11134-24 Economic Development Loan- Southeast Neighborhood Project ‎(Substitute)‎

Home Browse Search

"Project" means the acquisition and construction, as the case may be, by the Borrower of up to thirty (30) single-family detached homes containing two (2) to four (4) bedrooms of which (i:) at least forty percent (40%) of the homes will be sold at a price that is affordable to households earning one hundred twenty percent (120%) or less of the Area Median Income, with an approximate total development cost of Eight Million Eight Hundred Seventy-three Thousand Dollars ($8,873,000), on certain parcels of real property generally located in the Southeast neighborhood in the City. "Project Fund" means the Project Fund established and held by the City or by a financial institution or custodian selected by the City for such purpose, as the case may be, for purposes of paying Costs of Construction of the Project. "Redevelopment Commission" means the South Bend Redevelopment Commission, governing body of the District. "South Side Economic Development Area" means the economic development area within the District previously established by the Redevelopment Commission in accordance with Indiana Code 36-7-14. "State" means the State of Indiana. "Tax Increment Revenues" means the property tax proceeds received by the Redevelopment Commission which are derived from the assessed valuation of real property in the Allocation Area in excess of the assessed valuation described in Indiana Code 36-7-14- 39(b)(1) and Indiana Code 36-7-14-39(b)(2), as such statutory provision exists on the date of execution of this Agreement. Section 1.2. Exhibits. The following Exhibits are attached to and by reference made a part of this Agreement. Exhibit A. Copy of Authorizing Resolution. (End of Article I) 4