Laserfiche WebLink
ARTICLE II. <br />REPRESENTATIONS; LOAN OF TIF REVENUES <br />Section 2.1. Representations by City. The City represents and warrants that: <br />(a) The City is a political subdivision duly organized and validly existing under the <br />laws of the State. Under the provisions of the Act, the City has been authorized by action of its <br />governing body to enter into the transactions contemplated by this Loan Agreement and to carry <br />out its obligations hereunder. <br />(b) The City agrees to make the Loan for the purpose of financing a portion of the <br />construction or reconstruction of the Project for the benefit of the Borrower, to benefit the health, <br />safety, morals and general welfare of the citizens of the City, increase economic well-being of the <br />State, promote job opportunities and attract major new businesses. <br />Section 2.2. Representations by Borrower. Borrower represents and warrants that: <br />(a) IDM is a nonprofit corporation duly incorporated under the laws of the State of <br />Indiana, validly exists and authorized to do business under the laws of the State, is not in violation <br />of any provision of its Articles of Incorporation and Bylaws, has not received notice and has no <br />reasonable grounds to believe that it is in violation of any laws in any manner material to its ability <br />to perform its obligations under this Loan Agreement and the Series 2022A Note, has the power <br />to enter into and to perform its obligations under this Loan Agreement and the Series 2022A Note, <br />and has duly authorized the execution and delivery of this Loan Agreement and the Series 2022A <br />Note by appropriate corporate action. <br />(b) SBCC is a corporation duly incorporated under the laws of the State of Indiana, <br />validly exists and authorized to do business under the laws of the State, is not in violation of any <br />provision of its Articles of Incorporation and Bylaws, has not received notice and has no reasonable <br />grounds to believe that it is in violation of any laws in any manner material to its ability to perform <br />its obligations under this Loan Agreement and the Series 2022B Note, has the power to enter into <br />and to perform its obligations under this Loan Agreement and the Series 2022B Note, and has duly <br />authorized the execution and delivery of this Loan Agreement and the Series 2022B Note by <br />appropriate corporate action. <br />(c) The Borrower anticipates creating up to approximately 144 new full time job <br />opportunities. The Borrower and its affiliates shall cause a total investment of up to approximately <br />$15,400,000 with $13,500,000 currently estimated to be in real property (exclusive of land costs) <br />and $1,900,000 currently estimated to be in depreciable personal property. <br />(d) All of the proceeds from the Series 2022 Note (including any income earned on the <br />investment of such proceeds) provided to the Borrower will be used solely for Project Costs. <br />(e) The Borrower intends to develop, construct and operate or cause the Facilities to <br />be developed, constructed and operated as an economic development facility under the Act until <br />the expiration or earlier termination of this Loan Agreement as provided herein, unless the <br />Borrower has sold or otherwise transferred the Facilities to a Surviving Corporation (as hereinafter <br />7 <br />4854-2813-5735.5 <br />