Bill No. 67-22 Ordinance Authorizing Fund for SB Choc. Dest. Pr.

Home Browse Search

generated from the incremental assessed value of real and depreciable personal property located in the Allocation Area ("Tax Increment"). The City, upon finding that the Facilities (as hereinafter defined) and the proposed financing of the construction and reconstruction of the Project (as hereinafter defined) to support the Facilities will create additional employment opportunities in the City; will benefit the health, safety, morals, and general welfare of the citizens of the City and the State of Indiana; and will comply with the purposes and provisions of the Act, adopted an ordinance approving the proposed financing. In order to encourage economic development and promote significant opportunities for gainful employment, the City intends to fund a loan to the Borrower in an aggregate amount not to exceed $2,700,000 ("Loan"), to be evidenced by a Borrower's Taxable Economic Development Revenue Note, Series 2022A and B pursuant to the provisions of this Loan Agreement, to finance a portion of the cost of the Project to support the Facilities in or physically connected to the Area. This Loan Agreement provides for the payment of the Series 2022 Note by the Borrower and further provides for the Borrower's repayment obligation to be evidenced by a Series 2022 Note by each Borrower entity receiving funding to the extent of such funding received, substantially in the form attached hereto as Exhibit A-1 and Exhibit A-2. Subject to the further provisions of this Loan Agreement including Section 3.1, the Loan will be payable solely out of the payments to be made by the Borrower on the Series 2022 Note. In consideration of the premises, the Loan, the acceptance of the Series 2022 Note by the City, and of other good and valuable consideration, the receipt whereof is hereby acknowledged, the Borrower has executed and delivered this Loan Agreement. This Loan Agreement is executed upon the express condition that if the Borrower shall pay or cause to be paid all indebtedness hereunder (unless the Series 2022 Note is forgiven pursuant to Section 3.1 hereof) and shall keep, perform and observe all and singular the covenants and promises expressed in the Series 2022 Note, any other Notes (as hereinafter defined) and this Loan Agreement to be kept, performed and observed by the Borrower, then this Loan Agreement and the rights hereby granted shall cease, determine and be void; otherwise to remain in full force and effect. The Borrower and the City hereby covenant and agree as follows: 2 4854-2813-5735.5