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3 <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THIS SOUTH BEND <br />REDEVELOPMENT COMMISSION AS FOLLOWS: <br />SECTION 1. The Commission hereby finds and determines that the Project, and the use <br />of South Side TIF Revenues to contribute to the Project as described herein, directly serves and <br />benefits the South Side Allocation Area, furthers the purposes for which the South Side <br />Development Area was created, and helps accomplish the South Side Plan. <br />SECTION 2. The Commission hereby finds and determines that the Project, and the use <br />of River West TIF Revenues to contribute to the Project as described herein, directly serves and <br />benefits the River West Allocation Area, furthers the purposes for which the River West <br />Development Area was created, and helps accomplish the River West Plan. <br />SECTION 3. The Commission hereby finds and determines that the Project, and the use <br />of River East TIF Revenues to contribute to the Project as described herein, directly serves and <br />benefits the River East Allocation Area, furthers the purposes for which the River East <br />Development Area was created, and helps accomplish the River East Plan. <br />SECTION 4. The Commission hereby authorizes the contribution of not to exceed (i) <br />$465,377 of South Side TIF Revenues, (ii) $2,475,686 of River West TIF Revenues, and (iii) <br />$1,058,937 of River East TIF Revenues, subject to appropriations thereof, toward the cost of the <br />Project, subject to the completion of all procedures required by law. The use of TIF Revenues as <br />described herein shall be junior and subordinate to any currently outstanding or future bonds or <br />lease obligations, if any, of the Commission payable from the applicable TIF Revenues. <br />SECTION 5. The Commission hereby authorizes a public hearing to be held on the <br />appropriation of (i) $465,377 of South Side TIF Revenues, (ii) $2,475,686 of River West TIF <br />Revenues, and (iii) $1,058,937 of River East TIF Revenues to provide funding to reimburse the <br />City for draws on the loan between the City and the Developer as described in the Development <br />Agreement and further authorizes the staff of the Department of Community Investment, with <br />assistance from counsel, to cause the notice of such hearing to be published and posted as required <br />by law. <br />SECTION 6. This resolution shall take effect immediately upon adoption by the <br />Commission. <br />