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11109-24-TIF-EDC Forgivable Loan (Real America) Ordinance
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11109-24-TIF-EDC Forgivable Loan (Real America) Ordinance
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3/1/2024 10:57:09 AM
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3/1/2024 10:57:08 AM
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NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1. It is hereby found,determined,ratified and confirmed that the financing and <br /> reimbursement of the Local Public Improvements, the making of the Loan to the Borrower to be <br /> evidenced by the Borrower's Series 2024 Note complies with the purposes and provisions of the <br /> Act and: (i) will result in the diversification of the tax base, the creation of job opportunities and <br /> the construction of housing and affordable housing within the jurisdiction of the City, (ii) will <br /> serve a public purpose, and will be of benefit to the health and general welfare of the City, (iii) <br /> complies with the purposes and provisions of the Act and it is in the public interest that the City <br /> take such lawful actions as determined to be necessary or desirable to encourage the diversification <br /> of the tax base, the creation of job opportunities, and the construction of housing and affordable <br /> housing within the jurisdiction of the City, and (iv) will not have a material adverse competitive <br /> effect on any similar facilities already constructed or operating in or near the City. <br /> Section 2. The substantially final form of the Loan Agreement shall be incorporated <br /> herein by reference and shall be inserted in the minutes of the Common Council and kept on file <br /> by the Clerk. In accordance with the provisions of IC 36-1-5-4, two (2) copies of the Loan <br /> Agreement are on file in the office of the Clerk for public inspection. <br /> Section 3. The costs of the Local Public Improvements will be funded to the Borrower <br /> from the Loan upon closing of the Loan. The City shall fund the Loan from TIF Revenues on <br /> hand,junior and subordinate to any outstanding bonds payable from TIF Revenues and any bonds <br /> issued in the future on a parity with any outstanding bonds, pledged by the Redevelopment <br /> Commission to the Borrower in the maximum amount not to exceed Three Million Eight Hundred <br /> Thousand Dollars ($3,800,000), payable upon closing of the Loan. To the extent the <br /> representations in Section 2.2 of the Loan Agreement are met, payments on the series of the Loan <br /> shall be forgiven. If certain representations in Section 2.2 are not met, the Loan shall not be <br /> forgiven. The Series 2024 Note shall accrue interest at a rate not in excess of five percent (5.0%) <br /> per annum. The Series 2024 Note shall never constitute a general obligation of, an indebtedness <br /> of, or charge against the general credit of the City. The Series 2024 Note shall not be subject to <br /> optional redemption prior to maturity. <br /> Section 4. The Mayor, Controller and the Clerk are authorized and directed to execute <br /> the Loan Agreement, and such other documents approved or authorized herein and any other <br /> - 3 - <br /> 4871-7797-5184.1 <br />
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