HomeMy WebLinkAboutNo. 0947 authorizing the reimbursement of the commission and the city for payments of necessary preliminary expenses actually incurred preliminary to the issuance of redevelopment district tax increment revenue bonds out of the proceeds of the bondsRESOLUTION NO. 947
RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
CW AUTHORIZING THE REIMBURSEMENT OF THE COMMISSION AND
THE CITY FOR PAYMENTS OF NECESSARY PRELIMINARY EXPENSES ACTUALLY
INCURRED PRELIMINARY TO THE ISSUANCE OF 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 (the "Redevelopment District ") ,
on the 23rd day of February, 1990 adopted a resolution declaring
the Airport Economic Development Area (the "Area ") to be an
economic development area within the meaning of IC 36 -7 -14; and
WHEREAS, the Commission in the same resolution created and
designated the Airport Economic Development Area, Allocation Area
No. 1 (the "Allocation Area ") , the boundaries of which are
coterminous with the boundaries of the 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 property acquisition and redevelopment in or
serving the Allocation Area and all expenses reasonably incurred
in connection with the property acquisition and redevelopment in
or serving the Allocation Area, including but not limited to all
reasonable and necessary architectural, engineering, legal,
financing, accounting, advertising, and supervisory expenses
related to the property acquisition and redevelopment in or serving
the Allocation Area, or the issuance of the Bonds; and
WHEREAS, certain preliminary expenses relating to the property
acquisition and redevelopment in or serving the Allocation Area
have been and will continue to be incurred by the Commission or
incurred or advanced on behalf of the Commission by the City of
South Bend (the "City ") before 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;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, as follows:
1. The Commission hereby establishes its intent, pursuant
to IC 5- 1 -14 -6, that the Commission and the City be reimbursed for
preliminary costs incurred by the Commission or incurred or
advanced by the City on behalf of the Commission relating to the
property acquisition and redevelopment in or serving the Allocation
Area from the proceeds of the Bonds to be issued by the Commission.
2. This Resolution shall be in full force and effect after
its adoption by the Commission.
ADOPTED at a rescheduled meeting of the South Bend
Redevelopment Commission held on the 27th day of June, 1990 at the
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\rlhill \sthbnd \airport \1u- 947;1a;June 27, 1990;
office of the Commission, 1200 County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana, 46601.
CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
BY:
7 T:
I
Roman Piasecki, Secretary
\rlhill \sthbnd \airport \1u- 947;1a;June 27, 1990;
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