14-20 Cedar Glen Bond Ordinance Addendums

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BE IT RESOLVED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION: SECTION 1. After considering the evidence presented at the Public Hearing and findings of fact set forth in the EDC Report, this Commission hereby finds, determines, ratifies and confirms that the financing of the economic development facilities referred to in the Financing Agreements consisting of the Project, the issuance and sale of the Bonds, and the use of the net proceeds thereof by the Borrower to finance all or a portion of the Project will: (i) promote a substantial likelihood of the diversification of industry, the creation or retention of business opportunities, the creation or retention of opportunities for gainful employment and the provision of quality, affordable, multifamily rental housing within the jurisdiction of the City; (ii) serve a public purpose, and will be of benefit to the health and general welfare of the City; (iii) comply Y with the purposes and provisions of the Act and it is in the public interest that the City take such lawful action as determined to be necessary or desirable to encourage the diversification of industry, the creation or retention of business opportunities, and the creation or retention of opportunities for gainful employment and the provision of quality, affordable, multifamily rental housing within the jurisdiction of the City, and (iv) will not have a material adverse competitive effect on any similar facilities already constructed or operating in or near South Bend, Indiana. SECTION 2. This Commission hereby approves(i)the Financing Agreements in the form presented at this meeting, and (ii) the form of the Ordinance of the South Bend Common Council (the "Council") authorizing the issuance of the Bonds and providing for the terms thereof. The forms of the Financing Agreements and the Ordinance presented herewith are hereby approved, with any and all such changes as may be deemed necessary,desirable or appropriate by the Mayor and the Clerk of the City(the"Clerk"). In compliance with Indiana Code 36-1-5-4,two (2)copies of the Financing Agreements will be placed on file in the office of the Clerk for public inspection prior to adoption of the Ordinance by the Council. SECTION 3. This Commission hereby approves and recommends that the City issue the Bonds, in one or more series, with a maximum aggregate principal amount not to exceed Seven Million Three Hundred Thousand Dollars($7,300,000), with a maximum term not to exceed forty (40) years and with a maximum interest rate not to exceed ten percent (10.0%) per annum, for the purpose of procuring funds to pay all or a portion of the costs of the Project by making a portion of the proceeds of such Bonds available as set forth in the Financing Agreements and pay all incidental expenses incurred on account of the issuance of the Bonds. The Bonds shall be sold to the purchasers thereof at a price not less than 97% of the aggregate principal amount thereof plus accrued interest, if any. The Bonds shall be payable as to principal and interest upon such terms and conditions as otherwise provided in the Financing Agreements and the Ordinance, but solely from the Borrower's payments or other monies available therefor under the Financing Agreement as further described in the Financing Agreements. The Bonds may be subject to mandatory tender or optional redemption at one or more times prior to maturity. The Bonds shall never constitute a general obligation of, moral obligation of, an indebtedness of, or charge against the general credit of the City or a pledge of the full faith or credit of the City within the purview of any constitutional or statutory limitation or provision,nor are they payable in any manner from revenues raised by taxation. SECTION 4. This Commission recommends that the Mayor and Clerk be authorized and directed to execute those Financing Agreements approved herein which require the signature of 3