HomeMy WebLinkAboutApproving Issuance Tax Increment Finance Revenue Bonds (Airport Economic Development Area Project) $16,000,000.00Attest:
RESOLUTION
3270 -03
Passed by the Common Council of the City of South Bend, Indiana
November 24,
03
20_.
Presented by me to the Mayor of the City of South Bend, Indiana
November 25, 20 03
City Clerk
President of Common Council
Approved and signed by me November 26, 20 03 .
City Clerk
RESOLUTION NO. 32--70-03
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, APPROVING THE ISSUANCE OF
TAX INCREMENT FINANCE REVENUE BONDS OF THE
SOUTH BEND REDEVELOPMENT DISTRICT
(AIRPORT ECONOMIC DEVELOPMENT AREA PROJECT)
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
SIXTEEN MILLION AND 00 /100 DOLLARS ($16,000,000.00)
WHEREAS, the Common Council of the City of South Bend, Indiana (the "Common
Council), is the legislative body of the City of South Bend, Indiana (the "City"); and
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the
governing body of the South Bend Redevelopment District (the "District'); and
WHEREAS, the Commission has previously designated an area in the City known as the
Airport Economic Development Area (the "Area") to be an economic development area and tax
increment finance allocation area within the meaning of Indiana Code 36 -7 -14 (the "Act'); and
WHEREAS, the Commission has determined to undertake certain local public
improvements in the Area, such local public improvements including without limitation road
improvements to Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz
Parkway, Bendix Drive/Lincolnway intersection, Bendix Drive Relocation and related right of
way property acquisition and engineering costs and improvements at the Bosch site (collectively,
the "Project); and
WHEREAS, the Commission has previously determined to issue revenue bonds of the
District in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars
($13,000,000.00), and the Common Council, in accordance with the Act, adopted Resolution No.
3190 -03 entitled "A Resolution of the Common Council of the City of South Bend, Indiana,
Approving the Issuance of Tax Increment Financing Revenue Bonds of the South Bend
Redevelopment District (Airport Economic Development Area Project)" approving the issuance
of such bonds by the Commission; and
WHEREAS, the Commission has since determined that additional funds are necessary to
pay for the Project and has determined to increase the amount of the bonds to be issued by not to
exceed Three Million and 00 /100 Dollars, and thus the Commission has determined to issue
revenue bonds of the District in an aggregate principal amount not to exceed Sixteen Million and
00 /100 Dollars ($16,000,000.00) (the 'Bonds "), the principal of and interest on which shall be
payable solely from taxes on real property located in the Area allocated and deposited into the
Allocation Fund previously established by the Commission for the Area pursuant to Section 39
of the Act (the "Tax Increment'); and
SBIMANI 164757vl
WHEREAS, to permit the Commission to proceed with the issuance of the Bonds in the
increased aggregate principal amount, the Common Council desires to approve of said issuance
in accordance with the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
1. The issuance of the Bonds of the District payable from Tax Increment generated
in the Area to finance the costs of the Project in the increased aggregate principal amount not to
exceed Sixteen Million and 00 /100 Dollars ($16,000,000.00), as set forth in the Act, is hereby
approved.
2. This Resolution shall be in full force and effect from and after passage by the
Common Council and approval by the Mayor.
PRESENTED 11-LA-03
NOT APPROVED
ADOPTED I \ —2`,_ 03
SBIMANI 164757vl
COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA
By:
Member of the Common Council
-2-
Sled to Clerk's Office
Npy - � 2003
LOMASI WDA
CITYOLLRK,B0.BLVD , lm
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
03 -123 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, APPROVING THE ISSUANCE OF TAX
INCREMENT FINANCE REVENUE BONDS OF THE SOUTH BEND
REDEVELOPMENT DISTRICT (AIRPORT ECONOMIC
DEVELOPMENT AREA PROJECT) IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED SIXTEEN MILLION AND 00/100
DOLLARS ($16,000,000.00)
Respectfully report that they have examined the matter and that in their opinion, this bill is
being recommended to the full Council with a favorable recommendation.
Karl King
Chairman