the Bonds. The signatures of the Mayor and the Controller on the Bonds may be a true and authentic signature or a facsimile thereof. The Commission hereby approves the Bond Form, in substantially the form presented to the Commission with such changes as the Mayor and the Controller approve in their sole discretion, such approval to be conclusively evidenced by such execution and attestation. In case any officer whose signature or a facsimile thereof shall appear on the Bonds shall cease to be such officer before the issuance and delivery of the Bonds, such signature or facsimile thereof shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until after that time. The Controller is authorized to arrange for the delivery of such Bonds to the purchaser, payment for which shall be made in the manner set forth in the Purchase Agreement (as defined herein). ILNotwithstanding anything herein to the contrary, the Bonds shall, in compliance with all applicable laws, be initially issued and held in book -entry form and registered in the name of Cede & Co., as nominee for The Depository Trust Company without physical distribution of Bonds to the purchasers thereof. The President of the Commission (the "President ") is hereby authorized to take such action as may be necessary to provide for the Bonds to be issued in book - entry -only form, including without limitation executing a Blanket Issuer Letter of Representations. Each Bond shall be transferable or exchangeable only upon the official books for the registration and for the transfer of the Bonds (the 'Bond Register ") as set forth in the Indenture. SECTION 2. There is hereby created and established Allocation Area No. 2 Fund (the "Allocation Fund "), and the Project Tax Increment Revenues received by the Commission shall be deposited into the Allocation Fund. There are hereby further created and established in the Allocation Fund a Project Tax Increment Revenue Account, into which all Project Tax Increment Revenues received (including any Project Tax Increment Revenues on deposit in the Allocation Fund as of the date of delivery of the Bonds) shall be deposited and held in reserve for payment of debt service on the Bonds pursuant to this Resolution and Indiana Code 36- 7- 14 -39, a Bond Principal and Interest Account and a General Account, each of which the Controller, the Commission and the Department hereby covenant and agree to cause to be kept and maintained. On January 15, ce 2005, and each January 15 and July 15 thereafter, all monies in the Project Tax Increment SBIMANI 188429v4 - 5 - Revenue Account shall be set aside in the following accounts within the Allocation Fund, in the following order of priority: (a) Bond Principal and Interest Account. There shall be set aside within Allocation Fund and deposited into the Bond Principal and Interest Account from the Project Tax Increment Revenue Account, to the extent available, an amount of money which, together with any money contained therein, is equal to (i) the aggregate amount of the principal and interest due during that bond year and any shortfall from previous bond years with respect to the Bonds and (ii) the aggregate amount of principal and interest due during that bond year and any shortfall from previous bond years with respect to the taxable economic development revenue bonds expected to be issued by the City in accordance with Ind. Code § 36 -7 -11.9 and 12 (the "EDC Bonds "), the proceeds of which are to be used by the Developer to finance a portion of the costs of the Project and in connection with the issuance of said EDC Bonds, the Commission will consider the adoption of a resolution pledging Project Tax Increment Revenues to the payment of principal of and interest on the EDC Bonds on a basis which is junior and subordinate to the Bonds, but senior to all other obligations or indebtedness. For this purpose, (i) a "bond year" shall be deemed to be a year from February 2 to and including the following February 1 and (ii) while either the Bonds or the EDC Bonds bear interest at a variable rate, the interest rate used to calculate the amount of interest due on such variable rate bonds shall be deemed to be the Maximum Rate (as defined in the Indenture for the Bonds, and for the EDC Bonds, as defined in the trust indenture securing the EDC Bonds). No deposit need be made into the Bond Principal and Interest Account if the amount contained therein is at least equal to the aggregate amount of principal and interest due and payable with respect to the Bonds and the EDC Bonds during the remainder of that bond year. All money in the Bond Principal and Interest Account shall be used and withdrawn solely for the purpose of: (i) paying the interest on and the principal of the Bonds and the EDC Bonds as it shall become due and payable to the extent it is required therefor, (ii) reimbursing the issuer of the Letter of Credit and any alternate or replacement Letter of Credit for any payments of interest on or principal of the Bonds and, to the extent the Developer secures a letter of credit for the EDC Bonds (the 'EDC Letter of Credit "), reimbursing the issuer of the EDC Letter of Credit, and (iii) reimbursing the Developer for any payments made by the Developer to reimburse the issuer of the Letter of Credit or the EDC Letter of Credit, and any alternate or replacement Letter of Credit or EDC Letter of Credit for any payments of interest on or principal of the Bonds and the EDC Bonds, respectively (including accrued interest on any Bonds and EDC Bonds purchased or redeemed prior to maturity). Notwithstanding anything contained herein to the contrary, the obligation of the Commission to reimburse the Developer or the issuer of the Letter of Credit or the EDC Letter of Credit shall not extend beyond the term of the Bonds or the EDC Bonds. (b) General Account. The remaining amounts in the Project Tax Increment Revenue Account shall be deposited into the General Account of Allocation Fund and available only to do one (1) or more of the following: SBIMANI 188429v4 - 6 - (i) pay the principal of and interest on any obligations (including the Bonds and the EDC Bonds) solely from payable allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of the Allocation Area; (ii) establish, augment, or restore the debt service reserve for bonds (including the Bonds and the EDC Bonds) payable solely or in part from allocated tax proceeds in the Allocation Area; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in the Allocation Area; (iv) pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving the Allocation Area; (v) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (vi) make payments on leases payable from allocated tax proceeds in the Allocation Area under Section 25.2 of the Act; (vii) reimburse the City for expenditures made by the City for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) within or serving the Allocation Area; (viii) reimburse the City for rentals paid by the City for a building or parking facility within or serving the Allocation Area under any lease entered into under IC 36 -1 -10; (ix) pay all or a portion of a property tax replacement credit to taxpayers in the Allocation Area as determined by the Commission pursuant to Section 39 of the Act; (x) pay expenses incurred by the Commission for local public improvements that are in the Allocation Area or serving the Allocation Area. Public improvements include buildings, parking facilities, and other items described in Section 25.1(a) of the Act; or (xi) reimburse public and private entities for expenses incurred in training employees of industrial facilities that qualify under the Act; provided however, that if further uses of property tax proceeds allocated to Allocation Fund are authorized or permitted by amendment to the Act, including Section 39 of the Act, those uses shall also be authorized or permitted for property tax proceeds allocated to Allocation Fund. SBIMANI 1884294 _ % _ (c) When the money in Allocation Fund is sufficient to pay when due all IL principal and interest payments for that year and any shortfalls from previous years on bonds (including principal and interest payments for that year the Bonds and the EDC Bonds, and reimbursing the issuer of the Letter of Credit and the EDC Letter of Credit and any alternate or replacement Letter of Credit or EDC Letter of Credit for any payments of interest on or principal of the Bonds and the EDC Bonds, respectively, and reimbursing the Developer for any payments made by the Developer to reimburse the issuer of the Letter of Credit or the EDC Letter of Credit, and any alternate or replacement Letter of Credit or EDC Letter of Credit for any payments of interest on or principal of the Bonds and the EDC Bonds (including accrued interest on any Bonds and EDC Bonds purchased or redeemed prior to maturity) described in subsection (b), and is not needed for that year for the other purposes described in subsection (b) (including without limitation the maintaining of property taxes collected in a given year in Allocation Fund as a reserve to pay principal and interest on the Bonds and the EDC Bonds payable in the year following such year of collection in the manner and at the times specified herein), money in Allocation Fund in excess of that amount (the 'Excess Funds ") shall be paid to the Controller who shall, during the time a part of the Allocation Area is located in an enterprise zone created under Ind. Code § 4- 4 -6.1, deposit such Excess Funds in a special fund created for the enterprise zone and used as required by law; provided, however, to the extent portions of the Allocation Area are not within the enterprise zone, the Excess Funds deposited into the special fund shall be reduced on a pro rata basis based on the percentage of the enterprise zone contained in the Allocation Area as provided in Section 39(g) of the Act. When no part of the Allocation Area is IL located in an enterprise zone then the Excess Funds shall be deposited as provided in subsection (d). A (d) Except as provided in subsection (c), before July 15 of each year, the Commission shall (1) determine the amount, if any, of Excess Funds in the following year; and (2) notify the Auditor of St. Joseph County of the amount, if any, of the Excess Funds that the Commission has determined may be paid to the respective taxing units entitled thereto, provided that the Commission may not authorize a payment to the respective taxing units under this subsection if to do so would endanger the interests of the holders of the bonds (including the Bonds or the EDC Bonds) described in subsection (a) of this Section 2. (e) The Project Tax Increment Revenues other than the Excess Funds shall be irrevocably pledged for the purpose set forth in this Section 2. (f) All money in each of the accounts in the Allocation Fund shall be held in trust for the benefit of the holders of the Bonds and the EDC Bonds and shall be applied, used and withdrawn only for the purposes authorized in this Section 2. The proceeds of Allocation Fund shall be deposited with a legally qualified depository or depositories for funds of the City as now provided by law and shall be segregated and kept separate and apart from all other funds of the City and may be invested as permitted by law. Interest earned in each account or fund established under this Resolution shall be credited thereto. SBIMANI 188429v4 - 8 - SECTION 3. The Commission hereby accepts and approves the form of the Trust Indenture presented to the Commission at this meeting, which Trust Indenture, along with the Bond Form, are incorporated herein by reference and shall be inserted in the minutes of the Commission and kept on file by the Secretary of the Commission (the "Secretary "). The President, and the Secretary are authorized and directed to execute and attest, respectively, the Trust Indenture approved herein, with such changes as the President and Secretary approve, with such approval to be conclusively evidenced by such execution and attestation. SECTION 4. (a) The Bonds shall be sold by private sale, as provided by Indiana Code § 36- 7- 14- 25.1(g), to Fifth Third Securities, Inc., upon terms acceptable to the President and the Controller and in accordance with the Trust Indenture, and the provisions of this Resolution. In no event shall the Bonds be sold at a purchase price of less than ninety - seven percent (97 %) of the par value of the Bonds or such higher purchase price as may be set forth in the Trust Indenture. The President and the Controller are hereby authorized to enter into and execute, on behalf of the Commission, a bond purchase agreement (the 'Purchase Agreement ") for the sale of the Bonds on the terms and conditions set forth therein and consistent with the provisions of this Resolution. (b) The Bonds shall be offered and sold pursuant to an Offering Memorandum with respect to the Bonds (the "Offering Memorandum "), to be made available and distributed in such manner, at such times, for such periods and in such number of copies as may be required pursuant to Rule 15c2 -12 promulgated by the United States Securities and Exchange Commission (the 'Rule "). The Commission hereby authorizes the President and the Controller to approve the form of the Preliminary Offering Memorandum upon the advice of counsel. The Commission hereby authorizes the President and the Controller to deem "final" the Preliminary Offering Memorandum, as of its date, in accordance with the provisions of the Rule, subject to completion as permitted by the Rule, and the Commission further authorizes the distribution of the deemed final Offering Memorandum. The Commission hereby authorizes and directs the President and the Controller, upon the advice of the counsel to place into final form and distribute and cause to be delivered the final Offering Memorandum in accordance with the Rule, and further authorizes the President or the Controller to execute the final Offering Memorandum. The Commission covenants and agrees that it will comply with and carry out the continuing disclosure requirements of Section (b)(5) of the Rule. The Commission hereby authorizes the President and the Secretary of the Commission to approve a continuing disclosure agreement and to execute the same on the date the Bonds are issued if so requested by the purchaser of the Bonds. SECTION 5. The proceeds received from the sale of the Bonds shall be deposited as set forth in the Trust Indenture. SECTION 6. The President and the Secretary are hereby authorized to enter into and to execute and deliver, on behalf of the Commission, a remarketing agreement, consistent with the provisions of this Resolution, for the remarketing of the Bonds from time to time SBIMANI 188429v4 - 9 - subsequent to the initial issuance and sale of the Bonds on the terms and conditions set forth therein. SECTION 7. The President and the Secretary are hereby authorized to approve, on behalf of the Commission, a Reimbursement Agreement between Fifth Third Bank and the Developer, pursuant to which the Letter of Credit will be issued to further secure the payment of the principal of and interest on the Bonds. The President and Secretary are further authorized to execute said Reimbursement Agreement if so requested by Fifth Third Bank. SECTION 8. The President is hereby authorized and directed to obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel, of South Bend, Indiana, and to furnish such opinion to the purchaser of the Bonds. The cost of said opinion shall be considered as part of the costs incidental to these proceedings and shall be paid out of the proceeds of the Bonds. SECTION 9. The appropriate officers are hereby authorized to take all actions required to obtain a rating for the Bonds, if economically feasible and desirable. SECTION 10. The Commission hereby authorizes and directs the Controller, the President and the Secretary to take any and all necessary actions and execute any and all necessary documents to carry out the purposes of this Resolution. SECTION 11. As soon as can be done after the adoption of this Resolution, the 4W President and the Secretary are hereby directed to deliver on behalf of the Commission a certified copy of this Resolution to the Controller. IM SECTION 12. If any section, paragraph or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Resolution. SECTION 13. All resolutions and orders, or parts thereof, in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby repealed, and this Resolution shall be in immediate effect from and after its adoption. SECTION 14. This Resolution shall be in full force and effect after its adoption by the Commission. SBIMANI 188429v4 -10- Adopted at a meeting of the South Bend Redevelopment Commission held on C July 27, 2004, at the Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT COMMISSION By: President ATTEST: �' ' F wAj Secretary SBQv1AN1 188429v4 - 11 -