Redevelopment Commission Agenda & Packet 06.11.26

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2 WHEREAS, the Commission now desires to contribute a total amount of not to exceed $1,250,000 of River West TIF Revenues, subject to appropriation thereof, toward the cost of the Project subject to the approval of the Development Agreement by the Commission and completion of all procedures required by law, and authorize and approve other actions related thereto, subject to the terms and conditions set forth below; NOW, THEREFORE, BE IT RESOLVED BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby finds and determines that the Project, and the use of River West TIF Revenues to contribute to the Project as described herein, directly serves and benefits the River West Allocation Area, furthers the purposes for which the River West Development Area was created, and helps accomplish the Plan. SECTION 2. Subject to the approval of the Development Agreement by the Commission and the completion of all procedures required by law, the Commission hereby authorizes the contribution of not to exceed $1,250,000 of River West TIF Revenues, subject to appropriation thereof, toward the cost of the Project. The use of River West TIF Revenues as described herein shall be junior and subordinate to any currently outstanding or future bonds or lease obligations of the Commission payable from River West TIF Revenues. SECTION 3. The Commission hereby authorizes a public hearing to be held on the appropriation of an amount of River West TIF Revenues in an amount not to exceed $1,250,000 to provide funding to reimburse the City for the loan from the City to the Developer and further authorizes the staff of the Department of Community Investment, with assistance from counsel, to cause the notice of such hearing to be published and posted as required by law. SECTION 4. This resolution shall take effect immediately upon adoption by the Commission.