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� � � i� RESOLUTION NO. 2855 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO TERMINATE ALLOCATION AREA NO. 2 OF THE SOUTH SIDE DEVELOPMENT AREA SO THAT INCREASES IN THE ASSESSED VALUE OF PROPERTY LOCATED IN ALLOCATION AREA NO. 2 WILL ACCRUE TO THE BENEFIT OF OVERLAPPING TAXING UNITS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the City of South Bend, Indiana, Redevelopment District (the "District") and the City of South Bend, Indiana, Department of Redevelopment (the "Department"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission adopted Resolution No. 1914 (the "Declaratory Resolution") on November 1, 2002, declaring the South Side Development Area (the "Area") to be a blighted area within the meaning of Section 14 of the Act, approving a Redevelopment Plan for the Area (the "Plan"), and creating Allocation Area No. 1 for the purpose of tax increment financing ("TIF"), which Declaratory Resolution was later confirmed by the Commission on December 20, 2002, all pursuant to the Act; and WHEREAS, Anchor Acquisitions, Ltd., proposed to the Commission a significant retail and commercial center at the southwest corner of Ireland and Michigan Streets in the Area (the "Project"); and WHEREAS, the Commission adopted Resolution No. 2073 on July 27, 2004, for the purpose of amending the Declaratory Resolution and the Plan to create a separate allocation area within the Area known as Allocation Area No. 2 ("Allocation Area No. 2") for the purpose of accounting for the TIF revenues produced as a result of the Project in the Area separately and to provide for the construction of certain public improvements, including roadway and related infrastructure improvements at the intersection of Ireland and Michigan Streets in the Area; and WHEREAS, the TIF revenues from the Project located in Allocation Area No. 2 were used in part to pay the principal of and interest on (i) the City of South Bend, Indiana, Redevelopment Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine Commons Project) and (ii)the City of South Bend, Indiana, Taxable Economic Development Revenue Bonds, Series 2005 (Erskine Commons Project) (such bonds being collectively referred to herein as the "Bonds"); and WHEREAS, the increases in the assessed value of property located in Allocation Area No. 2 and attributable to the Project have been such that the Bonds have been paid in full prior to their respective final maturity dates; and BDDBOI 6567002v 1