HomeMy WebLinkAboutNo. 2075 appropriating proceeds (including investment earnings thereon) of COSB redevelopment district adjustable rate demand tax increment revenue bonds to be applied to the cost of local public improvements in or serving AA No. 2 of the SSDAS.
RESOLUTION NO. 2075
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING
INVESTMENT EARNINGS THEREON) OF THE CITY OF SOUTH
BEND, INDIANA, REDEVELOPMENT DISTRICT ADJUSTABLE
RATE DEMAND TAX INCREMENT REVENUE BONDS TO BE
APPLIED TO THE COST OF LOCAL PUBLIC IMPROVEMENTS IN
OR SERVING ALLOCATION AREA NO.2 OF THE SOUTH SIDE
DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission "),
on July 27, 2004, adopted its Resolution No. 2074 entitled 'RESOLUTION OF THE SOUTH
BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF CITY OF
SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT ADJUSTABLE RATE
cv, DEMAND TAX INCREMENT REVENUE BONDS, SERIES 2004 (ERSKINE COMMONS
PROJECT) AND OTHER RELATED MATTERS" (the 'Bond Resolution "), the provisions of
which Bond Resolution are hereby included herein by this reference thereto, determined to issue
tax increment revenues bonds of the City of South Bend, Indiana, Redevelopment District (the
"District ")in the aggregate principal amount not to exceed Two Million Eight Hundred Thousand
Dollars ($2,800,000.00) payable from taxes on real property located in the Allocation Area No. 2
of the South Side Development Area (the "Area ") and proceeds from the sale or leasing of
property in the Area, under Ind. Code § 36- 7 -14 -22 deposited in Allocation Fund No. 2 (the
"Allocation Fund ") as required by Ind. Code § 36- 7- 14 -26, together with such other revenues
that may be made available to the Commission or the Trustee (as defined the Bond Resolution)
for such purposes (collectively, the "Tax Increment ") in order to procure funds to pay for the cost
SBIMANI 1888380
of redevelopment and economic development in the Area including without limitation certain
local public improvements consisting of certain roadway and related infrastructure improvements
at or near the intersection of Ireland and Michigan Streets (the "Improvements "), together with a
sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with
the completion of the Improvements 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 capitalized interest or 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 of said bonds of the
District in the regular budget for the year 2004; 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 Improvements in the Area, 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 July 27, 2004, at 8:00 a.m. (local
time) in Room 1308, located at 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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SBIMAN 1 1888380
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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 shall be, and are, hereby appropriated by the Commission for the purpose of providing
funds to be applied to the cost of the Improvements in the Area, together with a sum sufficient to
pay the estimated cost of all expenses reasonably incurred in connection with the completion of
the Improvements 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 capitalized interest or a reserve is reasonably required, together with expenses incurred 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 27`h day of July, 2004, in Room 1308 located at the County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana.
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SOUTH BEND REDEVELOPMENT
COMMISSION
President
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