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BILL NO. 09-24 <br /> ORDINANCE NO. 11109-24 <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA AUTHORIZING THE <br /> CITY OF SOUTH BEND,INDIANA TO FUND ITS TAXABLE <br /> ECONOMIC DEVELOPMENT REVENUE NOTE, SERIES <br /> 2024 (REALAMERICA PROJECT) AND APPROVING AND <br /> AUTHORIZING OTHER ACTIONS IN RESPECT <br /> THERETO <br /> STATEMENT OF PURPOSE AND INTENT <br /> This ordinance authorizes the funding of the City of South Bend, Indiana("City")Taxable <br /> Economic Development Revenue Note, Series 2024 (RealAmerica Project) ("Series 2024 Note") <br /> in an amount not to exceed Three Million Eight Hundred Thousand Dollars ($3,800,000.00) <br /> ("Loan") and further approves and authorizes other actions in respect thereto. <br /> Indiana Code 36-7-11.9 and 12 (collectively, "Act") declares that the financing and <br /> refinancing of economic development facilities constitutes a public purpose and pursuant to the <br /> Act, the City is authorized to make loans for the purpose of financing,reimbursing or refinancing <br /> all or a portion of the costs of acquisition, construction, renovation, installation and equipping of <br /> economic development facilities in order to foster diversification of economic development and <br /> creation or retention of opportunities for gainful employment in or near the City. Legacy25, Inc., <br /> an Indiana Nonprofit Corporation ("Legacy25" or "Borrower") and RealAmerica Development, <br /> LLC, common entities desiring to share the rights and obligations under the development <br /> agreement, have proposed the development, construction and equipping of: (i) a new residential <br /> apartment building containing at least seventy thousand (70,000) square feet, which shall include <br /> a minimum of sixty (60) total apartment units, of which all sixty (60) apartment units will be <br /> exclusively available for tenants at eighty percent (80%) or lower of the area median income; (ii) <br /> a second new residential apartment building containing at least fifty thousand(50,000)square feet, <br /> which shall include a minimum of forty-five(45)total market-rate apartment units; and(iii)a third <br /> new residential apartment building containing at least fifty thousand (50,000) square feet, which <br /> shall include a minimum of forty-five (45) total market-rate apartment units on certain real estate <br /> acquired by the Developer with an investment of approximately $21,500,000 (collectively, <br /> "Development"), and to induce the Developer to construct the Development, the Commission has <br /> 4871-7797-5184.1 <br />