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ORDINANCE NO. l S b~`^ ~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA AUTHORIZING THE ISSUANCE OF BONDS <br />TO EVIDENCE A LOAN FROM THE ENVIRONMENTAL REMEDIA - <br />TION REVOLVING LOAN FUND ADMINISTERED BY THE INDIANA <br />DEVELOPMENT FINANCE AUTHORITY, PLEDGING A PORTION OF <br />THE CITY'S COUNTY OPTION INCOME TAX REVENUES TO <br />SECURE SUCH BONDS, AND OTHER MATTERS CONNECTED <br />THEREWITH <br />STATEMENT OF PURPOSE AND INTENT <br />Anchor South Bend, LLC or a related entity (the "Company") has proposed undertaking <br />the redevelopment and construction of a retail and commercial center at a site (the "Property") <br />located at or near the southwest corner of the intersection of Ireland and Michigan Streets in the <br />City of South Bend, Indiana (the "City"). <br />The Ireland Road Landfill is located on the Property and the Property is the subject of a <br />Corrective Action Plan ("Corrective Action Plan") approved by the Indiana Department of <br />Environmental Management. <br />Under the terms of the Corrective Action Plan, certain environmental activities must be <br />undertaken at the Property (the "Project") in order to make the property suitable for future <br />redevelopment by the Company. <br />To induce the Company to redevelop the Property, the City has agreed to apply for a loan <br />(the "IDFA Loan") in an amount not to exceed Seven Hundred Fifty Thousand Dollars <br />($750,000) from the Environmental Remediation Revolving Loan Fund (the "Fund"), <br />administered by the Indiana Development Finance Authority ("IDFA"), and to distribute the <br />