HomeMy WebLinkAboutNo. 1097 establish intent to issue redev district tax inc. rev bonds & authorizing reimbursement of Commission & City for pmts. of certain preliminary expenses incurred prior to issuance of such redev district tax inc. rev bonds out of proceeds of bondsRESOLUTION NO. 1097
RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT
COMMISSION ESTABLISHING ITS INTENT TO ISSUE
REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE
BONDS AND AUTHORIZING THE REIMBURSEMENT OF THE
COMMISSION AND THE CITY FOR PAYMENTS OF CERTAIN
PRELIMINARY EXPENSES INCURRED PRIOR TO THE
ISSUANCE OF SUCH REDEVELOPMENT DISTRICT TAX
INCREMENT REVENUE BONDS OUT OF THE PROCEEDS
OF THE BONDS
WHEREAS, the South Bend Redevelopment Commission (the
"Commission ") , governing body of the City of South Bend Department
of Redevelopment (the "Department ") and the Redevelopment District
of the City of South Bend, Indiana, exists and operates under the
provisions of IC 36 -7 -14, as amended from time to time (the "Act ");
and
WHEREAS, the Commission, in accordance with the Act and former
redevelopment law, adopted Resolution No. 737 on May 10, 1985,
( "Declaratory Resolution "), which declared an area (such area is
hereinafter referred to as the "South Bend Central Development
Area ") in the South Bend Redevelopment District (the "Redevelopment
District "), which is a special taxing district having the same
boundaries as the City of South Bend, Indiana (the "City "), to be
blighted within the meaning of the Act or such former redevelopment
law and determined that it would be of public utility and benefit
%W1 to acquire such area and redevelop it pursuant to the South Bend
Central Development Plan, South Bend, Indiana; and
WHEREAS, the Commission by adoption of Resolution No. 737,
established the South Bend Central Allocation Area (South Bend
Allocation Area No. 1A) (the "Allocation Area "); and
WHEREAS, the Commission has from time to time adopted
resolutions expanding the South Bend Central Development Area as
well as the Allocation Area so that the boundaries of the
Allocation Area are conterminous with the South Bend Central
Development Area; and
WHEREAS, the Commission intends, pursuant to IC 36 -7 -14 -25.1,
to issue Redevelopment District tax increment revenue bonds (the
"Bonds ") to finance certain costs (the "Project Expenses ") related
to the construction of the College Football Hall of Fame (the
APIN "Project ") on land currently owned by the Commission which Project
is located in the Allocation Area and all expenses reasonably
incurred in connection with such Project Expenses, including but
not limited to all reasonable and necessary architectural,
engineering, legal, financing, accounting, advertising, and
supervisory expenses together with the expenses in connection with
or account of the issuance of the Bonds; and
WHEREAS, certain initial costs relating to the Project
Expenses are expected to be incurred by the Commission or incurred
or advanced on behalf of the Commission by the City of South Bend
(the "City ") prior to the issuance and delivery of the Bonds; and
WHEREAS, the Commission desires to establish its intent that
the Commission and the City be reimbursed for said preliminary
costs from the proceeds of the Bonds pursuant to IC 5- 1 -14 -6;
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NOW, THEREFORE BE IT RESOLVED by the South Bend Redevelopment
Commission, as follows:
1. The Commission hereby establishes its intent to issue the
Bonds, pursuant to IC 36 -7 -14 -25.1, for the purpose of financing
the Project Expenses.
2. The Commission hereby establishes its intent, pursuant
to IC 5- 1 -14 -6, that the Commission and the City be reimbursed for
any Project Expenses incurred by the Commission or incurred or
advanced by the City on behalf of the Commission prior to the
issuance of the Bonds and relating to the Project from the proceeds
of the Bonds to be issued by the Commission.
3. This Resolution shall be in full force and effect after
its adoption by the Commission.
ADOPTED at a regular meeting of the South Bend Redevelopment
Commission held on the 18th day of September, 1992,
1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana, 46601.
CITY SOUTH BEND REDEVELOPMENT COMMISSION
Bv•
Paula N. Auburn, President
A EST:
Michael Donoho, Secretary
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