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approximately 90,434 square feet of attraction, retail, restaurant, visitor center and tour -able <br />chocolate factory space on real estate commonly known as 24762 and 24820 U.S. Highway 20, <br />South Bend, Indiana 46628, along with its surrounding acreage to create a year -around attraction <br />and destination for City residents and visitors and to support the development of Continental <br />Divide Trail (collectively, the "Project"), all on the City's westside in or physically connected to <br />the River West Development Area and the River West Development Area Allocation Area No. 1 <br />as established by the South Bend Redevelopment Commission ("Redevelopment Commission"). <br />The South Bend Economic Development Commission ("Commission") has rendered its <br />Project Report regarding the issuance and funding of the Series 2022 Note from the City to the <br />Borrower to finance a portion of the Project and the Project Report has been or will be submitted <br />to the South Bend Area Plan Commission and the Superintendent of the South Bend Community <br />School Corporation. The Commission conducted a public hearing and adopted a resolution and <br />Project Report, which resolution and Project Report have been transmitted hereto, finding that the <br />financing of a portion of the Project complies with the purposes and provisions of the Act and that <br />such financing will be of benefit to the health and welfare of the City, its residents, and its visitors. <br />The Commission has approved and recommended the adoption of this form of ordinance by this <br />Common Council, has considered the issue of adverse competitive effect and has approved the <br />forms of and has transmitted for approval by the Common Council the forgivable loan agreement <br />between the City and the Borrower (including the form of the Series 2022 Note) dated as of the <br />first day of the month the first Series 2022 Note is issued ("Loan Agreement"). The Redevelopment <br />Commission has pledged Tax Increment (as defined in the Loan Agreement), junior and <br />subordinate to the Outstanding Bonds (as defined in the Loan Agreement) and any bonds issued <br />-2- <br />