10902-22 Taxable Economic Development Revenue Note, Series 2022 (South Bend Chocolate Destination Project)

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BILL NO. 67-22 ORDINANCE NO. 10902-22 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE CITY OF SOUTH BEND, INDIANA TO FUND ITS "TAXABLE ECONOMIC DEVELOPMENT REVENUE NOTE, SERIES 2022 (SOUTH BEND CHOCOLATE DESTINATION PROJECT)" AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT This ordinance authorizes the funding of the City of South Bend, Indiana("City")Taxable Economic Development Revenue Note, Series 2022 (South Bend Chocolate Destination Project) issued in one or more series ("Series 2022 Note") in an amount not to exceed Two Million Seven Hundred Thousand Dollars ($2,700,000) ("Loan") and further approves and authorizes other actions in respect thereto. Indiana Code 36-7-11.9 and 12 (collectively, "Act") declares that the financing and refinancing of economic development facilities constitutes a public purpose and pursuant to the Act, the City is authorized to make loans for the purpose of financing, reimbursing or refinancing all or a portion of the costs of acquisition, construction, renovation, installation and equipping of economic development facilities in order to foster diversification of economic development and creation or retention of opportunities for gainful employment in or near the City. The South Bend Chocolate Company, Inc., an Indiana corporation, the Indiana Dinosaur Museum Inc., an Indiana nonprofit corporation, or an affiliate of either (collectively, the "Borrower") has proposed 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 on real estate commonly known as 24762 and 24820 U.S. Highway 20, South Bend, Indiana 46628, 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 (collectively, the "Project"), all on the City's westside in or physically connected to the River West Development Area and the River West Development Area Allocation Area No. 1 as established by the South Bend Redevelopment Commission ("Redevelopment Commission").