HomeMy WebLinkAboutNo. 1674 establishing certain funds/accounts in connection with lease dated 3/1/99 between SBRC & SBRA relating to acquisition of certain land & removal of improvementsRESOLUTION NO. 1674
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF MARCH 1, 1999, BETWEEN
THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE
SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE
ACQUISITION OF CERTAIN LAND AND REMOVAL OF IMPROVEMENTS
THEREON AND OTHER RELATED MATTERS
WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been
created pursuant to IC 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality
of the City of South Bend to finance local public improvements for lease to the South Bend
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Redevelopment Commission (the "Commission "); and
WHEREAS, the Authority intends to issue notes through the Department of Housing
and Urban Development's Section 108 Loan Guarantee Program to be known as the "South Bend
Redevelopment Authority Lease Rental Revenue Notes (Downtown Property Acquisition Project)
(the "Notes "), the proceeds of which are to be used to finance the acquisition of real property
generally located at the corner of Main and Jefferson in South Bend, Indiana, and removal of
improvements located thereon (the "Main and Jefferson Portion ") and the acquisition of real property
generally located at the southeast corner of Monroe and Lafayette in South Bend, Indiana, which has
been targeted for the construction of a new Studebaker National Museum (the "Studebaker Lot
Portion ") (collectively referred to as the "Project "); and
WHEREAS, the Authority intends to lease the Project to the Commission pursuant
to a lease dated as of March 1, 1999 (the "Lease "), which Lease was heretofore approved by this
Commission; and
WHEREAS, it is necessary for the Commission to establish certain funds and
accounts for the payment of the rentals owed by the Commission pursuant to said Lease; and
WHEREAS, the Commission anticipates that sufficient funds will be available to the
Commission to make the required Lease rental payments with such funds being derived from
available tax increment revenues (the "TIF Revenues ") allocated to the Commission and generated
in the South Bend Central Development Area (the "Area ") and County Economic Development
Income Tax revenues (the "CEDIT Revenues ") which the South Bend Common Council (the
"Council ") is expected to pledge to the Commission pursuant to an ordinance which the Council will
consider for adoption on March 22, 1999, for the purpose of making such Lease rental payments; and
WHEREAS, the Commission desires to pledge such available TIF Revenues and
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CEDIT Revenues to the payment of the Lease rental payments;
WHEREAS, the President and Secretary of the Commission have executed and
attested, respectively, the Lease;
NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment
Commission as follows:
Section 1. There is hereby created and established within the Redevelopment
District Bond Fund, a Downtown Property Acquisition Project Principal and Interest Account and
such other accounts as the Commission shall from time to time establish.
Section 2. The Commission hereby irrevocably pledges available TIF Revenues
generated in the Area (being those TIF Revenues available after the payment of all indebtedness
payable from such TIF Revenues and such other lease rentals the City determines to pay from TIF
Revenues) and all CEDIT Revenues which it receives from the City for such purposes to the payment
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of the Lease rental payments. Any such TIF Revenues and CEDIT Revenues received by the
Commission designated for payment of Lease rental payments pursuant to the Lease shall be
deposited into the Downtown Property Acquisition Project Principal and Interest Account of the
Redevelopment District Bond Fund and appropriated solely for the payment of the Lease rental
payments.
Section 3. The Commission hereby ratifies the action taken by the President and
Secretary of the Commission to execute and attest, respectively, the Lease.
Section 4. This Resolution shall be in full force and effect after its adoption by
the Commission and shall not be repealed or amended in any manner which would serve to adversely
affect the pledge of the TIF Revenues and CEDIT Revenues contained herein.
co ADOPTED at a meeting of the South Bend Redevelopment Commission held on
March 19,1999, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Robert W. Hunt, President
ATTEST:
UX "' ia S. Schwartz, Secretary 4;M
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