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Filed in Clerk's Office <br /> MAR 18 2020 <br /> RESOLUTION EDC #2020- DAWN M.JONES <br /> CITY CLERK,SOUTH BEND, IN <br /> RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION <br /> APPROVING AND AUTHORIZING CERTAIN ACTIONS AND PROCEEDINGS WITH <br /> RESPECT TO CERTAIN PROPOSED MULTIFAMILY HOUSING REVENUE BONDS <br /> FOR MAH CEDAR GLEN,LP <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 authorized <br /> to issue revenue bonds for the purpose of financing, reimbursing or refinancing the costs of <br /> acquisition, construction, renovation, installation and equipping of economic development <br /> facilities in order to foster diversification of economic development and creation or retention of <br /> opportunities for gainful employment in or near the City and to provide affordable housing; and <br /> WHEREAS, representatives of MAH Cedar Glen, LP, an Indiana limited partnership (the <br /> " Borrower") or one or more limited liability companies or limited partnerships to be formed by <br /> the Borrower, have advised the South Bend Economic Development Commission (the <br /> "Commission") and the City that it proposes that the City lend the proceeds of an economic <br /> development revenue bond financing to the Borrower to provide all or a portion of the funds for <br /> the acquisition, construction, renovation, installation and equipping of the existing multifamily <br /> housing facilities known as Cedar Glen Apartments, located in the City at 425 South 25th Street, <br /> containing 179 affordable residential rental units and functionally related and subordinate facilities <br /> (collectively, the"Project")to be owned by the Borrower and to pay related costs; and <br /> WHEREAS, the Commission has rendered its report (the "EDC Report") concerning the <br /> proposed financing for the Borrower and the Plan Commission has been given the opportunity to <br /> comment thereon; 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 creation or retention of opportunities for gainful employment and the <br /> provision of quality,affordable,multifamily housing to be achieved by the acquisition,renovation <br /> and equipping of the Project will be of public benefit to the health, safety and general welfare of <br /> the City and its citizens; and <br /> WHEREAS, it would appear that the financing of the Project would be of benefit to the <br /> health or 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 /> to finance all or a portion of the Project by issuing not to exceed S7,300,000 aggregate principal <br /> amount of its City of South Bend, Indiana Multifamily Housing Revenue Bonds, Series 2020 (the <br /> "Bonds") in one or more series with such further or different series designation as may be <br />