Resolution No. 3602 (466 Works Loan Agreement)

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WHEREAS, the Commission has determined that it anticipates having sufficient South Side TIF Revenues on deposit in the South Side Allocation Fund over the Term to contribute South Side TIF Revenues toward costs of the Project as provided in the Development Agreement, which will directly serve and benefit, or be physically located in or connected to, the South Side Allocation Area; and WHEREAS, the Commission now desires to approve the form of the Development Agreement and agree to contribute a total amount of not to exceed $3,500,000 of South Side TIF Revenues subject to annual appropriations of not more than the Annual Amount each year during the Term toward the cost of the Project all as described in the Development Agreement and subject to the completion of all procedures required by law, and authorize and approve other actions related thereto, subject to the terms and conditions set forth below; NOW, THEREFORE, BE IT RESOLVED BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby finds and determines that the Project, and the use of South Side TIF Revenues to contribute to the Project as described herein, directly serves and benefits the South Side Allocation Area, furthers the purposes for which the South Side Economic Development Area was created, and helps accomplish the Plan. SECTION 2. The Commission hereby authorizes the contribution of not to exceed $3,500,000 of South Side TIF Revenues subject to annual appropriations of not more than the Annual Amount each year during the Term toward the cost of the Project, subject to the completion of all procedures required by law. The use of South Side TIF Revenues as described herein shall be junior and subordinate to any currently outstanding or future bonds or lease obligations, if any, of the Commission payable from South Side TIF Revenues. SECTION 3. The Commission hereby authorizes the President or Vice President to execute and deliver and the Secretary or other officer to attest and deliver the Development Agreement in the form submitted to the Commission at this meeting, together with such changes in the form and substance thereof as may be approved by the President or Vice -President of the Commission upon the advice and recommendation of the Commission's legal counsel, provided, however, no changes to the Development Agreement shall commit the Commission to contribute more than $3,500,000 subject to annual appropriations of not more than the Annual Amount each year toward the Project, with any such changes to be conclusively evidenced by the execution, attestation and delivery of the Development Agreement. SECTION 4. The Commission hereby authorizes a public hearing to be held on the appropriation of an amount of South Side TIF Revenues in an amount not to exceed the first year's Annual Amount to provide funding to reimburse the City for the first draw on the loan between the City and the Developer as described in the Development Agreement and further authorizes the staff of the Department of Community Investment, with assistance from counsel, to determine the actual amount of the first year's Annual Amount and then to cause the notice of such hearing to be published and posted as required by law. 2