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05-22-2017 Packet
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05-22-2017 Packet
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5/18/2017 3:17:10 PM
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5/18/2017 3:11:53 PM
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Bill No. 32-17 <br /> ORDINANCE NO. <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA AUTHORIZING THE <br /> CITY OF SOUTH BEND, INDIANA TO ISSUE ITS "TAXABLE <br /> ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES <br /> 2017 (STUDEBAKER PROJECT)" AND APPROVING AND <br /> AUTHORIZING OTHER ACTIONS IN RESPECT THERETO <br /> STATEMENT OF PURPOSE AND INTENT <br /> The South Bend Economic Development Commission ("Commission") conducted a <br /> public hearing and adopted a resolution on or about June 5, 2017, which resolution has been <br /> transmitted hereto, finding that the financing of certain economic development facilities of <br /> RDistrict Two LLC ("Developer") complies with the purposes and provisions of IC 36-7-11.9 <br /> and -12 and that such financing will be of benefit to the health and welfare of the City of South <br /> Bend, Indiana("City") and its citizens. <br /> The Redevelopment Commission of the City has determined to pledge TIF Revenues (as <br /> defined in the hereinafter defined Financing Agreement) to be used to pay principal on the Bonds <br /> pursuant to the Financing Agreement. The City shall issue its Taxable Economic Development <br /> Revenue Bonds, Series 2017 (Studebaker Project) ("Bonds") pursuant to this ordinance to <br /> finance a portion of the costs of the reskinning and restoration of Building 84 of the Studebaker <br /> Facilities (as hereinafter defined) ("Bond Project"), including all necessary appurtenances, <br /> related improvements and equipment, in connection with the remediation and rehabilitation of <br /> the former Studebaker manufacturing facilities ("Studebaker Facilities") and other related <br /> improvements and expenses, if any. <br /> The Commission has heretofore published notice of a public hearing to be held on the <br /> proposed issuance of the Bonds and conducted such public hearing at a meeting of the <br /> 1\1 1852954.5 <br />
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