11-22-10 Council Agenda & Packet

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ORDINANCE NO. AN ORDINANCE of the Common Council of the City of South Bend, Indiana, authorizing the issuance of its Recovery Zone Facility Revenue Bonds (Todd Center, LLC Project), Series 2010 in the amount of $31,750,000 WHEREAS, the South Bend Economic Development Commission (the "EDC ") of the City of South Bend, Indiana (the "City "), adopted a resolution on December _, 2010, regarding Todd Center, LLC, project (the "Resolution "), which Resolution has been transmitted hereto, finding that the financing of such economic development facilities of Todd Center, LLC (the "Borrower"), complies with the purposes and provisions of Indiana Code 36 -7 -11.9 and 12, and that such financing will be of benefit to the health and welfare of the City and its citizens; and WHEREAS, the EDC has approved and recommended the adoption of this form of Ordinance by the Common Council of the City (the "Council "), has considered the issue of adverse competitive effect and has approved the form of the Loan Agreement and the Indenture and has transmitted the same to the Council for approval; and WHEREAS, the Council adopted Resolution 4019 -10 on March 24, 2010 designating the City of South Bend as a recovery zone for the purposes of the American Recovery and Reinvestment Act of 2009 (the "Recovery Act "); and WHEREAS, St. Joseph County, Indiana, and the Indiana Finance Authority have allocated a combined total of $31,750,000 of Recovery Zone Facility Bond authority to the City to be issued on behalf of the Borrower to fund the acquisition, renovation and equipping of the Chase Tower consisting of (1) the development of the Anvic Senior Care and Rehabilitation Center in a portion of the Tower currently used as a hotel which will offer assisted living care, adult day care, memory care and clinical, rehabilitation, and wellness services; (2) the renovation and conversion of the balance of the Tower currently used as a hotel into a higher scale hotel; (3) the renovation of the office portion of the Tower; and (4) the renovation of the exterior of the Chase Tower and related parking facilities within the Tower (collectively, the "Project ");. and WHEREAS, the Project is expected to create opportunities for gainful employment in the City; now therefore BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement and Trust Indenture approved by the EDC and presented to the Council, the issuance and sale of the City's Recovery Zone Facility Bond (Todd