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

Home Browse Search

"Outstanding Bonds" means the Redevelopment Commission's outstanding Indiana Bond Bank Special Program Bonds, Series 2011A (TIF A), Indiana Bond Bank Special Program Bonds, Series 2011A (TIF B), 2006 Main/Colfax Garage Lease, South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2015 (Refunding 2008), South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 2013 (Refunding 2008), South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2015, Redevelopment District Bonds, Series 2018, Taxable Economic Development Revenue Bonds, Series 2017 (Eddy Street Phase II), South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2019 (Double Tracking Project), Taxable Economic Development Tax Increment Revenue Bonds, Series 2020 (Community Education Center Project), Building Corporation First Mortgage Revenue Refunding Bonds, Series 2012 (Police and Fire Station Projects) and any bonds issued in the future on a parity therewith. "Project" means the development, construction, renovation, and equipping of three (3) buildings totaling approximately 90,434 square feet of attraction, retail, restaurant, visitor center and tour -able chocolate factory space ("Improvements") on real estate commonly known as 24762 and 24820 U.S. Highway 20, South Bend, Indiana 46628 ("Land" and together with the Improvements, the "Facilities"), along with its surrounding acreage to create a year -around attraction and destination for City residents and visitors and to support the development of Continental Divide Trail, all on the City's westside in or physically connected to the Area. "Project Costs" with respect to the Project shall mean any and all costs permitted by the Act including, but not limited to: (i) the "Note Issuance Costs," namely the reasonable third -party costs, fees and expenses incurred or to be incurred by the City in connection with the Loan, the reasonable fees of disbursements of the City's municipal advisor, application fees and expenses, publication costs, the filing and recording fees in connection with any necessary filings or recordings or to perfect the lien thereof, the out-of-pocket costs of the City, the reasonable fees and disbursements of Counsel to the City, the reasonable fees and expenses of Note Counsel, the costs of preparing or printing the Series 2022 Note and the documentation supporting the Loan, the costs of reproducing documents and any other costs of a similar nature reasonably incurred; (ii) design costs and other expenses directly related to the construction and equipping of the Project; (iii) the cost of insurance of all kinds that may be required or necessary in connection with the construction or equipping of the Project; (iv) all costs and expenses which Borrower shall be required to pay, under the terms of any contract or contracts (including the architectural and engineering, development, and legal services with respect thereto), for the construction of the Project; and (v) any sums required to reimburse the Borrower for advances made subsequent to the date the first series of the Series 2022 Note is funded for any of the above items or 4 4854-2813-5735.5