6. H (2) Res 2555 - Laserfiche WebLink

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N ( � ) RESOLUTION NO. 2555 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF THE MISHAWAKA GRAPE ROAD TIF LOAN AND THE REIMBURSEMENT OF THE SOUTH BEND MAJOR MOVES FUND (DOUGLAS ROAD WIDENING PROJECT) 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, exists and operates under the provisions of Ind. Code §36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously (i) designated and declared an area in the City of South Bend, Indiana (the "City "), known as the Douglas Road Economic Development Area (the "Area ") to be an economic development area within the meaning of Ind. Code §36 -7 -14; (ii) established the Area as the Douglas Road Economic Development Area Allocation Area (the "Allocation Area ") to be an allocation area for the purpose of separately accounting for the tax increment revenues derived from the Area; and (iii) created an allocation fund for the Area (the "Allocation Fund ") for purpose of tax increment financing; and WHEREAS, the City intends to borrow $1,150,000 from the City of Mishawaka, Grape Road TIF (the "Mishawaka Loan ") and to appropriate $1,000,000 from the South Bend Major Moves Fund (the "Major Moves Money "); and WHEREAS, the proceeds of both will be used to finance a portion of the costs of any of the following: (i) Engineering Expenses, (ii) Right of Way Acquisition, (iii) Construction Costs and Contingency and (iv) Metronet Reimbursement (collectively, the "Improvements ") which will facilitate the development and construction of the Douglas Road Widening Project between South Bend Avenue (SR23) and the South Bend / Mishawaka city limits (the "Project "); and WHEREAS, the Commission desires to pledge tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of real property and improvements thereon located in the Area and deposited into the Allocation Fund, as required by Ind. Code §36- 7- 14 -26, as a result of the Project (the "Project Tax Increment Revenues ") to the monthly payment of principal of, plus interest on, the Mishawaka Loan first and secondly to the monthly reimbursement of principal of, plus interest on, the Major Moves Money; and WHEREAS, the Commission anticipates that sufficient Project Tax Increment