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determined to fund a loan to the Borrower, as evidenced by the Series 2024 Note, to fund the <br /> construction of site work and infrastructure improvements needed to serve the Development <br /> ("Local Public Improvements"), all in or physically connected to the River West Development <br /> Area and the River West Development Area Allocation Area No. 1 as established by the South <br /> 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 2024 Note from the City to the <br /> Borrower to finance a portion of the Local Public Improvements and the Project Report has been <br /> or will be submitted to the South Bend Area Plan Commission. The Commission conducted a <br /> public hearing and adopted a resolution and Project Report, which resolution and Project Report <br /> have been transmitted hereto, finding that the financing of a portion of the Local Public <br /> Improvements complies with the purposes and provisions of the Act and that such financing will <br /> be of benefit to the health and welfare of the City, its residents, and its visitors. The Commission <br /> has approved and recommended the adoption of this form of ordinance by this Common Council, <br /> has considered the issue of adverse competitive effect and has approved the forms of and has <br /> transmitted for approval by the Common Council the forgivable loan agreement between the City <br /> and the Borrower (including the form of the Series 2024 Note), dated as of the first day of the <br /> month the Series 2024 Note is issued("Loan Agreement"). The Redevelopment Commission has <br /> pledged TIF Revenues (as defined in the Loan Agreement), junior and subordinate to any <br /> outstanding bonds payable from TIF Revenues and any bonds issued in the future on a parity with <br /> any outstanding bonds on hand to the funding of the Series 2024 Note pursuant to and in <br /> accordance with the Loan Agreement. <br /> The form of the Series 2024 Note, the Loan Agreement and a form of this proposed <br /> ordinance have been submitted to the Commission for its approval, which are incorporated by <br /> reference in the Commission's resolution following the Commission's public hearing, which <br /> resolution has been transmitted to the Common Council. Based upon the resolution adopted by <br /> the Commission pertaining to the Local Public Improvements, the Common Council hereby finds <br /> and determines that the funding approved by the Commission for the Local Public Improvements <br /> will be of benefit to the health and general welfare of the citizens of the City, complies with the <br /> provisions of the Act and the amount necessary to fund a portion of the costs of the Local Public <br /> Improvements will require making the Loan and delivering the Series 2024 Note. <br /> - 2 - <br /> 4871-7797-5184.1 <br />