$11,000,000 Multi Family Housing Revenue Bonds (The Raintree Point Apartments Project)

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� y RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION WHEREAS, I.C. 36-7-11.9-1, et seq. and I.C. 36-7-12 (the "Act") provides a method for the City of South Bend, St. Joseph County, Indiana (City) to assist in the development of residential real property for family units by enabling the City to issue its limited obligation revenue bonds to provide funds to housing sponsors for the acquisition and construction of such facilities; and WHEREAS, Clinton E. Hutchcraft or an entity to be formed by him (Raintree Point Associates, LTD. , an Indiana limited partnership (the "Housing Sponsor" ) has proposed the acquisition and construction of a residential family apartments facility (the "Project" ) , to contain approximately 204 living units, to be located in the City of South Bend, . Indiana; and WHEREAS, the Housing Sponsor has requested that the City, pursuant to the Act, issue its limited obligation revenue bonds for the purpose of financing the project, in a total amount not to exceed eleven million dollars ($11,000 ,000 .00) ; and WHEREAS, the City will examine and review the proposed financing of the Project and upon approval of the financing documents, the Economic Development Commission will approve the same by affixing the signatures of the President and Secretary thereto, and forward the same to the Common Council of the City of South Bend for its consideration and approval, and WHEREAS, the South Bend Economic Development Commission has determined that the Project and the financing thereof by limited obligation revenue bonds to be issued by the City will qualify under and further the intended purposes of the Act; NOW, THEREFORE, BE IT RESOLVED by the South Bend Economic Development Commission as follows: 1. It finds that in accordance with I.C. 5-3-1, notice of the public hearing on the project was duly published; 2 . The proposed financing of this project will be examined by the commission and counsel for the City, and upon approval of the proposed financing documents, in substantially final form, the same will be affixed with the signatures of the Commission President and Secretary, signifying such approval, and forwarded to the Common Council of South Bend for its approval by ordinance; 3 . The South Bend Economic Development Commission hereby finds that the project constitutes an appropriate project within the meaning of the Act and that the financing of the Project pursuant to the Act will serve to meet the housing needs of residents of the City by increasing the available housing stock for City residents and will therefore contribute to orderly economic growth by providing decent