14-20 Cedar Glen Bond Ordinance - Laserfiche WebLink

Home Browse Search

MAR 18 2020 BILL NO. 14-20 ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR MAH CEDAR GLEN, LP IN ONE (1) OR MORE SERIES IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED SEVEN MILLION THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($7,300,000.00) AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO WHEREAS, Indiana Code 36-7-11.9 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 of South Bend, Indiana (the "City") is authorized to issue 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 and creation or retention of opportunities for gainful employment in or near the City; and WHEREAS, representatives of MAH Cedar Glen, LP, an Indiana limited partnership (the "Borrower") or one or more limited liability companies or limited partnerships to be formed by Borrower, have advised the South Bend Economic Development Commission (the "Commission") and the City that it proposes that the City lend the proceeds of an economic development revenue bond financing to the Borrower to provide all or a portion of the funds for the acquisition, construction, renovation, installation and equipping of certain existing multifamily housing facilities known as Cedar Glen Apartments, located in the City at 425 South 25th Street, containing 179 affordable residential rental units and functionally related and subordinate facilities (collectively, the"Project") to be owned by the Borrower; and WHEREAS, the Borrower has advised 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 Multifamily Housing Revenue Bonds, Series 2020 (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 and the project) (the "Bonds"), in an aggregate principal amount not to exceed Seven Million Three Hundred Thousand Dollars ($7,300,000), for the purpose of providing funds for paying all or a portion of the costs of the Project including but not limited to paying all incidental expenses incurred on account of the issuance of the Bonds; and WHEREAS, the Commission has rendered a report (the "EDC Report") concerning the proposed financing of economic development facilities for the Borrower and the Plan Commission has been given the opportunity to comment thereon; and US 126992461 02 IF"