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No. 0747 authorizing the issuance of tax increment revenue bonds for the purpose of raising money for property acquisition and redevelopment in the SBCDA
k C L RESOLUTION NO. 747 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS FOR THE PURPOSE OF RAISING MONEY FOR PROPERTY ACQUISITION AND REDEVELOPMENT IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA. WHEREAS, the South Bend Redevelopment Commission ( "Commission ") is the governing body of the South Bend, Indiana Department of Redevelopment ( "Department "), and exists and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time ( "Act "); WHEREAS, the Commission in accordance with the Act and former redevelopment law has previously declared an area as more particularly described on the map attached hereto and incorporated herein as Exhibit A (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 to acquire such area and redevelop it pursuant to the South Bend Central Development Plan, South Bend, Indiana; WHEREAS, the Commission, in accordance with the Act has previously established the South Bend Central Allo- cation Area (South Bend Allocation Area No. 1A) (the "Alloca- tion Area ") which has boundaries coterminous with the South Bend Central Development Area; WHEREAS, the Commission in accordance with the Act has previously established the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund "); WHEREAS, the Allocation Area consists of the following parcels with base assessment dates for allocation of taxes on real property in such parcels as follows: Parcel 1 is an area within the Allocation Area as more particularly described in Exhibit B attached hereto and incorporated herein with the base assess- ment date of March 1, 1980; � ry Parcel 2 is an area within the Allocation Area as more particularly described in Exhibit C attached hereto and incorporated herein with the base assess- ment date of March 1, 1983; Parcel 3 is an area within the Allocation Area as more particularly described in Exhibit D attached hereto and incorporated herein with the base assess- ment date of March 1, 1981; Parcel 4 is an area within the Allocation Area as more particularly described in Exhibit E attached hereto and incorporated herein with the base assess- ment date of March 1, 1981; Parcel 5 is an area within the Allocation Area as more particularly described in Exhibit F attached hereto and incorporated herein with the base assess- ment date of March 1, 1985; Parcel 6 is an area within the Allocation Area as more particularly described in Exhibit G attached hereto and incorporated herein with the base assess- ment date of March 1, 1985; Parcel 7 is an area within the Allocation Area as more particularly described in Exhibit H attached hereto and incorporated herein with the base assess- ment date of March 1, 1985; and Parcel 8 is an area within the Allocation Area as more particularly described in Exhibit I attached hereto and incorporated herein with the base assess- ment date of March 1, 1985; WHEREAS, with regard to taxes levied on real property in the Allocation Area, property tax proceeds in excess of those attributable to the lesser of: (a) the assessed value of the property for the assessment date with respect to which the allo- cation and distribution is made; or (b) the assessed value of all property as finally determined for the base assessment date of the allocation provisions of the pertinent declara- tory resolutions establishing the individual parcels within the Allocation Area; shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund, and may be used by the Commission only to: -2- r / (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) 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 IC 36- 7- 14 -27; or (D) pay the principal of and interest on bonds issued by the City to pay for local public improvements within the Allocation Area, to reimburse the City for expenditures made by the City for local public improvements (which include buildings, parking facilities, and other items described in IC 36- 7- 14- 25.1(a)) within the Allocation Area, or for rentals paid by the City for a building or parking facility within that • Allocation Area under any lease entered into under IC 36 -1 -10; 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 IC 36- 7- 14 -39, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund; and WHEREAS, the Commission finds in order to provide funds for payment of part of the cost of property acquisition and redevelopment in the Allocation Area, it will be necessary to issue tax increment revenue bonds of the Redevelopment District, pursuant to the Act, in an amount of Four Million Two Hundred Thousand Dollars ($4,200,000) which shall be payable solely out of taxes on real property located in the Allocation Area allocated and deposited in the Allocation Fund pursuant to the provisions of IC 36- 7 -14 -39 and proceeds from the sale or leasing of property in the Allocation Area under IC 36- 7 -14 -22 and deposited in the Allocation Fund (these sources of revenues that will be used for payments of the Bonds shall hereinafter be referred to as the "Tax Increment "). NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: -3- ;Jv or, SECTION 1. For the purpose of raising money for property acquisition or redevelopment in the Allocation Area together with expenses incidental thereto and expenses in connection with the issuance of the Bonds (as such term is defined below), the City acting for and on behalf of the Redevelopment District, shall make a loan in the amount of Four Million Two Hundred Thousand Dollars ($4,200,000). 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 negotiable bonds of the Redevelopment District, which bonds shall be issued in the name of the City and which shall be designated "City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1985" (the "Bonds ") in an aggregate principal amount of Four Million Two Hundred Thousand Dollars ($4,200,000), which amount does not exceed the total, as estimated by the Commission, of all expenses reasonably incurred in connection with the property acquisition and redevelopment of the Allocation Area, including all costs related thereto as set out by IC 36 -7 -14 -25.1. The Bonds do not constitute a corporate obligation or indebtedness of the City, but the same is an obligation of the Redevelopment District and is payable solely out of Tax Increment. The Bonds shall be issued in fully registered forms in the denomination of Five Thousand Dollars ($5,000) or in integral multiples thereof CW ( "Authorized Denominations ") not exceeding the aggregate principal amount of Bonds maturing in any year, shall be numbered consecutively from 85R -1 upwards and shall bear interest at a rate or rates not exceeding 12% per annum (the exact rate or rates to be determined by bidding or negotiation), which interest shall be payable on the first day of August, 1986, and semiannually thereafter, on February lst and August 1st of each year. The Bonds shall mature and be payable on February 1st, in the years and amounts as follows: Year Amount 1990 $ 50,000 1991 $125,000 1992 $150,000 1993 $200,000 1994 $225,000 1995 $250,000 1996 $275,000 1997 $300,000 1998 $350,000 1999 $375,000 2000 $400,000 -4- 2001 $450,000 2002 $500,000 2003 $550,000 Certain Bonds are subject to redemption prior to maturity as provided in Section 2 below. American Fletcher National Bank and Trust Company is hereby appointed as Registrar (American Fletcher National Bank and Trust Company and any subsequent registrar appointed pursuant to this Resolution shall hereinafter be referred to as the "Registrar ") for the Bonds and is hereby charged with the responsibility of authenticating the Bonds. The Registrar shall keep and maintain at its principal office books for the registration and for the transfer of the Bonds (the "Bond Register "). The Controller is hereby authorized and directed, on behalf of the Commission, to enter into such agreements or understandings with the Registrar as will enable the Registrar to perform the services required of a registrar, and is directed to pay the Registrar for its services out of available funds. The Commission reserves the right to remove the Registrar upon thirty (30) days' notice and upon the appointment of a successor Registrar in which event the predecessor Registrar shall deliver all Bonds in its possession and the Bond Register to the successor Registrar. The principal of and premium, if any, on the Bonds shall be payable at the principal office of American Fletcher National Bank and Trust Company which is hereby appointed as the Paying Agent (American Fletcher National Bank and Trust Company and any subsequent Paying Agent appointed pursuant to this Resolution shall hereinafter be referred to as the "Paying Agent ") for the Bonds. Interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owners of the Bonds at the address as it appears on the Bond Register as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as provided to the Paying Agent in writing by such registered owners. All payments on the Bonds shall be made in lawful money of the United States of America. The Controller is hereby authorized and directed, on behalf of the Commission, to enter into such agreements or understandings with the Paying Agent as will enable the Paying Agent to perform the services required of a paying agent, and is directed to pay the Paying Agent for its services out of available funds. The Commission reserves the right to remove the Paying Agent upon thirty (30) days' notice and upon the appointment of a successor Paying Agent in which event the predecessor Paying Agent shall deliver all the cash in its possession to the successor Paying Agent. -5- The Commission shall notify each registered owner of Bonds then outstanding by first -class mail of the removal of the Registrar or Paying Agent. Notices to registered owners of Bonds shall be deemed to be given when mailed by first -class mail to the addresses of such registered owners as they appear on the registration books kept by the Registrar. The Bonds shall be executed in the name of the City, acting for and on behalf of the Redevelopment District, by the manual or facsimile signature of the Mayor of the City, and attested by the manual or facsimile signature of the Controller, who shall cause the official seal of the City to be impressed or a facsimile thereof to be printed on each of the Bonds. Subject to the provisions for registration, the Bonds shall be negotiable under the laws of the State of Indiana. The Bonds shall be authenticated with the manual signature of an authorized representative of the Registrar, and no Bond shall be valid or obligatory for any purpose until the certificate of authentication on such Bond shall have been so executed. SECTION 2. Bonds maturing on and after February 1, 1997, shall be subject to prior redemption at the option of the Commission, in whole or in part (only in Authorized Denominations), and if in part in inverse order of maturities and within any maturity by lot (in such manner as may be determined by the Registrar), on February 1, 1996, and on each interest payment date thereafter. Bonds so redeemed shall be redeemed on such redemption date at a price of 100% of the principal amount of the Bond outstanding to be redeemed plus accrued interest to the redemption date on the principal amount to be redeemed, and without premium. In the case of redemption of the Bonds, notice of the call for any such redemption identifying the Bonds, or portions of the Bonds, to be redeemed shall be given by mailing a copy of the redemption notice by registered or certified mail not less than thirty (30) days nor more than forty -five (45) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the Bond Register; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any such Bond shall not affect the validity of any proceedings for the redemption of other Bonds. On and after the redemption date specified in the aforesaid notice, provided funds for their redemption are on deposit at the place of payment, such Bonds, or portions thereof, thus called for redemption shall not bear interest, k• 1 shall no longer be protected by this Resolution and shall not be deemed to be outstanding under the provisions of this Resolution and the owners thereof shall have the right only to receive the redemption price thereof plus accrued interest thereon to the date fixed for redemption. One or more new Bonds shall be issued for the unredeemed portion of any Bond without charge to the registered owner thereof. SECTION 3. The form and tenor of the Bonds shall be substantially as follows (all blanks to be properly com- pleted prior to the printing of the Bonds): UNITED STATES OF AMERICA STATE OF INDIANA, COUNTY OF ST. JOSEPH CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 1985 Original Date Registered Owner: Principal Sum: No. Maturity Interest Date Rate CUSIP The City of South Bend, in St. Joseph County, State of Indiana, acting for and on behalf of the South Bend Redevelop- ment District (which district includes all of the territory within the corporate boundaries of the City of South Bend), for value received, hereby promises to pay to the Registered Owner stated above, or registered assigns, but solely out of taxes on real property located in the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) (the "Allocation Area ") allocated and deposited in the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") pursuant to the provisions of IC 36- 7 -14 -39 and proceeds from sale or leasing of property in the Allocation Area under IC 36- 7 -14 -22 and deposited in the Allocation Fund (these sources of revenues that will be used for payments of the Bonds shall hereinafter be referred to as the "Tax Increment "), the principal sum stated above, on the Maturity Date stated above and to pay interest thereon, from the date hereof until the principal is paid, at the Interest Rate stated above, which accrued interest is payable August 1, 1986, and semiannually thereafter on February 1, and August 1 of each year by check or draft. The principal and premium, if any, of this bond is payable at the principal office of American Fletcher National -7- Bank and Trust Company, as Paying Agent, in the City of Indianapolis, Indiana. Interest on this bond shall be paid by check or draft mailed or delivered to the Registered Owner hereof at the address as it appears on the books kept by the Registrar for the registration and for the transfer of the Bonds (as defined below) (the "Bond Register ") as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as provided to the Paying Agent in writing by the Registered Owner. All payments on this bond shall be made in lawful money of the United States of America. Bonds of this issue maturing on and after February 1, 1997, are subject to prior redemption at the option of the South Bend Redevelopment Commission (the "Commission "), in whole or in part and if in part in the inverse order of maturities and within any maturity by lot (in such manner as may be determined by the Registrar), on February 1, 1996, and on each interest payment date thereafter. Bonds so redeemed shall be redeemed on such redemption date at a price of 100% of the principal amount of the bond outstanding to be redeemed plus accrued interest to the redemption date on the principal amount to be redeemed, and without premium. In case of redemption of this bond, notice of the call for any such redemption shall be given by registered or certified mail not less than thirty (30) days nor more than forty -five (45) days prior to the date fixed for redemption to the Registered Owner of this bond at the address shown on the Bond Register; provided, however, that failure to give such notice by mailing, or any defect therein with respect to any other bond, shall not affect the validity of any proceedings for the redemption of this bond. This bond is one of an authorized issue of Bonds of the South Bend Redevelopment District in the aggregate principal amount of Four Million Two Hundred Thousand Dollars ($4,200,000) (the "Bonds "), numbered consecutively from 85R -1 upwards, issued pursuant to Resolution No. 747 (the "Resolution ") adopted by the Commission on August 23, 1985, and in strict compliance with the Indiana Code, for the purpose of raising money for property acquisition and redevelopment in the Allocation Area together with expenses incidental thereto and expenses in connection with the issuance of the Bonds, all as described in said Resolution No. 747. Reference is hereby made to the Resolution for a description of the nature and extent of the rights, duties and obligations of the owners of the Bonds, the City and the Commission and the terms on which this bond is issued, and to all the provisions of such Resolution to which the holder hereof by the acceptance of this bond assents. This bond does not constitute a corporate obliga- tion or indebtedness of the City of South Bend, but the same is an obligation of the South Bend Redevelopment District, which is a special taxing district having the same boundaries as the City of South Bend, and is payable solely out of Tax Increment. Subject to the provisions for registration, this bond is negotiable under the laws of the State of Indiana. In the manner provided in the Resolution, the Resolution and the rights and obligations of the Commission and of the owners of the Bonds, may (with certain exceptions as stated in the Resolution) be modified or amended with the consent of the owners of 60% in aggregate principal amount of outstanding Bonds exclusive of Bonds if any, owned by the Commission or the City. Additional bonds ranking on a parity with the Bonds and other bonds, junior to the Bonds can be issued in accordance with the terms of the Resolution. The terms and provisions of this bond are continued on the reverse side hereof and such continued terms and pro- visions shall for all purposes have the same effect as though fully set forth at this place. It is hereby certified and recited that all acts, conditions and things required by law and the Constitution of the State of Indiana to be done precedent to and in the execution, issuance, sale and delivery of this bond have been properly done, happened and performed in regular and due form as prescribed by law, and that the issuance of this bond by the South Bend Redevelopment District does not cause any constitutional or statutory limitation of indebtedness to be exceeded. This bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution authorizing this bond until this bond shall have been herein below endorsed manually by the Registrar. IN WITNESS WHEREOF, the South Bend Redevelopment Commission has caused this bond to be executed in the name of the City of South Bend, acting for and on behalf of the South Bend Redevelopment District, by the manual or facsimile signature of the Mayor of said City and attested by the manual or facsimile signature of the Controller of said City, and WZ 1 has caused the seal of said City to be impressed or a facsimile thereof to be printed herein. (, Dated: (Seal of the City) ATTEST: Controller CITY OF SOUTH BEND BY: Mayor Registrar's Certificate of Authentication This bond is one of the Bonds described in the within mentioned Resolution. Dated: , as Registrar BY: Authorized Representative (Reverse of Bond) This bond is one of an authorized issue of Bonds of the South Bend Redevelopment District in the aggregate principal amount of Four Million Two Hundred Thousand Dollars ($4,200,000), numbered consecutively from 85R -1 upwards, issued pursuant to Resolution No. 747 adopted by the Commission on August 23, 1985, and in strict compliance with the Indiana Code, for the purpose of raising money for property acquisition and redevelopment in the Allocation Area together with expenses incidental thereto and expenses in connection with the issuance of the Bonds, all as described in said Resolution No. 747. This bond is transferable or exchangeable only upon the Bond Register by the Registered Owner hereof in person, or by his attorney duly authorized in writing, upon surrender of this bond together with a written instrument of -10- transfer or exchange satisfactory to the Registrar duly executed by the Registered Owner or his attorney duly authorized in writing and thereupon a new fully registered bond or bonds in the same aggregate principal amount and of the same maturity shall be executed and delivered in the name of the transferee or transferees or the Registered Owner, as the case may be, in exchange therefor. This bond may be transferred or exchanged without cost to the Registered Owner, except for any tax or governmental charge required to be paid with respect to the exchange. The Registrar shall not be required to transfer or exchange this Bond if it has been called for redemption or during the period from the fifteenth day of any calendar month immediately preceding an interest payment date to such interest payment date. The City, the Commission and the Registrar may treat and consider the person in whose name this bond is registered as the absolute owner hereof for all purposes including for the purpose of receiving payment of, or on account of, the principal hereof and interest due hereon. The Bonds maturing in any one year are issuable only in fully registered form in the denomination of $5,000 or any integral multiples thereof not exceeding the aggregate principal amount of the Bonds maturing in such year. The following abbreviations, when used in the inscription of the face of this bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN. COM. as TEN. ENT. as JT. TEN. as su in UNIF. GIFT. MIN. ACT tenants in common tenants by the entireties joint tenants with right of rvivorship and not as tenants common Custodian (Cust.) (Minor) under Uniform Gifts to Minors Act of (State) Additional abbreviations may also be used although not in the list above. Assignment For value received, the undersigned hereby sells and transfers unto (Please print or typewrite name and address of transferree) -11- this bond and all rights thereunder and hereby irrevocably constitutes and appoints , attorney, to transfer this bond on the books kept for the registration hereof with full power of substitution in the premises. Date: (NOTICE: The signature above must correspond with the name of the registered owner as it appears on the front of this bond in every particular with- out alteration or enlargement or any change whatsoever.) Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. SECTION 4. The Bonds shall be dated as of the first day of the month in which the Bonds are to be delivered ( "Original Date ") and each Bond shall also bear the date of its authentication. Bonds authenticated on or before July 15, 1986, shall be dated the Original Date and shall be paid interest from the Original Date. Bonds authenticated after July 15, 1986, shall be dated and pay interest from the interest payment date to which interest had been paid immedi- ately preceding the date of authentication of such Bonds unless the Bonds are authenticated between the fifteenth day of the month preceding an interest payment date and the interest payment date, in which case such Bond shall be dated and interest thereon shall be paid from the next succeeding interest payment date. Principal of the Bonds shall, subject to redemption pursuant to Section 2 hereof, fall due on such dates in such amounts as correspond to the amount and dates of maturities set forth in Section 1 hereof. Each Bond shall be transferable or exchangeable only upon the Bond Register by the registered owner thereof in person, or by his attorney duly authorized in writing, upon surrender of such Bond together with a written instrument of transfer or exchange satisfactory to the Registrar duly executed by the registered owner or his attorney duly authorized -12- in writing, and thereupon a new fully registered Bond or Bonds in the same aggregate principal amount and of the same maturity shall be executed and delivered in the name of the transferee or transferees or the registered owner, as the case may be, in exchange therefor. Bonds may be transferred or exchanged without cost to the registered owner, except for any tax or governmental charge required to be paid with respect to the exchange. The Registrar shall not be required to transfer or exchange any Bond called for redemption or during the period from the fifteenth day of any calendar month immediately preceding an interest payment date to such interest payment date. The City, the Commission, the Registrar and the Paying Agent may treat and consider the person in whose name such Bonds are registered as the absolute owner thereof for all purposes including for the purpose of receiving payment of, or on account of, the principal thereof and interest due thereon. In the event any Bond is mutilated, lost, stolen or destroyed, the City may execute and the Registrar may authenticate a new Bond of like date, maturity and denomination as that mutilated, lost, stolen or destroyed, which new Bond shall be marked in a manner to distinguish it from the Bond for which it was issued, provided that, in the case of any mutilated Bond, such mutilated Bond shall first be surrendered to the Registrar, and in the case of any lost, stolen or destroyed Bond there shall be first furnished to the Registrar evidence of such loss, theft or destruction satisfactory to the City and the Registrar, together with indemnity satisfac- tory to them. In the event any such lost, stolen or destroyed Bond shall have matured, instead of issuing a duplicate Bond, the City and the Registrar may, upon receiving indemnity satisfactory to them, pay the same without surrender thereof. The City and the Registrar may charge the owner of such Bond with their reasonable fees and expenses in connection with the above. Every substitute Bond issued by reason of any Bond being lost, stolen or destroyed shall, with respect to such Bonds, constitute a substitute contractual obligation of the City, acting for and on behalf of the Redevelopment District, whether or not the lost, stolen or destroyed Bond shall be found at any time, and shall be entitled to all the benefits of this Resolution, equally and proportionately with any and all other Bonds duly issued hereunder. SECTION 5. There are hereby created and established a General Account, to which all Tax Increments received shall be deposited, a Bond Principal and Interest Account and a Reserve Account in the Allocation Fund (each of which the Controller, Commission and the Department hereby covenants and agrees to cause to be kept and maintained). On January 15, 1986 and each January 15th thereafter, all moneys in the General Account shall be set aside in the following respective -13- Ak ' special accounts within the Allocation Fund, in the following order of priority: (1) Bond Principal and Interest Account. (2) Reserve Account. 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 shall be applied, used and withdrawn only for the purposes authorized in this Section 5. The proceeds of the Allocation Fund shall be deposited with a legally qualified depositor 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 in accordance with the provisions of IC 5 -13 -1 and any acts amendatory thereof or supplemental thereto. (a) Bond Principal and Interest Account. There shall be set aside within the Allocation Fund and deposited in the Bond Principal and Interest Account an amount of money which, together with any money contained therein, is equal to the aggregate amount of the interest becoming due that calendar year payable on all outstanding Bonds and the aggregate principal amount of the outstanding Bonds becoming due and payable on the next principal payment date. 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 the interest becoming due and payable on all outstanding Bonds during that calendar year and the aggregate principal amount of the outstanding Bonds maturing by their terms on the next succeeding principal payment date. All money in the Bond Principal and Interest Account shall be used and withdrawn solely for the purpose of paying the interest on and the principal of the Bonds as it shall become due and payable to the extent it is required therefor (including accrued interest on any Bonds purchased or redeemed prior to maturity). (b) Reserve Account. There shall be set aside from the Allocation Fund and deposited in the Reserve Account an amount of money that shall be required to maintain the Reserve Account in the full amount of the Debt Service Reserve Requirement (as defined below). No deposit need be made in the Reserve Account so long as there shall be on deposit therein a sum equal to the lesser of fifteen percent (15 %) of the original issuance price of the Bonds or the average annual principal and -14- interest payments on the outstanding Bonds (the "Debt Service Reserve Requirement "). All money in the Reserve Account shall be used and withdrawn by the City solely for the purpose of making deposits into the Bond Principal and Interest Account, in the event of any deficiency at any time in such account, or for the purpose of paying the interest on or principal of or redemption premiums, if any, on the Bonds in the event that no other money is lawfully available therefor, except that so long as there is no default hereunder any amount in the Reserve Account in excess of the Debt Service Reserve Requirement shall be withdrawn from the Reserve Account and deposited in the General Account. Money in the Reserve Account shall also be available to make the final payments of interest and principal on the Bonds. (c) The remaining amounts in the Allocation Fund shall accumulate in the General Account of the Allocation Fund and be available to: (1) Pay the principal of and interest on any obligations (including the Bonds) payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of that Allocation Area; (2) Restore the debt service reserve for bonds (including the Bonds) payable solely or in part from allocated tax proceeds in the Allocation Area; (3) Pay the principal of and interest on bonds payable from allocated tax proceeds in the Allocation Area and from the special tax levied under IC 36- 7- 14 -27; or (4) Pay the principal of and interest on bonds issued by the City to pay for local public improvements in the Allocation Area, to reimburse the City for expenditures made by City for local public improvements (which include buildings, parking facilities, and other items described in IC 36- 7- 14- 25.1(a)) within the Allocation Area, or for rentals paid by City for a building or parking facility within that Allocation Area under any lease entered into IC 36 -1 -10. -15- 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 IC 36- 7- 14 -39, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund; and (d) When the money in the Allocation Fund is sufficient to pay when due all principal and interest on bonds described in subdivisions (1), (3) and (4) of subsection (c), and is not needed for the other purposes described in subsection (c), money in the Allocation Fund in excess of that amount (the "Excess Funds ") shall be paid to the Controller and presented to the County Treasurer who shall, during the time a part of the Allocation Area is located in an enterprise zone created under IC 4- 4 -6.1, deposit such Excess Funds in a special fund created for the enterprise zone and when no part of the Allocation Area is located in an enter- prise zone then the Excess Funds shall be deposited in the funds for the respective taxing units entitled thereto. The Tax Increment, other than the Excess Funds, shall be irrevocably pledged for the purposes set forth in this Section 5. SECTION 6. The Redevelopment District reserves the right to authorize and issue additional bonds ( "Parity Bonds "), payable out of the Tax Increment, ranking on a parity with the Bonds authorized by this Resolution for the purpose of raising money for future property acquisition or redevelop- ment in the Allocation Area. In the event any Parity Bonds are issued pursuant to this Section 6, the term "Bonds" in this Resolution shall be deemed to refer to the bonds authorized to be issued by this Resolution and such Parity Bonds. The authorization and issuance of Parity Bonds shall be subject to the following conditions precedent: (a) All interest and principal payments with respect to all bonds payable from the Tax Increment shall be current to date in accordance with the terms thereof with no payment in arrears. (b) The balance in the Reserve Account shall equal the Debt Service Reserve Requirement. (c) the Commission shall have received a certificate prepared by the Controller, an independent certified public accountant, or an independent financial consultant certifying that -16- The Commission shall approve and confirm the findings and estimates set forth in the above - described certificate in any supplemental resolution authorizing the issuance of the Parity Bonds. SECTION 7. Proceeds received from the sale of the Bonds shall be deposited as follows: 1. All accrued interest and unused discount received at the time of the delivery of the Bonds and any premium received at the time of delivery of the Bonds shall be placed in the Bond Principal and Interest Account; 2. An amount equal to the lesser of Five Hundred Thirty Five Thousand Dollars ($535,000) or the Debt Service Reserve Requirement shall be deposited in the Reserve Account; and 3. The remaining proceeds from the sale of the Bonds shall be deposited in a special fund to be desig- -17- the Tax Increment estimated to be received in the succeeding years, adjusted as provided below, is, estimated to be equal to at least 130% of the annual principal and interest requirements for any future year (during the term of the Bonds) with respect to the Bonds and the Parity Bonds. In estimating the Tax Increment to be received in any future year, the Controller, independent certified public accountant, or independent financial consultant, as the case may be, shall base his calculation on assessed valuation actually assessed or to be assessed as of the assessment date immediately preceding the issuance of the Parity Bonds; provided, however (a) the Certifier shall adjust such assessed values for the future effects of the reduction of real property tax abatements granted to property owners in the Allocation Area, and (b) in the case of improvements, or portions thereof, to real property under construction, if the Certifier reasonably believes that the improvement or portion thereof will be substantially completed at the time of the issuance of the Parity Bonds, the Certifier shall base his calculation on the assessed valuation estimated to be assessed as of the assessment date immediately subsequent to the issuance of the Parity Bonds. No increase in the Tax Increment to be received in any future year shall be assumed that results from projected inflation in property values or projected increases in property tax rates. The Commission shall approve and confirm the findings and estimates set forth in the above - described certificate in any supplemental resolution authorizing the issuance of the Parity Bonds. SECTION 7. Proceeds received from the sale of the Bonds shall be deposited as follows: 1. All accrued interest and unused discount received at the time of the delivery of the Bonds and any premium received at the time of delivery of the Bonds shall be placed in the Bond Principal and Interest Account; 2. An amount equal to the lesser of Five Hundred Thirty Five Thousand Dollars ($535,000) or the Debt Service Reserve Requirement shall be deposited in the Reserve Account; and 3. The remaining proceeds from the sale of the Bonds shall be deposited in a special fund to be desig- -17- 4 nated as the "Redevelopment District (South Bend Central Development Allocation Area) Capital Fund." SECTION 8. Proceeds of the Redevelopment District (South Bend Central Development Allocation Area) Capital 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 in accordance with the provisions of IC 5 -13 -1 and any acts amendatory thereof or supplemental thereto. The proceeds in the Redevelopment District (South Bend Central Development Allocation Area) Capital Fund shall be expended only for the purpose of paying the cost of property acquisition and redevelopment in the Allocation Area, together with expenses incidental thereto and expenses in connection with the issuance of the Bonds. Any balance or balances remaining in the Redevelopment District (South Bend Central Development Allocation Area) Capital Fund after the completion of property acquisition and redevelopment in the Allocation Area which are not required to meet unpaid obligations incurred in connection with the property acquisition and redevelopment in the Allocation Area and issuance of the Bonds, shall be deposited into the Bond Principal and Interest Account and used solely for the purposes of that account. SECTION 9. As soon as can be done after the adop- tion of this Resolution, the President and the Secretary of the Commission are hereby directed to deliver on behalf of the Commission a certified copy of this Resolution to the Controller. As soon as can be done after the passage of this Resolution, the Secretary of the Commission shall give notice of determination to issue bonds as required by IC 6- 1.1 -20 -5, by publishing said notice once each week for two weeks in the South Bend Tribune and the Tri- county News and by posting said notice in three public places in the Redevelopment District. SECTION 10. Except as provided in Section 11, below, prior to the sale of the Bonds, the Controller shall cause to be published a notice of such sale two times, at least one week apart, in the South Bend Tribune and Tri- County News. The notice may also be published in Credit Markets, a financial journal published in the City and State of New York, in the Indianapolis Commercial, a financial journal published in the City of Indianapolis, Indiana, and /or other newspapers at the discretion of the Controller. The date fixed for the sale shall not be earlier than fifteen (15) days after the first such publications and not earlier than three (3) days after the second of such publications in the South Bend Tribune and the Tri- county News. The Bond sale notice shall state the time and place of sale, the purpose C ": M' for which the Bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which the bids will be received and the sale made, and such other information as the Controller shall deem necessary. The notice of said sale shall not, however, be published prior to the expiration of the period during which taxpayers may file objecting peti- tions pursuant to IC 6- 1.1 -20 -5. In the event an objecting petition or petitions are filed by taxpayers under the provi- sions of IC 6- 1.1 -20 -5, then the Bond sale notice shall not be published unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of the Bonds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the Bonds herein authorized shall not be issued, then the Controller shall be authorized to advertise and sell a lesser amount of Bonds. The Bonds not issued shall be an amount for each maturity set out in Section 1 that is in Authorized Denominations and most closely repre- sents a pro rata reduction for each maturity. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding the maximum rate hereinabove fixed, and such interest rate or rates shall be in multiples of 1/8 or 1/20 of one percent (1%). Bids specifying more than one interest rate shall also specify the amount and maturities of the Bonds bearing each rate and all Bonds maturing on the same date shall bear the same rate. No rate for any maturity shall be more than one percent (1%) lower than any prior rate. Subject to provisions contained below, the Controller shall award the Bonds to the bidder offering the lowest interest cost to be determined by computing the total interest on all of the Bonds from the date thereof to the date of their maturities and deducting therefrom the premium bid, if any or adding thereto the amount of any discount, if any. No bid for less than ninety -seven percent (97 %) of the par value of the Bonds, and accrued interest at the rate named to the date of delivery, shall be considered. If no acceptable bid is received at the time fixed for the sale of the Bonds, then the sale may be continued from day to day for a period not to exceed Thirty (30) days without readvertising. During the continuation of the sale, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale in the Bond sale notice. The acceptability of a bid is within the sole discretion of the Controller. SECTION 11. Instead of proceeding with an adver- tised public sale, as provided in Section 10, above, the Controller in his discretion may sell the Bonds by private negotiated sale, as provided by IC 36- 7- 14- 25.1(8). However, -19- r. . . the Controller may not sell the Bonds at a price less than, and at an interest rate higher than, the minimum price and the maximum interest rate, respectively set forth herein. SECTION 12. The Controller is hereby authorized and directed to obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel, of Indianapolis, 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 13. Any Bonds issued under this Resolution may be initially issued in temporary form exchangeable for definitive Bonds. The temporary Bonds may be printed, litho- graphed or typewritten, shall be of such denominations as may be determined by the South Bend Redevelopment Commission, shall be in fully registered forms and may contain such reference to any of the provisions of this Resolution as may be appropriate. Every temporary Bond shall be executed, sealed and attested by the Mayor and Controller in substan- tially the same manner as provided in Section 1 hereof. If temporary Bonds are issued, definitive Bonds will be executed and furnished without delay and thereupon the temporary Bonds may be surrendered for cancellation at the principal office of the Registrar and the Registrar shall deliver in exchange for such temporary Bonds an equal aggregate principal amount of definitive Bonds of the same interest rates and maturities. Until so exchanged, the temporary Bonds shall be entitled to the same benefits under this Resolution as definitive Bonds issued hereunder. SECTION 14. The Mayor is hereby authorized to execute the Bonds with his manual or facsimile signature and the Controller is hereby authorized and directed to have the definitive Bonds prepared, attest the Bonds with his manual or facsimile signature, and cause the seal of the City to be impressed or a facsimile thereof to be printed on the Bonds, all in the form and manner herein provided. In case any officer whose signature appears on the Bonds shall cease to hold that office before the delivery of the Bonds, the signa- ture shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until the delivery of the Bonds. After the Bonds shall have been properly executed, the Controller shall deliver the same to the Treasurer of St. Joseph County, ex officio Treasurer of the City and shall take his receipt therefor; and upon the consummation of the sale of the Bonds, the Controller shall then certify to the Treasurer the amount which the purchaser is to pay for the same together with the name and address of the purchaser; thereupon, said Treasurer shall be authorized to receive from the purchaser the amount -20- t. o so certified by the Controller and to deliver the Bonds to such purchaser and take the purchaser's receipt for the Bonds. If the Treasurer of St. Joseph County is not available, then the Controller shall deliver the Bonds to the purchaser, and deliver the proceeds to the Treasurer of St. Joseph County. SECTION 15. No action shall be taken that would impair the tax exemption for interest on the Bonds provided by Section 103(a) of the Internal Revenue Code of 1954, as amended (the "Code "). In particular, and without limiting the foregoing, the proceeds of the Bonds shall not be used or invested in any manner that will cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Code. So long as any of the Bonds remain outstanding, no action shall be taken or authorized that will cause the Bonds to be classified as "arbitrage bonds" within the meaning of such Section 103(c) and Treasury Regulations promulgated or proposed thereunder, including Treasury Regulation Sections 1.103 -13, 1.103 -14 and 1.103 -15 as they presently exist or may from time to time be amended, supple- mented, or revised. SECTION 16. If any section, paragraph or provision of this Resolution shall be held to be invalid or unenforce- able 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 17. 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 18. If the date for making any payment or the last date for performance of any act or the exercising of any right, as provided in the Resolution, shall be a legal holiday or a day on which banking institutions in the City are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the nominal date provided in this Resolution, and no interest shall accrue for the period after such nominal date. • owners and at as sha hereof a part SECTION 19. Without notice to or consent of the of the Bonds, the Commission may, from time to time any time, adopt such resolutions supplemental hereto 11 not be inconsistent with the terms and provisions (which supplemental resolutions shall thereafter form hereof), -21- .! (a) to cure any ambiguity or formal defect or omission in this Resolution or in any supplemental resolution, or (• (b) to grant to or confer upon the owners of the Bonds any additional rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the owners of the Bonds. This Resolution, and the rights and obligations of the Commission and the owners of the Bonds may be modified or amended at any time by supplemental resolutions adopted by the Commission with the consent of the owners of the Bonds holding sixty percent (60 %) in aggregate principal amount of the outstanding Bonds (exclusive of Bonds, if any, owned by the Commission or the City); provided, however, that no such modification or amendment shall, without the express consent of the owners of the Bonds affected, reduce the principal amount of any Bond, reduce the interest rate payable thereon, advance the earliest redemption date, extend its maturity or the times for paying interest thereon or change the monetary medium in which principal and interest is payable, nor shall any such modification or amendment reduce the percentage of consent required for amendment or modification. Any act done pursuant to a modification or amendment so consented to shall be binding upon all the owners of the Bonds and shall not be deemed an infringement of any of the provisions of this Resolution or of the Act, and may be done and performed as fully and freely as if expressly permitted by the terms of this Resolution, and after such consent relating to such specified matters has been given, no owner shall have any right or interest to object to such action or in any manner to question the propriety thereof or to enjoin or restrain the Commission or any officer thereof from taking any action pursuant thereto. If the Commission shall desire to obtain any such consent, it shall cause the Registrar to mail a notice, postage prepaid, to the respective owners of the Bonds at their addresses appearing on the registration books held by the Registrar. Such notice shall briefly set forth the nature of the proposed supplemental resolution and shall state that a copy thereof is on file at the office of the Registrar for inspection by all owners of the Bonds. The Registrar shall • not, however, be subject to any liability to any owners of the Bonds by reason of its failure to mail the notice described in this Section 19, and any such failure shall not affect the validity of such supplemental resolution when consented to and approved as provided in this Section 19. -22- 'F. 6 • V , Whenever at any time within one year after the date of the mailing of such notice, the Commission shall receive an instrument or instruments purporting to be executed by the owners of the Bonds of not less than sixty percent (60%) in aggregate principal amount of the Bonds then outstanding (exclusive of Bonds, of any, owned by the Commission or the City), which instrument or instruments shall refer to the proposed suplemental resolution described in such notice, and shall specifically consent to and approve the adoption thereof in substantially the form of the copy thereof referred to in such notice as on file with the Registrar, thereupon, but not otherwise, the Commission may adopt such supplemental resolution in substantially such form, without liability or responsibility to any owners of the Bonds, whether or not such owner shall have consented thereto. Upon the adoption of any supplemental resolution pursuant to the provisions of this Section 19, this Resolution shall be, and be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under this Resolution shall thereafter be deter- mined, exercised and enforced hereunder, subject in all respects to such modifications and amendments. Adopted at a regular meeting of the Commission held on August 23, 1985, in the offices of the Commission located on the 12th Floor of the County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION B •, y Nim z, P ident ATTEST: Rom n Piasecki, Secretary -23- . { r. L_ AVE. a ® C` E ,BART ST C� LASALLE AVENUE rCOIIIY AVENUE A•5, y • _ WASHINGTON STREET W WASHINGTON ST 9 W � 4.r W � •n i W •• • n _� ' JEFFERSON BOULEVARD y © JEFFERSON OLVD N•�•r• I•r• � WATNE I STREET ' o ny .• r • JN W • _ ' WESTERN. AVENUE ©• • � R NoNRoE• STREET �• �z N b a �W _ - _�VTPrI 3�10� rum"riA sourN t STREET 11 •• WW�ilflhnn`Ill�nnnL5551��1� �LLLILL�J� 1 P` Ir' I f ` P \ J_oELOPNI ,! r �� • W SOu TN+ STAEEi '� T •DA• e<ATA w. r K E A�� D•D -T' o O • j • �' Al t 1 Co a F-1 F gil EXHIBIT A i� N u -4;;i. • —w & A110[rOfN, I- S'D W ♦Ae dA S,.,N SY S!M• dwf, YM,v •dKY ' All real property located within the boundaries of the following described area excepting therefrom the property described in Exhibit B Parcel 1) herein: Beginning at a point formed by the intersection of the north right -of -way line of LaSalle Avenue and the west right -of -way line of Main Street; thence south along the west right -of- way line of Main Street to the north right -of- way line of Washington Street; thence west along the north right -of -way line of Washington Street to the west right -of -way line of Lafayette Blvd.; thence south along the west right -of -way line of Lafayette Blvd. to the south right -of -way line of Jefferson Blvd.; thence east along the south right -of -way line of Jefferson Blvd. to the west right-of-way line of Main Street; thence south along the west right -of -way line of Main Street to the south right -of -way line of Monroe Street; thence east along the south right -of -way line of Monroe Street to the west right -of -way line of Fellows Street; thence south along the west right -of -way line of Fellows Street to the south right -of -way line of Monroe Street; thence east along the south right -of -way line of Monroe Street and proceeding in a northeasterly direction along said right -of -way to the center of the St. Joseph River; thence proceeding in a northwesterly direction along the center of the St. Joseph River to a point 132 feet due north of the north right -of -way line of LaSalle Avenue; thence west to the west right -of -way line of Michigan Street; thence south along the west right -of -way line of Michigan Street to the north right -of -way line of LaSalle Avenue; thence west along the north right -of -way line of LaSalle Avenue to the west right -of -way line of Main Street which is the point of beginning. EXHIBIT C PARCEL 2 Beginning at the point of intersection of the so north right -of -way line of Sorin Street with the east right -of -way line of Niles Avenue; thence south along said east right -of -way line of Niles Avenue to the center line of the first fourteen (14) foot alley lying north of Cedar Street and between Niles Avenue and Hill Street; thence east along said centerline to the centerline of Hill Street, a sixty -six (66) foot right -of -way; thence south along said Hill Street centerline to the centerline of Jefferson Blvd., an eighty -two and one -half (82.5) foot right -of -way; thence west along said Jefferson Blvd. centerline to the center of the St. Joseph River; thence in a northwesterly and northeasterly direction along the center of said river to its intersection with the projected north right -of -way line of Sorin Street; thence east along said projection and along said north right -of -way line to the east right -of -way line of Niles Avenue which is the place of beginning. A EXHIBIT D PARCEL 3 low �v Beginning at the intersection of the centerlines of Michigan Street and Monroe Street; thence east, along said Monroe Street centerline to the centerline of Lincolnway East; thence south- easterly along said centerline to its intersec- tion with the centerline of State Road 23; thence southwesterly and westerly along said centerline (being, in part, also known as the centerline of Sample Street) to its intersection with the centerline of Michigan Street; thence north along said centerline to the place of beginning. EXHIBIT E PARCEL 4 ��•r'vti Beginning at the point of intersection of the westerly projection of the north right -of -way line of Sorin Street with the centerline of the St. Joseph River; thence meandering northwes- terly along said centerline to the westerly projection of the south right -of -way line of Corby Street; thence east along said projection and the south right -of -way line of said Corby Street to the centerline of the first 14 foot alley lying west of Hill Street; thence south along said centerline to the north right -of -way line of Crescent Avenue; thence southeasterly to the point of intersection of the south right -of- way line of said Crescent Avenue with the centerline of the first 14 foot alley lying west of said Hill Street; thence southeasterly, southwesterly and south along the centerline of said alley to the centerline of the first 14 foot alley lying north of Cedar Street; thence west along said centerline to the east right -of -way line of Niles Avenue; thence north along said east right -of -way line to said north right -of -way line of Sorin Street; thence west along said north right -of -way line to the place of beginning. EXHIBIT F PARCEL 5 NNW Beginning at a point formed by the intersection of the north right -of -way line of Colfax Avenue and the west right -of -way line of Michigan Street; thence south along the west right -of- way line of Michigan Street to the north right -of -way line of Washington Street; thence west along the north right -of -way line of Washington Street to the west right -of -way line of Main Street; thence south along the west right -of -way line of Main Street to the south right -of -way line of Wayne Street; thence east along the south right -of -way line of Wayne Street to the east right -of -way line of St. Joseph Street; thence north and northwesterly along the east right -of -way line of St. Joseph Street to the north right -of -way line of Colfax Avenue; thence west along the north right -of- way line of Colfax Avenue to the west right -of -way line of Michigan Street which is the point of beginning. EXHIBIT B PARCEL 1 13 Beginning at the point of intersection of the centerline of Hill Street with the centerline of the first 14 foot alley lying north of Cedar Street; thence east along said centerline to the centerline of the first 14 foot alley lying east of Hill Street; thence south along said centerline to the south right -of -way line of Jefferson Boulevard; thence west along said south right -of -way line to the centerline of the St. Joseph River; thence northwesterly along said centerline to the centerline of Jefferson Boulevard; thence east along said centerline of Jefferson Boulevard to the centerline of Hill Street; thence north along said centerline of Hill Street to the place of beginning. EXHIBIT G PARCEL 6 Beginning at the intersection of the centerline of Michigan Street with the south right -of -way to line of Sample Street; thence north along said centerline of Michigan Street to the centerline of said Sample Street (Indiana State Highway #23); thence east and northeasterly along said centerline to the centerline of Lincolnway East (U.S. Highway #33); thence northwesterly along said centerline to the westerly projection of the southerly right -of -way line of Monroe Street; thence northeasterly along said projection to the easterly right -of -way line of said Lincolnway East (U.S. Highway #33); thence southeasterly along said easterly right - of -way line to the south right -of -way line of Sample Street; thence west along said south right-of-way line to the place of beginning. EXHIBIT H PARCEL 7 Beginning at the point of intersection of the south right -of -way line of Sample Street with the west right -of -way line of Michigan Street; thence north along said west right -of -way line of Michigan Street to its intersection with the northerly line of the Conrail Railroad (formerly Penn Central) right -of -way; thence northwesterly along said northerly railroad right -of -way line to its intersection with the southerly projection of the west right -of -way line of Taylor Street; thence north along said west right -of -way line to its intersection with the westerly projection of the north right -of -way line of Monroe Street; thence east along said projection and the north right -of -way line of said Monroe Street to its intersection with the southerly projection of the centerline of the first 14 foot alley lying west of Lafayette Boulevard; thence north along said projection and the centerline of said 14 foot alley, in certain places being sometimes known as St. James Court, to the south right -of -way line of Washington Street; thence west along said south right -of -way line to the east right -of -way line of William Street; thence north along said east right -of -way line to the north right -of -way line of Colfax Avenue; thence east along said north right -of -way line to the centerline of the first 14 foot alley lying west of Lafayette Boulevard; thence north along said centerline to the north right -of -way line of LaSalle Street; thence east along said north right -of -way line to the west right -of -way line of Main Street; thence south along said west right -of way line to the north right -of -way line of West Washington Street; thence west along said north right -of -way line to the west right -of -way line of Lafayette Boulevard; thence south along said west right -of -way line to the south right -of -way line of Jefferson Boulevard; thence east along said south right -of -way line to said west right -of -way line of Main Street; thence south along said west right -of -way line to the south right -of -way line of Monroe Street; thence east along said south right -of -way line to the centerline of Michigan Street; thence south along said centerline to the south right -of -way line of Sample Street; thence west along said south right -of -way line to the place of beginning. EXHIBIT I PARCEL 8