10-25-10 Council Agenda & Packet

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AQ, RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CONFIRMING AND APPROVING THE ISSUANCE OF RECOVERY ZONE FACILITY BONDS UP TO THE AMOUNT OF $37,150,000 TO DILLINGHAM HILL RE, LLC FOR THE CHASE TOWER PROJECT WHEREAS, the City of South Bend, Indiana (the "Issuer "), is authorized by IC 36 -7 -11.9 and 12 (collectively, the "Act ") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be loaned to a company to be used for the acquisition, renovation and equipping of said facilities; and WHEREAS, the Issuer is authorized by the American Recovery and Reinvestment Act of 2009 (the "Recovery Act ") to issue Recovery Zone Facility Bonds to finance the construction renovation or acquisition of depreciable property by a private taxpayer of a qualified business in a recovery zone, and the Common Council of the City of South Bend adopted Resolution 4019 -10 on March 24, 2010 designating the City of South Bend as a recovery zone for the purposes of the Recovery Act; and WHEREAS, Dillingham Hill RE, LLC, a Delaware limited liability company (the "Applicant "), has advised the South Bend Economic Development Commission (the "Commission ") and the Issuer that it proposes that the Issuer lend proceeds of a Recovery Zone Facility Bond economic development financing to the Applicant for the acquisition, renovation and equipping of the Chase Tower consisting of (1) the development of the Anvic Senior Care and Rehabilitation Center which will offer assisted living care, adult day care, memory care and clinical, rehabilitation, and wellness services; (2) the renovation and conversion of the current hotel; and (3) the renovation of the exterior of