19-34 Economic Development Revenue Bonds 2018 (Cedar Glen)

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Filed in Clerk's Office BILL NO. 19-34 MAY 0 6 2019 RESOLUTION NO. KAREEMAH FOWLER CITY CLERK,SOUTH BEND,IN A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING AND AUTHORIZING CERTAIN ACTIONS AND PROCEEDINGS WITH RESPECT TO CERTAIN PROPOSED ECONOMIC DEVELOPMENT REVENUE BONDS AND RELATED MATTERS WHEREAS, Indiana Code Title 36, Article 7, Chapters 11.9 and 12 (collectively, the "Act") declares that the financing and refinancing of economic development facilities constitutes a public purpose; and WHEREAS, pursuant to the Act, the City South Bend, Indiana (the "City"), is authorized to issue economic development revenue bonds for the purpose of financing, reimbursing or refinancing the costs of acquisition, construction, renovation, installation and equipping of economic development facilities in order to foster diversification of economic development, creation or retention of opportunities for gainful employment and affordable housing in or near the City; and WHEREAS, Merchants Affordable Housing, Inc., and MAH Cedar Glen, LLC, one or more subsidiaries or affiliates thereof, and/or one or more entities in which any of the foregoing entities is a member, whether such entity is currently in existence or is to be created following the date hereof(collectively, the "Company"), in cooperation with the City, desires to finance a project within the City, including all or any portion of the acquisition, design, construction and equipping of a 179-unit affordable multi-family housing facility, together with functionally related and subordinate facilities, located at 425 South 25th Street in the City (the "Project"); and WHEREAS, the Company has advised the South Bend Economic Development Commission (the "Commission") and the City concerning the Project, and has requested that the City issue, pursuant to the Act, one or more series of its taxable or tax-exempt City of South Bend, Indiana, economic development revenue bonds (with such further or different series designation as may be necessary, desirable or appropriate, including such series designation to indicate the year in which the bonds are issued) (the "Bonds") in the approximate aggregate principal amount of Seven Million Three Hundred Thousand Dollars ($7,300,000), for the purpose of providing funds for paying all or part of the costs of the Project by making a portion of the proceeds of such Bonds available to the Company and paying all incidental expenses in connection with and on account of the issuance of the Bonds; and WHEREAS, the Commission has studied the Project and the proposed financing of the Project and its effects on the health and general welfare of the City and its citizens; and