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4652-18 MOU with St. Joseph County Public Library and Community Foundation regarding the Community Education Center Project
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4652-18 MOU with St. Joseph County Public Library and Community Foundation regarding the Community Education Center Project
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11/28/2018 1:22:57 PM
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11/28/2018 1:22:50 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
11/26/2018
Ord-Res Number
4652-18
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Library to ensure that such additional development continuously meets the above listed <br /> criteria. <br /> (g) Main Library Entrance. The Public Library agrees to maintain an entrance <br /> to the Main Library from Main Street within the City(the current location of the entrance <br /> to the Main Library) as part of the 2018/2019 Projects, although the design and <br /> placement of the doors to such entrance may change. <br /> SECTION 2. City and Commission Agreements. The City and the Commission agree <br /> with the other Parties as follows: <br /> (a) The City shall, subject to further proceedings required by law, issue the <br /> EDC/TIF Bonds, in an aggregate principal necessary to finance the City Contribution (as <br /> defined below) (subject to increase as provided within this Section 2(a), no later than the <br /> end of the first quarter of 2022). The City will undertake all actions necessary to approve <br /> the EDC/TIF Bonds by no later than December, 2018. The City and the Commission <br /> shall provide the other Parties with the approving opinion of bond counsel to the City as <br /> to the adequacy of all actions taken by the City and the Commission to authorize and <br /> issue the Bonds under Indiana law without the necessity of any further action to be taken <br /> by any City body, provided that bond counsel will not opine on the ability of any City <br /> body to take any future actions to repeal or rescind such prior actions approving the <br /> EDC/TIF Bonds. The City shall provide Four Million Dollars ($4,000,000) of proceeds <br /> of the EDC/TIF Bonds (the "City Contribution"), to the Public Library, which, in turn, <br /> will reimburse the Foundation for the Additional Foundation Contribution (as defined <br /> below), provided that such Additional Foundation Contribution shall not exceed Four <br /> Million Dollars ($4,000,000). The Public Library shall have no obligation to make such <br /> payment to the Foundation in the event the City fails to provide the proceeds of the <br /> EDC/TIF Bonds to the Library. The City shall pay the cost of issuance for the EDC/TIF <br /> Bonds from funds other than the proceeds of the EDC/TIF Bonds, or shall increase the <br /> principal amount of the EDC/TIF Bonds accordingly to cover such issuance costs. <br /> (b) The Commission shall pledge tax increment revenues from the appropriate <br /> allocation area within the City of South Bend, Indiana Redevelopment District to the <br /> repayment of debt service on the EDC/TIF Bonds. The Commission shall take such <br /> action as is necessary to complete this pledge by no later than November, 2018. <br /> (c) In accordance with the terms of the agreement therefor, the Commission <br /> will take all actions necessary to transfer the Additional Property to the Public Library <br /> after the exercise of the Option by the Public Library. <br /> SECTION 3. Foundation Agreements. The Foundation agrees with the other Parties <br /> that the Foundation will contribute Ten Million Dollars ($10,000,000) to pay for a portion of the <br /> cost of the CEC Building (the "Foundation Contribution"). The Foundation will also contribute <br /> an additional amount of Four Million Dollars ($4,000,000) (the "Additional Foundation <br /> Contribution") to pay for a portion of the cost of CEC Building, which additional amount will <br /> cover the cost of the City Contribution prior to the time of the issuance of the EDC/TIF Bonds by <br /> the City. The Foundation Contribution and the Additional Foundation Contribution shall be <br /> -4 - <br />
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