2008-06-05 Resolution 168 - Laserfiche WebLink

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RESOLUTION NO. 168 • HE RESOLUTION OF T SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS OF 2008 (CENTURY CENTER PROJECT) AND REGARDING OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created pursuant to Indiana Code 36-7-14.5 (the "Act") as a separate body, corporate and politic, and as an instrumentality of the City of South Bend, Indiana (the "City"), to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and WHEREAS, the Commission has adopted various resolutions (i) declaring certain real estate in the Redevelopment District of the City of South Bend, Indiana, known as the South Bend Downtown Development Area (the "Area"), to be a redevelopment area within the meaning of the Act, determining that it would be of public utility and benefit to redevelop the - Area pursuant to a development plan, as amended, and (ii) designating the entire Area as an allocation area having boundaries as described in Declaratory Resolution No. 137, as amended; • and WHEREAS, the Authority intends to issue bonds in an aggregate principal amount not to exceed Eleven Million Six Hundred Ninety Thousand and 00/100 Dollars ($11,690,000.00) or such lesser principal amount as permitted hereby pursuant to Section 19 of the Act to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2008 (Century Center Project)" (the "Bonds"), the proceeds of which are to be used to finance certain additional local public improvements located in the Area including, without limitation, the following improvements to the Century Center: the addition of skylight safety film, the replacement of boilers and chillers, repairs on Island Park, the replacement of the fire alarm and security systems, the renovation of seven (7) restrooms, the renovation of C Hall, the replacement of the roofs, site lighting additions, exterior masonry work, and additional enhancements to the building, grounds and streetscape including, but not limited to, street level and river level interior and exterior signage, enhancement to the upper level offices, and enhancement to the front of building and viewing park and related improvements, and the acquisition of an interest in certain improvements previously financed with the issuance of the St. Joseph County, Indiana Special Tax Bonds of 1992, which were previously refunded with the issuance of the St. Joseph County, Indiana Special Tax Bonds of 1998 (collectively, the "2008 ~~ Project ); (ii) to fund a debt service reserve for the Bonds; (iii) to pay capitalized interest on the Bonds, if any; and (iv) to pay the costs of issuance on the Bonds; and WHEREAS, the Authority previously entered into a lease by and between the Authority and the Commission dated as of November 1, 1993, as amended by an Addendum to • BDDBOI 5259163v1