32-17 Economic Development Revenue Bonds (Studebaker Project)

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE CITY OF SOUTH BEND, INDIANA TO ISSUE ITS "TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2017 (STUDEBAKER PROJECT)" AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT The South Bend Economic Development Commission ("Commission") conducted a public hearing and adopted a resolution on or about June 5, 2017, which resolution has been transmitted hereto, finding that the financing of certain economic development facilities of RDistrict Two LLC ("Developer") complies with the purposes and provisions of IC 36-7-11.9 and -12 and that such financing will be of benefit to the health and welfare of the City of South Bend, Indiana("City") and its citizens. The Redevelopment Commission of the City has determined to pledge TIF Revenues (as defined in the hereinafter defined Financing Agreement) to be used to pay principal on the Bonds pursuant to the Financing Agreement. The City shall issue its Taxable Economic Development Revenue Bonds, Series 2017 (Studebaker Project) ("Bonds") pursuant to this ordinance to finance a portion of the costs of the reskinning and restoration of Building 84 of the Studebaker Facilities (as hereinafter defined) ("Bond Project"), including all necessary appurtenances, related improvements and equipment, in connection with the remediation and rehabilitation of the former Studebaker manufacturing facilities ("Studebaker Facilities") and other related improvements and expenses, if any. The Commission has heretofore published notice of a public hearing to be held on the proposed issuance of the Bonds and conducted such public hearing at a meeting of the I\11852954.5