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BILL NO. 19-34
<br /> RESOLUTION NO. 4788-19
<br /> A RESOLUTION OF THE
<br /> COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,
<br /> APPROVING AND AUTHORIZING CERTAIN ACTIONS AND
<br /> PROCEEDINGS WITH RESPECT TO CERTAIN PROPOSED ECONOMIC
<br /> DEVELOPMENT REVENUE BONDS AND RELATED MATTERS
<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 South Bend, Indiana(the "City"), is authorized
<br /> to issue economic development revenue bonds for the purpose of financing, reimbursing or
<br /> refinancing the costs of acquisition, construction, renovation, installation and equipping of
<br /> economic development facilities in order to foster diversification of economic development,
<br /> creation or retention of opportunities for gainful employment and affordable housing in or near
<br /> the City; and
<br /> WHEREAS, Merchants Affordable Housing, Inc., 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, design, construction and
<br /> equipping of a 179-unit affordable multi-family housing facility, together with functionally
<br /> related and subordinate facilities, located at 425 South 25th Street in the City (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 Commission has studied the Project and the proposed financing of the
<br /> Project and its effects on the health and general welfare of the City and its citizens; and
<br /> WHEREAS, the completion of the Project will result in the diversification of industry,
<br /> the creation and retention of jobs, the creation and retention of business opportunities in the City,
<br /> the creation and retention of affordable housing in the City, and will be of public benefit to the
<br /> health, safety and general welfare of the City and its citizens; and
<br /> WHEREAS, pursuant to and in accordance with the Act, the City desires to provide funds
<br /> necessary to finance all or a portion of the Project by issuing the Bonds; and
<br /> WHEREAS, the diversification of industry and creation of job opportunities to be
<br /> achieved by the acquisition, design, construction and equipping of the Project will be of public
<br /> benefit to the health, safety and general welfare of the City and its citizens; and
<br /> WHEREAS, it is tentatively found that the acquisition, design, construction and
<br /> equipping of the Project will not have an adverse competitive effect on any similar facility
<br /> already constructed or operating near or in the City; and
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