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Filed in Clerk's Office
<br /> AY 06 2019
<br /> KAREEMAH FOWLER
<br /> RESOLUTION EDC #2019-1 CITY CLERK,SOUTH BEND,IN
<br /> A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br /> ECONOMIC DEVELOPMENT COMMISSION PROVIDING
<br /> PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE
<br /> PURPOSE OF FINANCING CERTAIN ECONOMIC DEVELOPMENT
<br /> FACILITIES FOR MAH CEDAR GLEN,LLC
<br /> WHEREAS, Indiana Code Title 36, Article 7, Chapters 11.9 and 12 (collectively, the
<br /> "Act") declares that the financing and refinancing of economic development facilities constitutes
<br /> a public purpose; and
<br /> WHEREAS, pursuant to the Act, the City of South Bend, Indiana (the "City"), is
<br /> authorized to issue revenue bonds for the purpose of financing, reimbursing or refinancing the
<br /> costs of acquisition, construction, renovation, installation and equipping of economic
<br /> development facilities in order to foster diversification of economic development, creation or
<br /> retention of opportunities for gainful employment and affordable housing in or near the City; and
<br /> WHEREAS, Merchants Affordable Housing Corp. and MAH Cedar Glen, LLC, one or
<br /> more subsidiaries or affiliates thereof, and/or one or more entities in which any of the foregoing
<br /> entities is a member, whether such entity is currently in existence or is to be created following
<br /> the date hereof(collectively, the "Company"), in cooperation with the City, desires to finance a
<br /> project within the City, including all or any portion of the acquisition, construction, renovation,
<br /> installation and equipping of a 179-unit apartment community, together with functionally related
<br /> and subordinate facilities for low and moderate income persons, located 425 25th Street, South
<br /> Bend, Indiana(the "Project"); and
<br /> WHEREAS, the Company has advised the South Bend Economic Development
<br /> Commission (the "Commission") and the City concerning the Project, and has requested that the
<br /> City issue, pursuant to the Act, one or more series of its taxable or tax-exempt City of South
<br /> Bend, Indiana, economic development revenue bonds (with such further or different series
<br /> designation as may be necessary, desirable or appropriate, including such series designation to
<br /> indicate the year in which the bonds are issued) (the "Bonds") in the approximate aggregate
<br /> principal amount of Seven Million Three Hundred Thousand Dollars ($7,300,000), for the
<br /> purpose of providing funds for paying all or part of the costs of the Project by making a portion
<br /> of the proceeds of such Bonds available to the Company and paying all incidental expenses in
<br /> connection with and on account of the issuance of the Bonds; and
<br /> WHEREAS, the Company has further advised that the issuance and sale of said Bonds
<br /> will not reduce the legal bonding capacity of the City, and the City shall bear no expense in
<br /> connection with the issuance and sale of said Bonds with all expenses in connection therewith
<br /> which are incurred by the City to be reimbursed to the City by the Company; and
<br /> US.122705944.03
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