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32-17 Economic Development Revenue Bonds (Studebaker Project)
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32-17 Economic Development Revenue Bonds (Studebaker Project)
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5/17/2017 1:41:10 PM
Creation date
6/7/2017 1:24:57 PM
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City Council - City Clerk
City Counci - Date
5/22/2017
Bill Number
32-17
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expanded allocation area the River West Development Area Allocation Area No. 1 in accordance <br /> with IC 36-7-14-39 ("Allocation Area") for the purpose of capturing property taxes generated <br /> from the incremental assessed value of real and depreciable personal property located in the <br /> Allocation Area("Tax Increment"). <br /> WHEREAS, the Issuer seeks to induce the Developer to complete the redevelopment and <br /> renovation of the Project (as hereinafter defined) as contemplated in the Plan by making the <br /> payment of the principal on the Bonds from TIF Revenues in the aggregate amount of <br /> $3,500,000 which have been pledged by the Redevelopment Commission for such purpose and <br /> such pledge is to be considered as a non-shareholder contribution to the Developer under Internal <br /> Revenue Code ("Code") Section 118. <br /> Upon finding that the Project and the proposed financing of the construction of a portion <br /> thereof will create additional employment opportunities in the City of South Bend, Indiana <br /> ("City"); will benefit the health, safety, morals and general welfare of the citizens of the City and <br /> the State of Indiana; and will comply with the purposes and provisions of the Act, the Issuer <br /> adopted an ordinance approving the proposed financing. <br /> The Issuer intends to issue its Taxable Economic Development Revenue Bonds, Series <br /> 2017 (Studebaker Project) ("Series 2017 Bonds") in the aggregate principal amount of <br /> $3,500,000 pursuant to the Trust Indenture dated as of June 1, 2017 ("Indenture") from the Issuer <br /> to 1st Source Bank, South Bend, Indiana, as Trustee ("Trustee") and intends to provide the <br /> proceeds of the Series 2017 Bonds pursuant to the provisions of this Financing Agreement to the <br /> Developer to finance a portion of the construction of the Project, in or physically connected to <br /> the Area. <br /> This Financing Agreement provides for the payment by the Redevelopment Commission <br /> of the principal on the Series 2017 Bonds from TIF Revenues (as hereinafter defined). <br /> Subject to the further provisions of this Financing Agreement, the principal on the Series <br /> 2017 Bonds will be payable solely out of TIF Revenues. <br /> In consideration of the premises, the use of the proceeds of the Series 2017 Bonds and of <br /> other good and valuable consideration, the receipt whereof is hereby acknowledged, the <br /> Developer has executed and delivered this Financing Agreement. <br /> This Financing Agreement is executed upon the express condition that if the Developer <br /> shall keep, perform and observe all and singular the covenants and promises expressed in this <br /> Financing Agreement to be kept, performed and observed by the Developer, then this Financing <br /> Agreement and the rights hereby granted shall cease, determine and be void; otherwise to remain <br /> in full force and effect. <br /> - 2 - <br /> I\11853148.2 <br />
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