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

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The South Bend Economic Development Commission ("Commission") has rendered its Project Report regarding the issuance and funding of the Series 2022 Note from the City to the Borrower to finance a portion of the Project and the Project Report has been or will be submitted to the South Bend Area Plan Commission and the Superintendent of the South Bend Community School Corporation. The Commission conducted a public hearing and adopted a resolution and Project Report, which resolution and Project Report have been transmitted hereto, finding that the financing of a portion of the Project complies with the purposes and provisions of the Act and that such financing will be of benefit to the health and welfare of the City, its residents, and its visitors. The Commission has approved and recommended the adoption of this form of ordinance by this Common Council, has considered the issue of adverse competitive effect and has approved the forms of and has transmitted for approval by the Common Council the forgivable loan agreement between the City and the Borrower (including the form of the Series 2022 Note) dated as of the first day of the month the first Series 2022 Note is issued("Loan Agreement").The Redevelopment Commission has pledged Tax Increment (as defined in the Loan Agreement), junior and subordinate to the Outstanding Bonds (as defined in the Loan Agreement) and any bonds issued in the future on a parity with the Outstanding Bonds on hand, or to be on hand, to the funding of the Series 2022 Note pursuant to and in accordance with the Loan Agreement. Forms of the Series 2022 Note and the Loan Agreement and a form of this proposed ordinance have been submitted to the Commission for its approval, which are incorporated by reference in the Commission's resolution following the Commission's public hearing, which resolution has been transmitted to the Common Council. Based upon the resolution adopted by the Commission pertaining to the Project, the Common Council hereby finds and determines that the financing and reimbursement approved by the Commission for the Project will be of benefit to the health and general welfare of the citizens of the City, complies with the provisions of the Act and the amount necessary to finance and reimburse a portion of the costs of the Project will require making the Loan and delivering the Series 2022 Note. NOW,THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: SECTION I. It is hereby found, determined, ratified and confirmed that the financing and reimbursement of the Project, the making of the Loan to the Borrower to be evidenced by the Borrower's Series 2022 Note complies with the purposes and provisions of the Act and: (i) will -2-